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202012 IR Presentation.Pdf Update on Partners Group December 2020 Michael Studer Chief Risk Officer and Co-Head Portfolio Solutions | Andrew Deakin Private Equity Europe UPDATE ON PARTNERS GROUP 2 Table of contents 1 Overview 2 Clients 3 Industry 4 Investments 5 ESG 6 Financials OVERVIEW 3 About us Dedicated to private markets Leveraging strong resources • Our AuM stands at USD 96 billion:1 USD 45 billion in • We have over 1,500 employees worldwide2 across 20 corporate equity & USD 51 billion real assets / financing offices and over 650 private markets professionals • We leverage our database of over 36,000 private markets • Our platform, portfolio and network provide extensive assets to generate attractive deal flow synergies and opportunities for owners and entrepreneurs We have a global presence with 20 offices across key investment regions Tokyo Shanghai Seoul Toronto Dubai Denver London New York Mumbai Guernsey Luxembourg Manila Houston Munich Paris Singapore Zug Milan São Paulo Sydney Americas Europe Asia Pacific For illustrative purposes only. Source: Partners Group (2020). 1 Unaudited, inclusive of all Partners Group affiliates, as of 30 June 2020. 2 As of 30 June 2020. OVERVIEW 4 About our portfolio Partner to business Entrepreneurial ownership Corporate assets (USD 45 billion AuM1) Healthcare Industrials Consumer & services Technology Real assets / financing (USD 51 billion AuM2) Infrastructure Real estate Real asset services Financing We are "responsible for the dreams" of the 200,000+ partners and employees who work alongside us in our portfolio For illustrative purposes only. Source: Partners Group (2019). 1 Corporate equity includes Partners Group's private equity asset under management as of 30 June 2020. 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 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 Around 900 institutional organizations as clients Public pension funds and sovereign wealth funds Insurance companies Private pension funds Banks and distribution partners We are "responsible for the dreams" of our 200+ million beneficiaries 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. As of 31 December 2019. CLIENTS 8 Stable platform development in H1 2020 Total assets under management1 (in USD billion) AuM 94 96 # employees 14 Private infrastructure 83 1513 1464 74 Private 15 1203 real estate 57 1036 Private 50 22 43 45 930 debt 37 840 31 746 24 28 701 22 625 18 574 Private 11 447 45 334 361 equity 6 273 137 175 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020 Note: assets under management 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. AuM covers programs, mandates and assets to which Partners Group renders (full or partial) investment management or advisory services, but does not cover consultant, transaction or other ancillary services it may render to clients or assets from time to time. AuM is typically calculated as either i) the program size, ii) outstanding commitments to investments, iii) the net asset value or the outstanding principal of investments, or iv) the respective investment exposure. The AuM basis is increased by the amount of assets raised that are based on i) subscriptions, or ii) new fee-paying assets and amounts planned to be invested which would become fee-paying assets in the following six months. Reductions in the AuM basis for mature programs i) may follow a fixed schedule, ii) can be based on the cost of realizing assets, or iii) may be the result of such programs being liquidated. The AuM basis is also reduced by redemptions on open-ended programs. Further changes in the AuM basis may be explained by factors such as performance or changes in FX rates. Source: Partners Group (2020). CLIENTS 9 Continued solid client demand Total assets under management development (in USD billion, except where stated otherwise) +8.3 -4.0 -2.1 Tail-downs: -2.9 Others -1.5 USD 96.3 = EUR 85.7 bn USD 94.1 Redemptions: -1.1 = CHF 91.2 bn FX -0.6 Stemming from traditional closed- Gating provisions are a Stemming mainly from ended private markets programs; standard feature of evergreen performance-related decrease in AuM is typically based on products; net redemptions are effects of those programs a mathematical formula pre-agreed typically limited to 20-25% p.a. that link their AuM to their with the client at the time of contract. of the prevailing NAV. NAV development. 2019 New money/ Tail-downs & FX & others2 H1 2020 commitments redemptions1 1 Tail-downs & redemptions: tail-downs consist of maturing investment programs (typically closed-ended structures); redemptions stem from evergreen programs. 2 Others consist of performance and investment program changes from select programs. Source: Partners Group (2020). CLIENTS 10 AuM stem from an international and broad range of clients AuM by region (as of 30 June 2020) AuM by client type (as of 30 June 2020) Asia Australia Distribution 6% 6% Switzerland partners / private Middle East 16% individuals Public pension 3% 18% funds & SWFs South America 24% Germany & 2% USD Austria Asset managers, USD North America 96 billion 16% family offices, 96 billion 16% banks & others 19% France & Benelux 5% UK Southern Europe Insurance Corporate & other 22% Scandinavia 4% 4% companies pension funds 10% 29% Source: Partners Group (2020). CLIENTS 11 AuM well-diversified across programs and clients Breakdown by private market programs and mandates1 Breakdown by client and program structure1 Largest client Top 2-5 clients 3% 7% Top 6-10 clients 5% Top 11-20 clients USD >850 other 7% 96 billion institutions USD 78% 96 billion (around 300 programs & mandates) Traditional Tailored private markets USD private markets programs 96 billion programs 37% 63% Evergreen programs (24%) 1 Assets under management as of 30 June 2020. Source: Partners Group (2020). CLIENTS 12 We are leaders in constructing highly customized private market portfolios Strong growth in tailored private markets programs Continuedsustainable growth Evergreen programs Mandates Traditional programs (in USD billion) (in USD billion) (in USD billion) 40 40 37 40 36 35 35 35 30 30 17% p.a. 30 10% p.a. 24 25 25 25 22 20 24% p.a. 20 17 20 15 15 15 10 8 10 10 5 5 5 0 0 0 H1 2015 H1 2020 H1 2015 H1 2020 H1 2015 H1 2020 Highly sophisticated; tailored to clients' needs Traditional through customization and involvement of closed-ended portfolio management structures Note: Growth p.a. represents the CAGR of AuM by the respective program structure over the period 30 June 2015 – 30 June 2020. Source: Partners Group (2020). CLIENTS 13 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). CLIENTS 14 Full-year guidance on new gross client demand in 2020 reconfirmed AuM, client demand and other effects (in USD billion) Full-year 2020 expectations 12 - 15 Client demand +16.5 94 +15.7 83 Tail-downs & 74 +15.0 -7.5 to -9.0 redemptions1 -7.1 +10.1 57 -5.6 50 +1.4 +/- FX & others2 -4.0 FX & others2 (no guidance provided) -2.9 -1.2 FX & others2 +6.2 -0.1 FX & others2 FX & others2 2016 2017 2018 2019 2020 1 Tail-downs & redemptions: tail-downs consist of maturing investment programs (typically closed-ended structures); redemptions stem from evergreen programs. 2 Others consist of performance and investment program changes from select programs. For illustrative purposes only. Source: Partners Group (2020). UPDATE ON PARTNERS GROUP 15 Table of contents 1 Overview 2 Clients 3 Industry 4 Investments 5 ESG 6 Financials INDUSTRY 16 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 global investments firms Asset class focused Global financial conglomerates Global financial conglomerates Regional/ thematic More 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 17 Table of contents 1 Overview 2 Clients 3 Industry 4 Investments 5 ESG 6 Financials INVESTMENTS 18 Early signs of recovery in transactional markets? Global private equity buyout investments1 (in USD billion) Announced global M&A transactions2 (in USD billion) 946 900 883 114 116 106 105 100 As of 663 31 Aug.
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