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2019 Annual Results

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2019 Annual Results 17 MARCH 2020 Annual results 2019 Steffen Meister Executive Chairman | André Frei Co-CEO | David Layton Co-CEO | Philip Sauer Co-Head Group Finance & Corporate Development Dr. Anette Waygood Head Corporate Legal | André Frei Co-Chief Executive Officer For Institutional Use Only – Not for Public Distribution ANNUAL RESULTS 2019 2 Table of contents 1 Investments 2 Clients 3 Financials 4 Shareholder & stakeholder impact INVESTMENTS 3 Global buyout investments were lower, but at healthy levels; 2019 saw a more challenging exit environment, caused by market uncertainty at the beginning of the year Global buyout investments1 vs. Partners Group Global buyout exits1 vs. Partners Group Global private equity buyout investments Global private equity buyout exits Partners Group2 Partners Group3 25 600 25.0 550 499 500 508 450 20 465 20.0 424 391 430 358 400 410 350 15 15.0 363 19.3 311 14.8 300 250 10 13.3 10.0 200 13.4 150 in USD billion USD in 11.7 billion USD in 11.8 11.0 5 9.7 5.0 100 10.2 50 7.6 0 0 0.0 -50 2015 2019 2015 2019 Despite challenging market conditions in 2019, we successfully invested and divested assets For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar results will be achieved. There is no assurance that similar investments will be made. 1 PreqinPro (2020). 2 Partners Group's private markets investments. Figures include add-on investments but exclude investments executed for short-term loans, cash management purposes and syndication partner investments. 3 Partners Group's underlying gross portfolio realizations. Source: Partners Group (2020). INVESTMENTS 4 In 2019, we successfully invested USD 14.8 billion in private market assets… Private equity USD 6.4 bn Private infrastructure USD 1.6 bn One of the top five US independent outpatient Leading developer, owner and operator of power physical therapy services provider One of Germany's largest toy generation assets in Latin America manufacturers Leading operator of general practice Leading Norwegian offshore midstream Project to construct a 500-MW subsea power veterinary hospitals in the US infrastructure platform interconnector between Ireland and GB Private debt USD 3.8 bn Private real estate USD 3.0 bn Independent provider of recordkeeping services for retirement and college savings plans Global leader in developing, manufacturing 176'976 square meter mixed 20 institutional office assets Industrial portfolio of eleven and commercializing dermatology products use complex, Beijing, China across four cities in the US assets across seven cities in the US US-based midstream terminaling and storage company There is no assurance that similar investments will be made. For illustrative purposes only. Source: Partners Group (2020). INVESTMENTS 5 …and generated USD 11.0 billion in gross portfolio realizations for our clients Private equity USD 4.9 bn Private infrastructure USD 1.0 bn Leading Dutch provider of outsourced 396MW offshore wind farm in the German hospitality and premium catering services exclusive economic zone in the North Sea Operator of the only passenger terminal at Toronto's downtown airport Leading US provider of integrity management services Europe's leading non-food Publicly traded midstream MLP; owns and for the utilities and transmission & distribution sectors discount retailer operates a vertically integrated energy business Private debt USD 3.4 bn Private real estate USD 1.7 bn Provider of hardware and software network services to manage and secure IT infrastructures US-based producer of engineered structures Narita Hedistar, Riata Corporate Park, AB Center, Leading veterinary care platform in Europe for the power and wireless end markets Hotel, Tokyo, Japan Office, Austin, US Office, Berlin, Germany with more than 1'200 clinics in 10 countries Note: For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar results will be achieved. There is no assurance that similar investments will be made. Abbreviations: MLP = Master Limited Partnership. Source: Partners Group (2020). INVESTMENTS 6 Relatively conservative debt levels US buyout market1 vs. Partners Group Average net debt/EBITDA Current net debt/EBITDA level for US buyout level for our transactions1 direct equity portfolio2 100% Greater than 7x 12% • Relatively conservative debt levels compared to the US buyout market 80% 16% 60% 6x-7x • Returns are driven by our focus on top-line growth in the middle-market globally 40% 72% • Enabled via our entrepreneurial governance 20% Less than 6x framework and active value creation 0% 15 16 17 18 19 19 1 Source: Bain 2020 Private Equity Report based on data by Thomson LPC. Includes investments with disclosed purchase price and net debt/EBITDA levels only. 2 Includes all active non-listed and listed portfolio companies in the following programs: Partners Group Direct Investments 2009, L.P., Partners Group Direct Investments 2012 (EUR), L.P. Inc., Partners Group Direct Investments 2016 (EUR), L.P. Inc. and Partners Group Direct Equity 2019 (EUR) S.C.A., SICAV-RAIF. Net debt/EBITDA level data are as of 31 December 2019. Source: Partners Group (2020). INVESTMENTS 7 Our systematic approach to governance and value creation generates transformative growth Measurable results across our portfolio companies in 2019 • Entrepreneurial governance framework 11% revenue growth in 20191 Tailoring of board compositions to support investment thesis early on in the process • Active portfolio work Average of 16% EBITDA growth in 20191 Develop targets, value creation plans and strategy pre-close and refine and implement post-close 1 • Global Partners Group platform Expansion of EBITDA margin by 107bps Provides access to new business opportunities, a toolbox of best-practices, benchmarks and service providers >100 business introductions through the portfolio Projects by levers in % 16 6 >200 ongoing and >100 realized value 27 100 creation and ESG initiatives in 20191 51 Top line Bottom line Finance Multiple Total >28k jobs created in 20191 Past performance is not indicative of future results. For illustrative purposes only. 1 Data as of 31 December 2019. Value creation in 2019 across all active non- listed and listed portfolio companies acquired before 31 December 2018 in the following programs: Partners Group Direct Investments 2012 (EUR), L.P. Inc. and Partners Group Direct Investments 2016 (EUR), L.P. Inc. Source: Partners Group (2020). INVESTMENTS 8 COVID-19: economic impact will depend on the duration and severity of the outbreak Assessment of potential impact of Coronavirus COVID-19 on Partners Group and its portfolio 1. Health & safety Early measures undertaken to ensure the health & safety of Partners Group and portfolio company employees 2. Business continuity 5. Investment opportunity We safeguard Partners Group's business Periods of economic turbulence have continuity globally and work closely with historically provided relatively the management teams of our portfolio attractive buying opportunities in companies private markets (albeit at lower volume) 3. Liquidity & dry powder We expect select portfolio companies 4. Supply chain disruptions to experience a revenue impact; our Too early to be accurately quantified across dry powder currently amounts to over the portfolio; however, so far no material USD 15 billion, allowing us to cover impact from supply chain disruptions immediate liquidity needs Source: Partners Group (2020). INVESTMENTS 9 The strength of private markets investing in times of uncertainty Significant advantages of being owned by private equity Select examples of COVID-19 portfolio impact Global pharmaceutical • Long term view & capital services outsourcer offering packaging and • Significant equity dry powder clinical & drug manufacturing services • Entrepreneurial governance • Responsible ownership A fast growing casual dining restaurant chain in China, with more than • Accessibility to debt finance 100 stores in 20 cities Past performance is not indicative of future results. For illustrative purposes only. Source: Partners Group (2020). expenses and carried interest. Benchmarks “ with interest. Benchmarks carried and expenses by v Partners Limited to rates ofreturns (IRR) net internal Returns represent pooled 2019). (Q3 Associates Cambridge Source: For illust be achieved. results will similar of future assurance that results. isno There indicative not is performance Past Historical returns for US private equity buyout programs buyout equity private US for returns Historical historically had higher returns during Private equity periods raised economicbuyout of programs turbulence have INVESTMENTS Pooled net returns in % to Limited Partners 10% 15% 20% 25% 30% 35% 0% 5% 1986 1987 1988 1989 n.a. 1990 n.a ” have an insufficient number of funds in the vintage year sample to produce a meaningful return. meaningful a produce to sample year number insufficient vintage of the funds an in have ” 1991 1992 1993 1994 1995 Periods of marked economic turbulence turbulence economic marked of Periods 1996 1997 1998 1999 2000 2001 rat 2002 ive purposes only. purposes ive int 2003 age year. IRR are net net of fees, are IRR year. age 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10 ANNUAL RESULTS 2019 11 Table of contents 1 Investments 2 Clients 3 Financials 4 Shareholder & stakeholder impact CLIENTS 12 Strong growth across all asset classes Breakdown of assets raised by asset class in 2019 Net AuM development by asset
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