On Monday, Deutsche Bank adjusted its price target on Partners Group Holding AG (PGHN:SW) (OTC: PGPHF) shares, increasing it to CHF1,230.00 from CHF1,150.00, while keeping a Hold rating on the stock.
The revision follows the company's report of 1H24 inflows amounting to $11.1 billion, marking a 39% increase year-over-year and a 9% rise from the second half of the previous year. These figures slightly surpassed Deutsche Bank's estimate of $10 billion.
Partners Group's assets under management (AuM) after accounting for tail-downs, redemptions, currency exchange impacts, and performance effects, exhibited a growth of 5% year-over-year and 2% from the latter half of the previous year, reaching $149.2 billion.
The firm's inflows were primarily fueled by mandates, which contributed $4.0 billion, and evergreen investments, adding $4.6 billion. Traditional closed-ended programs played a smaller role, contributing $2.6 billion.
The company has confirmed its guidance for the full year of 2024, projecting inflows to be between $20 billion and $25 billion. The first half has already achieved $11 billion of that target. Investment activity has shown a significant uptick, with a 55% year-over-year increase and a 30% rise from the previous half-year period.
Similarly, exits have surged by 70% year-over-year and 39% from the last half, although it's noted that these were primarily driven by credit and portfolio asset sales, which tend to have a lesser impact on performance fees.
Management's outlook for the second half of 2024 remains reasonably positive. It expects the growth trajectory to continue, based on the strong performance observed in the first half of the year and the solid inflow of investments.
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