<<

Update on Partners Group

August 2021

Marc Weiss Co-Head Private Real Estate | Karin Hallin Head Client Solutions Latin America UPDATE ON PARTNERS GROUP 2

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials OVERVIEW 3

Partners Group is a leading global private markets firm

Truly dedicated only to private markets Large, independent and aligned with clients

• USD 119 billion AUM1: USD 59 billion in corporate equity and USD 60 • >USD 40 billion market capitalization4 and constituent of the Swiss billion in real assets / financing2 Market Index • >1,500 employees, 20 offices and >500 private markets investment • Strong alignment of interest between employees and investors professionals3

Global footprint with local teams Americas Europe Asia-Pacific

Tokyo Toronto Shanghai Seoul Dubai Denver London New York Guernsey Luxembourg Mumbai Manila Houston Munich Paris Zug Singapore Milan São Paulo Sydney

Our key pillars are Transformational Investing, Bespoke Client Solutions and Stakeholder Impact

Source: Partners Group (2021). For illustrative purposes only. 1 Unaudited, inclusive of all Partners Group affiliates, as of 30 June 2021. 2 Real assets / financing includes Partners Group's asset under management relating to private real estate, private infrastructure and private debt as of 30 June 2021. 3 Team figures as of 31 December 2020. 4 Market capitalization figures as of 30 June 2021. OVERVIEW 4

Sustainable performance delivered across economic cycles through three key pillars

Transformational investing • >20% net return since Generating superior returns by • Thematic investing inception1 capitalizing on thematic growth 1 • Entrepreneurship at scale trends and transforming attractive • 15% EBITDA growth in our businesses into market leaders portfolio p.a.2

Bespoke client solutions • >500 bps outperformance Tailored access to private markets • Tailored access over private markets3 2 and enhanced returns through our portfolio management capabilities • Portfolio management and structuring • 7% outperformance over public markets3

Stakeholder impact • >4,850 net jobs created in 4 Realizing potential in private • Responsible investing our portfolio markets and creating sustainable 3 • Stakeholder benefit returns with lasting, positive impact • 1,500,000 metric tons CO2 for all of our stakeholders emissions avoided4

We are among the most consistently top-performing firms in private markets globally

Source: Partners Group (2021). For illustrative purposes only. 1 Figures as of 31 December 2020 and represent the model net return of direct investments, where Partners Group's role is lead or joint lead. All cash flows and valuations have been converted to USD using fixed exchange rates as of report date of the track record. Model net returns assume Partners Group standard management and performance fees. The model net figures do not include the impact of other possible factors such as any taxes incurred by investors, organizational expenses typically incurred at the start of the investment program, search fee, admin fees, ongoing operating costs or expenses incurred by the investment program (e.g. audit, hedging) or cash drag. The performance presented reflects model performance and does not represent performance that any investor actually attained. 2 Since 2016. Figures represent private equity direct investments, where Partners Group's role is lead or joint lead. 3 Figures as of 30 September 2020 for PE-focused SMAs. Mandate outperformance is based on PG cashflows and valuations (net and model net) converted to USD using prevailing FX rates at the time of each transaction, and public market and median Cambridge Associates returns in USD. Public market indices: MSCI World (ticker: NDDUWI Index); FTSE EPRA NAREIT Developed (ticker: RUGL Index); S&P Global Infrastructure (ticker: SPGTINTR Index); S&P European ALL Loans USD TR Hedged index and S&P US Leveraged Loan Index USD (ticker: SPBDELUH Index and SPBDAL Index). Cambridge Associates funds: Private Equity (buyout funds), Real Estate (all funds), Infrastructure (all funds), and Private Debt (credit opportunities, senior debt, and subordinated capital). 4 Figures are as of reporting period 1 July 2019 to 30 June 2020. OVERVIEW 5

The Partners Group formula

Attractive industry Partners Group business model

Rising private Institutional Outperformance Multi-asset class markets asset growth across cycles offerings allocations + Complex client Globally needs/market integrated service consolidation organization

Competitive shareholder returns

Continued x Stable + Balance sheet- = Earnings ≈ Dividend AuM growth margins light approach growth growth

Source: Partners Group. UPDATE ON PARTNERS GROUP 6

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials CLIENTS 7

We serve a global diversified client base of approximately 1,000 institutional clients

Public pension funds & Private Banks & sovereign wealth funds companies pension funds distribution partners

We are "responsible for the dreams" of our 200+ million beneficiaries

Source: Partners Group (2021). Clients listed include direct clients of Partners Group (USA) Inc., Partners Group AG or their affiliates, and investors in funds managed or advised by such parties. Clients listed were selected to demonstrate the breadth and types of clients served by Partners Group. Inclusion in the list does not indicate approval or disapproval by any of the clients of Partners Group or the services rendered by Partners Group to the relevant client. AUM DEVELOPMENT H1 2021 8

Sustainable AuM growth across asset classes by capitalizing on thematic trends

Total assets under management1 (in USD billion)

119 59bn 26bn Private Private equity debt

17bn 16bn 11 Private Private

real estate infrastructure

2011 2019 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2020

IPO 2021 H1

Note: exclude discontinued public alternative investment activities and divested affiliated companies held up to 2013. 1 Partners Group aims to mirror the fee basis for its various programs and mandates when calculating AuM. For further information please refer to the 2020 Annual Report, "Key definitions and alternative performance metrics (APM)", on page 28, available for download at www.partnersgroup.com/financialreports. Source: Partners Group (2021). CLIENTS 9

Bespoke client solutions remain the largest constituent of our AuM

Assets raised during 2020 AuM as of 31 December 2020

Private infrastructure Private infrastructure 22% 14% Private real Private equity Private equity Private real estate USD USD 40% 48% estate 16 billion 15% 109 billion 15%

Private debt Private debt 23% 23%

Traditional Bespoke USD Traditional USD Bespoke client programs client solutions 16 billion 109 billion client programs client solutions 36% 64% 42% 58% Evergreen programs (26%)

Note: Mandates AuM include commitments by select mandate clients into traditional programs; therefore, the corresponding amount is not included within the AuM category traditional but within mandates. Source: Partners Group (2021). AUM DEVELOPMENT H1 2021 10

Bespoke client solutions lead fundraising and AuM

Assets raised during H1 2021 AuM as of 30 June 2021

Private infrastructure Private infrastructure 10% 14% Private real estate 8% Private real estate Private equity USD 15% USD 12 billion Private equity 119 billion 49% Private debt 58% 23% Private debt 22%

Traditional Traditional Bespoke USD Bespoke USD client programs client programs client solutions 12 billion client solutions 119 billion 36% 35% 65% 64% Evergreen Evergreen programs (26%) programs (27%)

Due to rounding, some totals may not correspond with the sum of the separate figures. Note: "mandates" AuM also include commitments by select mandate clients into traditional programs; therefore, the corresponding amount is not included within the AuM category "traditional" but within "mandates". Source: Partners Group (2021). AUM DEVELOPMENT H1 2021 11

Robust client demand and strong performance drive AuM growth

Total assets under management development (in USD billion, except where stated otherwise)

+12.1 -3.9 +1.6

Tail-downs: -2.9 Other +3.3 118.9 = EUR 100.3 bn = CHF 109.9 bn

Redemptions: -1.0 109.1 FX -1.6

Performance- Typically based on a formula Net redemptions are Driven by the related effects on in traditional closed-ended typically limited to up Euro depreciation select programs programs which was pre- to 25% p.a. of the of 3% against the that link their AuM agreed with clients at the prevailing NAV for US Dollar in H1 to their NAV time of contract. evergreen programs. (EUR AuM: 46%). development.3

2020 New money/ Tail-downs & FX & other 2 H1 2021 commitments redemptions1

Due to rounding, some totals may not correspond with the sum of the separate figures. 1 Tail-downs & redemptions: tail-downs consist of maturing investment programs (typically closed-ended structures); redemptions stem from evergreen programs. 2 Other consists of performance and investment program changes from select programs. 3 Partners Group reports fee-paying AuM. Most of the firm's evergreen programs base fees on NAV. The portfolio performance during the period impacts the NAV of these products and this translates to a corresponding change in firm-level AuM. Source: Partners Group (2021). CLIENTS 12

AuM well-diversified across programs and clients

Breakdown by private market programs and mandates1 Breakdown by client and program structure1

Largest client 3% Top 2-5 clients 7% Top 6-10 clients 5% Top 11-20 clients USD >850 other 7% 109 billion USD institutions 78% 109 billion (around 300 programs & mandates)

Traditional Bespoke USD client programs client solutions 109 billion 36% 64%

Evergreen programs (26%)

Note: due to rounding, some totals may not correspond with the sum of the separate figures. 1 Assets under management as of 31 December 2020. Mandates AuM include commitments by select mandate clients into traditional programs; therefore, the corresponding amount is not included within the AuM category "traditional client programs". Source: Partners Group (2021). CLIENTS 13

Our portfolio management enables clients to reach their targeted exposure

Investment-level steering to achieve target allocation

Risk Return potential management through asset allocation

Cash management & Access to multi-asset FX hedging class platform

Outperformance through relative value investing

For illustrative purposes only. There is no guarantee that similar investments will be made. The investment selection is not an exhaustive list. Source: Partners Group (2021). CLIENTS 14

Evergreen programs and mandates increase longevity of our AuM

Illustrative example

Evergreen programs Mandates Traditional programs

Investment decision Strategic allocation decision Commitment decision (in USD) (in USD or % of overall AuM) (in USD)

Exposure re-up? invest more, Exposure increase? maintain maintain Exposure invest or liquidate?

build up commit

y1y2 Y15+ y1y2 y12 Y15+ y1 y2 y10-12

Investment manager diversifies for clients Clients diversify across across private markets asset classes investment managers

Source: Partners Group (2020). AUM OUTLOOK 2021 15

Expected increase in long-term demand for private markets solutions1

Investors' intentions for their Partners Group's private markets allocations by 20251 private markets solutions2

Decrease Maintain Increase

Private -4% 96% Evergreen Mandates equity USD 33bn USD 45bn

Private -8% 92% debt

Private -15% 85% real estate

Private -9% 91% Traditional infrastructure USD 41bn

1 Source: Preqin (November 2020), Special Report: The Future of Alternatives 2025. 2 As of 30 June 2021. "Mandates" AuM also include commitments by select mandate clients into traditional programs; therefore, the corresponding amount is not included within the AuM category "traditional" but within "mandates". Source: Partners Group (2021). AUM OUTLOOK 2021 16

Outlook 2021 reflects continued client demand

AuM, client demand and other effects (in USD billion)

Full-year 2021 expectations

19 - 22 Client demand

+16.0 109 +16.5 94 Tail-downs & +15.7 ~ -9.5 83 redemptions1 +15.0 74 -8.1 -7.1 +7.1 2 57 -5.6 +/- FX & other FX & other2 (no guidance provided) -4.0 +1.4 2 -1.2 FX & other = Total AuM +6.2 FX & other2 FX & other2

2017 2018 2019 2020 2021

Due to rounding, some totals may not correspond with the sum of the separate figures. 1 Tail-downs & redemptions: tail-downs consist of maturing investment programs (typically closed-ended structures); redemptions stem from evergreen programs. 2 Other consists of performance and investment program changes from select programs. For illustrative purposes only. Source: Partners Group (2021). UPDATE ON PARTNERS GROUP 17

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials INDUSTRY 18

Partners Group’s market positioning

Asset classes Private equity, private real estate, Private markets plus: hedge Public private infrastructure, funds, high yield, principal equities & private debt investing bonds

Private markets More More global investments firms

Asset class focused

Global financial conglomerates Global financial conglomerates

Regional/

More thematic

thematic focused

Note: this depiction does not purport to be final and complete and is shown for illustrative purposes only. There are many more market participants which could be named and positioning of the logos is based on Partners Group’s assessment and might not correspond with the assessments of the market participants. Source: Partners Group. For illustrative purposes only. UPDATE ON PARTNERS GROUP 19

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials INVESTMENTS 20

Our proprietary and systematic thematic investing approach starts with 3 giga themes

1 Automation/Digitization 2 New living 3 Decarbonization

Three giga themes → many significant transformative trends → hundreds of material sector themes

Select examples

Private equity: technology, Private equity: nutrition, health & Private equity: sustainable services and production wellness, leisure and learning alternatives, smart buildings

Real estate: urban Real estate: amenitized Real estate: next generation logistics residential offices

Infrastructure: data centers, Infrastructure: new mobility, Infrastructure: carbon digital infrastructure water sustainability management, clean power

Source: Partners Group (2021). INVESTMENTS 21

We develop concrete investment opportunities in more than 50 themes in PE alone

1 Automation/Digitization 2 New living 3 Decarbonization

Industrial Robot/ Web Biological / Robotic Process Humanization Emission Industrial Collaborative Data Analytics InsurTech Management Natural Automation of Pets Purification Software Robot Platforms Alternatives Protein Folding Post-Acute Verticalization E-Commerce Behavioral Supply Chain in Bio- Smart Buildings In silico R&D Bioplastics Health IT of Software Logistics Health Post C-19 manufacturing

Digital EV/AV Next Generation Life-Long Tracing and Remote Patient Energy Machine Vision Telematics Consultancy Infrastructure Therapies Learning Tracking Monitoring Efficiency

Machine Regulatory & Next Gen Proactive Everything-as-a- Digital Reverse Supply Pre-owned / Learning in Compliance Performance Retirement TeleHealth Service Governments Chain Re-buy Diagnosis & Care HealthTech Materials Provision Omnichannel Distributed Low Code/ Hybrid Learning Plant Based Residential Rising Building Remote & Site- Financial Manufacturing / No Code Models Meat / Dairy Services Outpatient Automation less Trials Services 3D Printing Predictive Health Analytics Outcome & Waste-to- Next Generation Alternative Internet of Green Maintenance / & Outcome Value-based EdTech Energy / CRM Delivery Models Things Hydrogen IIoT Prediction Care Recycling

Private equity directs team grouped into four sectors: Goods & Products Technology Services Health & Life

Thematic investing: offense is the new defense

Abbreviations: CRM = customer relationship management; EV/AV = electric / autonomous vehicles; IIoT = industrial internet of things. Source: Partners Group (2021). INVESTMENTS 22

Private equity: COVID-19 is amplifying transformative trends

Investment strategies Select transformative trends & focus areas Transformational investing Future of agriculture: Population aging & vision Outsourcing with a sustainability healthcare nearshoring setup Platform companies where we buy add-on firms Non-cyclical industrials Consolidation: healthcare Pharma outsourcing to grow the platform

Market leaders with strong products or services

Leading developer, Largest vertically integrated Pharmaceutical services manufacturer and supplier of medical vision services outsourcer offering packaging Resilient businesses differentiated crop lifecycle provider in the US and clinical & drug with strong defensive management solutions manufacturing services capabilities HQ: Iberia, Spain and Portugal HQ: St. Louis, USA HQ: Philadelphia, USA

For illustrative purposes only. There is no assurance that similar investments will be made. Rationale: examples reflect recent investments in companies benefitting from transformative trends in sub-sectors with high relative value attractiveness. Source: Partners Group (2021). INVESTMENTS 23

Private debt: continued strong demand for private lending solutions

Investment strategies Illustrative attractive sectors and opportunities Lending with an ownership mentality Better debt terms in Direct loans to mid-sized Opportunistically resilient sector companies capitalizing on volatility Creative structures tailored to meet working Unitranche / healthcare Second lien / IT Liquid senior loans1 capital needs Project Tangerine Project Python

Attractive sub-sectors where we have depth of experience

European developer, Provider of cloud-based Selectively considering manufacturer and supplier of communication & collaboration, bespoke solutions for Cross-border hygiene and disinfection remote working and remote companies with immediate solutions products helpdesk support solutions capital needs local support for sponsors HQ: Hamburg, Germany HQ: Boston, US

For illustrative purposes only. There is no assurance that similar investments will be made. Rationale: examples reflect recent investments in a company benefitting from transformative trends in sub-sectors with high relative value attractiveness. 1 Source: . S&P LCD. Bloomberg. (May 2020). HY spreads, loan spreads, loan yields and loan prices are as of the date in the given year with the widest spread level. Source: Partners Group (2021). INVESTMENTS 24

Private real estate: growth cities will continue to attract companies

Investment strategies Select transformative trends & focus areas Situationally- driven approach Growing Gentrifying hubs in Business-friendly E-commerce expanding cities locations, low cost base Select growth cities focused on tech and Manager diversification Generational shift Investor fatigue education Industrial portfolio Residential Office1

Source off-market through our industry network

Acquisition of 11 geographically Recapitalization of seven Acquisition of eleven class-A, diversified industrial properties residential assets ESG-compliant, newly Drive value creation & 2 development opportunities developed office properties at asset level to enhance Location: Northern NJ; Denver, Location: Copenhagen, Location: Krakow and NOI growth CO; Philadelphia, PA; 5 others Denmark Wroclaw, Poland

For illustrative purposes only. There is no assurance that similar investments will be made. Rationale: examples reflect recent investments in assets benefitting from transformative trends in sub-sectors with high relative value attractiveness. 1 The investment in office is subject to closing. Source: Partners Group (2021). INVESTMENTS 25

Private infrastructure: fundamentals remain broadly unchanged by COVID-19

Investment strategies Select transformative trends & focus areas Proactively building value Clean power New Digitized generation mobility economy Platform expansion offers the opportunity to Renewable capacity build-out Mobility & e-payment services Communication infrastructure build scale

Building core where strong fundamentals support demand

Construction /development Pan-European leader in Designer, installer and operator Operational value comprising 61 3.7MW turbines electronic toll collection of open-access fiber network in with a total capacity of 226MW services provider rural areas creation through growth and Country: Australia Country: Italy Country: Canada and France efficiency improvements

For illustrative purposes only. There is no assurance that similar investments will be made. Rationale: examples reflect recent investments in a company or an asset benefitting from transformative trends in sub-sectors with high relative value attractiveness. Source: Partners Group (2021). INVESTMENTS & OUTLOOK 26

USD 13 billion committed to transformational investing in H1 2021, led by the US

Partners Group's private markets investments (in USD billion)

Sec.Prim. 21.7 19% Direct Portfolio Sec. Equity assets Prim. USD Equity assets 17.0 10% 13 billion 52% 41% 59% BSL H2 13.6 12% Debt 13.1 Debt 11.7 H2 7% 10.3 H2 H2 H2 H1 Europe 32% H1 H1 USD North H1 H1 H1 13 billion America 55% 1 2016 2017 2018 2019 2020 H1 2021 Asia-Pacific/ Rest of World 13%

1 USD 6.9 billion invested in direct equity investments and USD 0.9 billion invested in direct debt investments. Figures include add-on investments but exclude syndication partner investments. Direct equity investments include all direct private equity, direct infrastructure and direct real estate investments (including direct secondary transactions where Partners Group has a controlling interest). Private debt investments include direct lending investments ("direct debt") as well as assets raised in the liquid loans business ("BSL") during the period, which includes collateralized loan obligations and net inflows into dedicated liquid loan investment vehicles. USD 2.5 billion invested in secondaries, USD 1.3 billion invested in primaries and USD 1.5 billion in BSL. Source: Partners Group (2021). INVESTMENTS 27

Our transformational investing approach results in consistent and sustainable outcomes

Thematic sourcing Above-average growth, resilient sub-sectors supported Direct private equity portfolio by transformative trends EBITDA growth

1 +10%

Platform building strategy 2 Acquiring add-on targets at attractive valuations to grow market share & build resilience 2020 EBITDA 3 2019 EBITDA Asset transformation Enhancing business models & operational performance to Total full-year adjusted EBITDA of Partners increase cash flows & margins Group's private equity direct portfolio

For illustrative purposes only. Source: Partners Group (2021). INVESTMENTS & OUTLOOK 28

Supportive exit markets in H1 are expected to drive H2 portfolio distributions

Partners Group's underlying portfolio realizations (in USD billion)

Prim.

• Strong divestmentSec. activitiesEquity in a 13.4 H2 supportive exit environment amid 11.8 11.8 11.0 10.5 robust demand forDebt quality assets 10.2 H2 H2 H2 H2 H2 • Taking into consideration exits H1 signed in H1 that are expected to H1 close in H2, at least USD 5 billion in H1 H1 H1 H1 distributions are anticipated in H2

2016 2017 2018 2019 2020 H1 2021

Source: Partners Group (2021). INVESTMENTS 29

Partners Group's unique governance framework is the key driver of success

Our board members are engaged, aligned, and accountable

Our boards Board work is Board members Our boards are ✓We own the board ✓ ✓decisions are ✓evaluated ✓face annual re- close to our assets transparent to PG annually election

• Oversight of board performance Lead Operating Directors (LODs) • Build strong • Vision Strategy Risk & Audit implementation • Strategy committee committee team • Accountability Board Nomination Compensation Management committee committee

Operating Directors

• Significant industry expertise • Internal challenger & goal checker • Relevant professional network

Our entrepreneurial governance framework focuses on active ownership and hands-on value creation

For illustrative purposes only. Source: Partners Group (Jan 2019) INVESTMENTS 30

Overall strong portfolio outperformed public market benchmarks

Net direct portfolio performance overview

Full-year 2020 2016-2020 Reference index Outperformance Partners Group1 return2 p.a.1,3

Private equity 17.6% 15.9% +6.7%

Private debt 2.0% 3.5% +0.3%

Private real estate -3.3% -8.2% +1.5%

Private infrastructure 14.4% -5.8% +8.1%

1 Partners Group shows performance as model net returns, which are based on gross investment performance and standard fee parameters for the twelve-month period ended on 31 December 2020 and for the 5-year period ended on 31 December 2020, respectively. All cash flows and valuations are converted to USD using fixed FX rates as of 31 December 2020. Return figures denote annualized pooled internal rates of returns (IRR). Model net figures do not include the impact of factors such as any taxes incurred by investors, organizational and administration expenses or ongoing operating expenses incurred by the investment program (e.g. audit, hedging etc.). The performance presented reflects model performance an investor may have obtained had they invested in the manner and the time period shown and does not represent performance that any investor actually attained. 2 For reference purposes, Partners Group private equity, private debt, private real estate and private infrastructure performances are compared, respectively, to the following USD-denominated indices: MSCI World Net Total Return USD Index (ticker: NDDUWI); a composite of 50% S&P/LSTA Leveraged Loan Index in USD (ticker: SPBDAL) and 50% S&P European Leveraged Loan Index USD-hedged (ticker: SPBDELUH); FTSE EPRA NAREIT Developed Total Return Index USD (ticker: RUGL); and S&P Global Infrastructure Total Return Index USD (ticker: SPGTINTR). Reference index returns denote time-weighted returns. 3 Outperformance over the 5-year period ended on 31 December 2020 is measured relative to the 5-year public market equivalent return according to Long & Nickels for the respective reference index. INVESTMENTS 31 Preqin places our private equity performance among the most consistent top- performing global buyout managers since the Global Financial Crisis

Average Quartile Ranking of post-GFC Buyout Vintages1

1st quartile

2nd quartile

3rd quartile

4th quartile

Manager 9 Manager Manager 1 Manager 3 Manager 4 Manager 5 Manager 6 Manager 7 Manager 8 Manager

Manager 16 Manager 23 Manager Manager 10 Manager 11 Manager 12 Manager 13 Manager 14 Manager 15 Manager 17 Manager 18 Manager 19 Manager 20 Manager 21 Manager 22 Manager 24 Manager 25 Manager

Partners Group Partners Partners Group Partners

Past performance is not indicative of future results. There is no assurance that similar results will be achieved. For illustrative purposes only. Abbreviation: GFC = Global Financial Crisis. 1 Source: Preqin (December 2020), Post-GFC Track Records Could Drive 2021 Allocations. Partners Group (2021). UPDATE ON PARTNERS GROUP 32

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials ESG 33

Our highlights in 2020

100% A+

Our entire AuM is covered A+ ratings in each of We publicly support the by our Responsible the last six years from Task Force on Climate- Investment Policy and this the UN PRI's annual related Financial has been assured1 ESG assessment Disclosures (TCFD)

For illustrative purposes only. Source: Partners Group (2021). 1 In order to continuously improve our reporting to stakeholders and provide further confidence in our sustainability progress and achievements, Partners Group sought external limited assurance by KPMG on the most material topics covered in the Corporate Sustainability Report. ESG 34

Launch of Climate Change Strategy

Climate Change Strategy Key commitments

Corporate Portfolio • Partners Group's Achieving net-zero emissions Managing our investment approach to for our Scope 1, Scope 2 and portfolio towards the key Scope 3 greenhouse gas Paris Agreement managing climate emissions objectives risks and impacts across our company Our approach based on six pillars and our portfolio Strategic asset allocation

• Alignment with Task Force on Climate- S Portfolio risk & related Financial Disclosures: Governance opportunity G S assessment G• Governance M• Metrics and targets Metrics & M R Investment risk R• Risk management reporting assessment & M management S• Strategy Lead by example

For illustrative purposes only. Source: Partners Group (2021). ESG 35

Our experience as a responsible investor allows us to be an ESG thought leader

Since 2006, PG has been a All investments comply with Through PG LIFE3, we We developed our Climate committed leader in PG's Responsible take responsible Change Strategy in responsible investing, Investment framework with investment one step alignment with the Paris and one of the first private strict ESG standards1, further by investing Agreement, committing to markets investors to sign earning "A+" ratings in the in companies offset our corporate the Principles for last six years from the UN and assets that footprint and publicly Responsible Investment PRI's annual ESG actively contribute to supporting TCFD (UN PRI) assessment achieving the UN SDGs

2006 2008 20152 2018 2020

We stay ahead of best practice by actively engaging in the global responsible investment community

For illustrative purposes only. Source: Partners Group (2021). Past performance is not indicative of future results. 1 Propriety ESG due diligence tool based on the Sustainability Accounting Standards Board metrics integrated in the investment decision process for all our Direct investments, ESG integration programs defined for all our lead investments. 2 PG Impact Investments AG was founded in 2015 and is backed by Partners Group, but legally independent from Partners Group AG. 3 PG LIFE is an investment strategy launched in 2018 that has the dual mandate to achieve attractive risk-adjusted financial returns alongside measureable, positive social and environmental impact. ESG 36

Partners Group's approach to ESG integration: key engagement points

Sourcing Due diligence Holding Reporting

• ESG investment • ESG Due Diligence • On-board management to • Highlight ESG project themes proposed Assessment completed to our responsible investment impact in seller materials based on identified identify and mitigate approach through case studies ESG trends material ESG risks • Implement priority ESG • Identify and meet ESG- • Negative screening of • Pre-position ESG projects projects related market illegal and harmful to ensure upfront alignment • Monitor ESG performance requirements (i.e. IPO products/services and buy-in from through annual ESG KPI & sustainability standards) management project reporting process

Screening Framework ESG Due Diligence Tool ESG Engagement1 ESG Project Case Study1

Partners Group integrates ESG considerations throughout the entire investment process

For illustrative purposes only. Source: Partners Group (2021). 1 These transactions represent standard transactions in which Partners Group has engaged in an ESG value creation project. They have been selected to discuss the ESG integration process in detail. Partners Group can share details of specific transactions upon request. ESG 37

We maintain our global leadership position in building sustainable businesses

Our objectives

ESG integration Accountability Impact leader Embed ESG into the Hold ourselves and our investment Maintain our leadership strategy, direction and partners accountable by creating in integrating and goals of our portfolio transparency throughout our quantifying impact companies investment process in our process

Our strategy

Value-add and protection Systematic approach Work with portfolio companies on Continuously develop tools and those areas where we can create processes that ensure a systematic and protect value through ESG and scalable approach

For illustrative purposes only. Source: Partners Group (2021). ESG 38

ESG highlights of Partners Group's direct investment portfolio in 2020

Note: data from our annual ESG KPI Survey, as of 30 June 2020. Once a year, we survey our direct lead and joint-lead investments on key aspects of their ESG performance. We use the data from this review to understand the collective impact of our portfolio on society and the environment, assess the overall ESG maturity of each investment and identify priority areas for engagement. Data compares cumulative figures from our 2019 and 2020 reporting periods for the same set of specific portfolio assets to ensure an accurate year-over-year comparison. Net jobs calculation methodology and scope were updated in 2020. Figures are calculated using the difference between 2019 and 2020 headcount, which includes jobs from M&A. In 2020, this figure reflects the impacts of COVID-19 on certain portfolio companies. The figure is reported for unrealized investments in our Direct Private Equity Funds. *Waste diversion includes recycling, composting, incineration for energy recovery, or other recovery methods such as reuse. **Based on 40 hours per week, 50 weeks per year. ESG 39

Partners Group's proprietary ESG Dashboards: an innovative view of the portfolio

Tracking and reporting on key environmental, social and governance KPIs:

Environmental management Climate change Energy management Waste management E Environmental GHG intensity Energy intensity % of waste Environmental policy maturity1 (tCO2e/ m USD sales) (kWh/ USD sales) diverted per year

Sustainable supply chains Employee retention Health & safety Gender equality advancement S Responsible supply % of yearly Lost-time % of women in Social chain policy maturity1 employee turnover incident rate2 management team

Corporate governance Active ownership Bribery & corruption Cybersecurity Board maturity based # of Operating Anti-bribery & G Cybersecurity on board health Directors on corruption policy Governance policy maturity1 assessment1 company Board maturity1

1 For metrics that are qualitative, rather than quantitative, we conduct maturity assessments, scoring each asset from 1-4 across five key dimensions (policy, authorization, responsibility, implementation and reporting), with 1 indicating a low level of maturity and 4 indicating best practice. 2 Yearly number of workplace incidents that kept employees from coming to work for at least one day. For illustrative purposes only. Source: Partners Group (2021). ESG 40

Our private equity ESG Dashboard in 2020

Note: if companies were unable to report a given metric in 2020 (indicated in the table with "-") but took steps towards being able to report it in 2021, this was considered as an improvement in performance. Assets marked with "*" are recently acquired portfolio companies added to the dashboard in 2020. For metrics that are qualitative, rather than quantitative, we conduct maturity assessments, scoring each asset from 1-4 across five key dimensions, with 1 indicating a low level of maturity and 4 indicating best practice. Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that similar investments will be made. Source: Partners Group (2021). ESG 41

We have achieved continuous improvements across our portfolio

Private Equity Private Infrastructure

Female management Lost Time Incident Rate (LTIR) Environmental management Environmental management Improvements Responsible supply chain Contractor management Anti-corruption / Anti-bribery Anti-corruption / Anti-bribery Cybersecurity Zero labor non-compliance since 2018 2018-2020 Achievements Reporting KPIs Increase from 83% to 90% Increase from 85% to 93%

Improvement Waste management data reporting Water consumption opportunities Employee turnover Community complaints

Outlook Increase reporting Address water stress in climate capabilities change efforts Future focus Launch of Stakeholder Proactive engagement with Benefits Program communities

Source: Partners Group (2021). For illustrative purposes only. ESG 42

Partners Group is consistently recognized for its ESG and Impact thought leadership

"Sapphire Wind "PG LIFE has "PG LIFE has one of Farm has engaged translated the high- the most thoughtful directly with over level SDGs into an & innovative 10,000 members of investable private applications of the the community." markets strategy" IMP framework" January 2018 September 2018 January 2019

"Partners Group is "Partners Group has "Active ownership as implementing IFC developed an opportunity to impact Principle 3 industry leading implement low- through active approach to carbon initiatives for private equity responsible clean energy and ownership" investment" energy efficiency" June 2020 October 2020 November 2020 We translate responsible investment concepts into practical and implementable tools

Source: Partners Group (2019). For illustrative purposes only. ESG 43

Partners Group retains high scores from UN PRI for Responsible Investment

Partners Group's 2020 UN PRI report for Responsible Investment Partners Group Median score score Strategy & Governance A+ A Direct private equity A+ A

Direct lending A B

Direct private infrastructure A+ A

Direct private real estate A B

Results highlight strong ESG program and leadership in Responsible Investment

Abbreviations: PRI: Principles for Responsible Investment. Source: UN PRI (2020), Partners Group (2020). UPDATE ON PARTNERS GROUP 44

Table of contents

1 Overview

2 Clients

3 Industry

4 Investments

5 ESG

6 Financials FINANCIALS 45

Strong client demand and performance translated into robust 2020 financials

AuM Mgmt. fees2 Revenues3 EBIT margin Dividend4 (in USD billion) (in CHF million) (in CHF million) (in %) (in CHF per share)

+16% +1% -12% stable +8% 109 1,610 1,412 94 1,138 1,146 29% perf. fees 19% +6% 62.6% +4% 62.0% 25.50 27.50 in CHF1 rec. mgmt. fees

2019 2020 2019 2020 2019 2020 2019 2020 2019 2020

Continued Sustained Strong recovery Focus on 91% strong client growth in line of performance profitable payout demand with AuM fees in H2 growth ratio

1 The +6% growth in the chart refers to average assets under management in CHF, calculated on a daily basis. 2 Management fees and other revenues, net, and other operating income. 3 Revenues from management services, net, and other operating income. 4 The Board of Directors proposes that a dividend of CHF 27.50 per share be paid for the financial year 2020, subject to the approval of the Annual General Meeting of shareholders to be held on 12 May 2021; the dividend payout ratio is defined as the (proposed) dividend per share divided by diluted earnings per share. Source: Partners Group (2021). FINANCIALS 46

Management fees growth follows AuM development

Revenues1 (in CHF million)

1'610 +21% -12% 1'412 Revenues1 1'326 69 473 (29%) 266 Performance fees 324 (19%) (24%) 61 Other revenues & other 94 operating income 84 1'138 1'146 (71%) (81%) Management fees2 1'002 (76%)

2018 2019 2020

1 Revenues from management services, net, and other operating income. 2 Management fees and other revenues, net, and other operating income. Source: Partners Group (2021). FINANCIALS 47

Performance fees normalized in H2; outlook on performance fees reconfirmed

Outlook on performance fees

H1: 9% ~10% 1 H2: 27% 20-30% Performance fees

19% Management fees2 70-80% “contractually recurring” 81% ~90%

2006-2015 2020 long term

1 Assuming that the market is favorable to exits, Partners Group expects to continue to generate significant performance fees from the underlying client portfolios due to the visibility that it has on the life cycles of its programs. 2 Management fees and other revenues, net, and other operating income. Source: Partners Group (2021). FINANCIALS 48

Performance fees are well diversified across programs and assets

Contribution by investment programs & mandates Contribution by single assets

Top 1 Rest (>50) 7% Top 2 13% Top 1 4% Top 3 29% 3% Top 4 Dozens of Top 11-20 3% direct assets 14% CHF CHF Top 5 and hundreds of 266m 266m 3% portfolio assets 80% Top 6-10 15% Top 2-5 29%

Our investment programs are highly diversified through our portfolio management approach

Source: Partners Group (2021). FINANCIALS 49

Performance fee potential will grow in line with AuM over time

AuM and performance fee development

109 800 ~20-30% AuM (in USD billion) 94 of total 100 700 Performance fees (in CHF million) revenues 83 600 74 80 500 473 …translates 57 60 400 Past AuM… 50 372 into future 45 324 performance 43 294 300 37 266 fee potential40 31 28 200 22 24 18 20 100 11 H1 H164 H1 6 43 39 34 H1 16 13 H1 H1 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025

Note: assuming that the market is favorable to exits, Partners Group expects to continue to generate significant performance fees from the underlying client portfolios due to the visibility that it has on the life cycles of its programs. Source: Partners Group (2021). FINANCIALS 50

Performance fee recognition models

Cash-on-cash Deal-by-deal (incl. NAV gains/losses)

Capital returned to clients Capital returned to clients If NAV were sold at… If NAV were sold at… total current value total current value 200 200 (in USD) …+50% = 90 = 18 (in USD) …+50% = 30 = 6 NAV NAV …+0% = 60 = 12 …+0% = 0 = 0 60 60 hurdle rate …-50% = 30 = 6 …-50% =-30= -6 140 (8% IRR on invested capital) so far recognized 8 catch-up 20 initial client commitment initial client commitment performance fees 100 100 (in USD) Distributions (in USD) 140 Performance fees Distributions (20% above 100) 140 Locked-in performance (based on exits) 6-9 years 6-9 years Performance fee recognition Performance fee recognition (realized) 8 (realized & unrealized)

0 20 20 0 (NAV +0%) (NAV +0%)

1 Performance fees of performance fee generating investment programs and mandates range between typically 10-20% over a hurdle of typically 6-8% IRR on invested capital, depending on program and instruments. Source: Partners Group. For illustrative purposes only. FINANCIALS 51

Continued stability of management fees

Revenue margin1

1.89% 1.82% 1.74% 1.71% 1.51% 1.35% 1.36% 1.36% 1.39% 1.39% 1.38% 1.26% 1.33% 1.25% 1.23% 19% 1.30% 1.31% 1.33% 1.29% 1.29% 1.25% 1.24% 1.23% 1.26% 1.26% 1.24% 1.18% 1.23% 1.22% 1.22%

81%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Performance fees Management fees2

1 Calculated as revenues divided by average assets under management, calculated on a daily basis. 2 Management fees and other revenues, net, and other operating income. Source: Partners Group (2021). FINANCIALS 52

Stable EBIT margin; operating costs developed in line with revenues

Revenues, costs and EBIT development (in CHF million)

2019 2020

Revenues 1'610 -12% 1'412

Total operating costs, of which -603 -11% -537

Personnel expenses -490 -12% -430 Personnel expenses (regular) -306 +8% -329 Personnel expenses (performance fee-related) -185 -45% -101 Other operating expenses -79 -13% -69 Depreciation & amortization -34 +12% -38

EBIT 1'008 -13% 875 EBIT margin 62.6% 62.0%

Average FTEs 1'337 +12% 1'504 Year-end FTEs 1'452 +5% 1'519

Note: revenues include management fees and other revenues, net, performance fees, net, and other operating income. Regular personnel expenses exclude performance fee-related expenses. Performance-fee-related personnel expenses are calculated on an up to 40% operating cost-income ratio on revenues stemming from performance fees. Source: Partners Group (2021). FINANCIALS 53

Continued EBIT margin stability; target EBIT margin reconfirmed

EBIT1 margin development

80%

70% 65% 65% 61% 63% 62% 60% 59% 59% 58% 60% ~60% 50% 1.06 40% target for newly 30% generated management fees and all 20% performance fees 10%

0% 2012 2013 2014 2015 2016 2017 2018 2019 2020

1 For the years 2012 – 2014, non-cash items related to the capital-protected product Pearl Holding Limited were excluded from depreciation & amortization. Source: Partners Group (2021). FINANCIALS 54

Increasingly diversified FX exposure on costs expected

Currency exposure in 2020

Others 6% GBP 9% Others EUR EUR SGD 6% 5% 11% 47% USD 27% AuM ≈ GBP Management 12% Costs2 fees1 ≠ USD 38% CHF 40%

EUR/USD foreign exchange fluctuations have a greater impact on CHF management fees than on CHF costs, while their impact on performance fees and their corresponding costs is equal

Note: all figures are based on estimates and the currency denomination of underlying programs. Due to rounding, some totals may not correspond with the sum of the separate figures. 1 Includes management fees and other revenues, net, and other operating income. 2 Includes regular personnel expenses (excluding performance fee-related expenses), other operating expenses as well as depreciation and amortization. Source: Partners Group (2021). FINANCIALS 55

Strong balance sheet and liquidity

Key financials (in CHF million, except for per share data in CHF) Balance sheet (as of 31 December 2020)

2019 2020 Revenues1, of which 1'610 -12% 1'412 Management fees2 1'138 +1% 1'146 Performance fees 473 -44% 266 1.1 35% CHF billion return on 3 Total operating costs -603 -11% -537 net cash4 equity

EBIT 1'008 -13% 875 EBIT margin 62.6% -0.6%-points 62.0%

Financial result 30 53 Income tax expenses -137 -124 0.7 2.3 CHF billion CHF billion Profit 900 -11% 805 in own investments5 equity Diluted EPS 33.66 30.36

1 Revenues include management fees and other revenues, net, performance fees, net, and other operating income. 2 Management fees and other revenues, net, and other operating income. 3 Total operating costs include personnel expenses, other operating costs as well as depreciation and amortization. 4 Cash and cash equivalents (CHF 1'228 million) and short-term loans (CHF 673 million), net of debt (CHF 799 million) as of 31 December 2020. 5 Financial investments (CHF 616 million), investments in associates (CHF 25 million) and net assets/liabilities held for sale (CHF 51 million) as of 31 December 2020. Abbreviations: EPS = earnings per share. Source: Partners Group (2021). FINANCIALS 56

Proposed dividend increase of 8% to CHF 27.50 per share (payout ratio of 91%)

Dividend payment since IPO

USD 109 billion

1 30.00 Total AuM (in USD billion) 27.50 120 Dividend/share (in CHF) 25.50 25.00 22.00 100 19.00 20.00 80 15.00 15.00 60 10.50 10.00 8.50 40 USD 11 billion 7.25 5.50 6.25 4.25 4.25 4.50 5.00 5.00 2.65 20

0.00 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Note: assets under management exclude discontinued public alternative investment activities and divested affiliated companies. 1 The Board of Directors proposes that a dividend of CHF 27.50 per share be paid for the financial year 2020, subject to the approval of the Annual General Meeting of shareholders to be held on 12 May 2021. The payout ratio is calculated as dividend per share divided by diluted earnings per share. Source: Partners Group (2021). 57

Contacts

Zugerstrasse 57 Philip Sauer 6341 Baar-Zug Head Corporate Development Switzerland T +41 41 784 66 60 T +41 41 784 60 00 Email: [email protected] [email protected] Dr. Alex Soppera www.partnersgroup.com Corporate Development T +41 41 784 63 20 Email: [email protected]

ZUG|DENVER|HOUSTON|TORONTO| NEW YORK|SÃO PAULO|LONDON|GUERNSEY|PARIS|LUXEMBOURG|MILAN|MUNICH|DUBAI|MUMBAI|SINGAPORE|MANILA|SHANGHAI|SEOUL|TOKYO|SYDNEY IMPORTANT NOTICE 58

Disclaimer

NEITHER THE INFORMATION IN THIS DOCUMENT NOR ANY RELATED MATERIALS MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. This presentation is strictly confidential to the recipient and has been prepared by Partners Group Holding AG (the "Company") solely for information purposes and use at the presentation to the respective recipient ("Presentation"). All sources, which have not been otherwise credited, have been derived from Partners Group. The information contained herein consists of slides solely for use at the Presentation. By attending such Presentation, you agree to be bound by the following terms. This Presentation may not be reproduced, retransmitted or further distributed to the press or any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This Presentation does not constitute a prospectus or a similar communication within the meaning of article 752, 652a and/or 1156 of the Swiss Code of Obligations ("CO") or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Neither the Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. The Presentation is not an offer of securities for sale in the United States. The Company's securities may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act. Additional restrictions may apply according to applicable securities laws of other jurisdictions, including, without limitation, the European Union, Canada, Australia and Japan. The information contained in this Presentation has not been independently verified. The Company is not under any obligation to update or keep current the information contained herein. Accordingly, no representation or warranty or undertaking, express or implied, is given by or on behalf of the Company or any of their respective members, directors, officers, agents or employees or any other person as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained herein. Nothing herein shall be relied upon as a promise or representation as to past or future performance. Neither the Company nor any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. This Presentation includes forward-looking statements, beliefs or opinions, including statements with respect to plans, objectives, goals, strategies, estimated market sizes and opportunities which are based on current beliefs, expectations and projections about future events. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions identify forward-looking statements. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management’s examination of data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Neither the Company nor any of its members, directors, officers, agents, employees or advisers intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this Presentation. The information and opinions contained herein are provided as at the date of the Presentation and are subject to change without notice.

5 August 2021 12:16