Update on Partners Group April 2021 Christina Han Head Investment Research | Patrick Xin Du Private Equity Services UPDATE ON PARTNERS GROUP 2 Table of contents 1 Overview 2 Clients 3 Industry 4 Investments 5 ESG 6 Financials PARTNERS GROUP OVERVIEW 3 Partners Group is a leading global private markets firm Truly dedicated only to private markets Large, independent and aligned with clients • USD 109 billion AUM1: USD 52 billion in corporate equity and USD 58 • >USD 30 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 31 December 2020. 2 Real assets / financing includes Partners Group's asset under management relating to private real estate, private infrastructure and private debt as of 31 December 2020. 3 Team figures as of 31 December 2020. 4 Market capitalization figures as of 31 December 2020. PARTNERS GROUP OVERVIEW 4 Sustainable performance delivered across economic cycles through three key pillars Transformational investing Generating superior returns by • Thematic investing >20% net return since inception1 capitalizing on thematic growth 1 Entrepreneurship at scale trends and transforming attractive • 2 businesses into market leaders 15% EBITDA growth in our portfolio p.a. Bespoke client solutions Tailored access to private markets • Tailored access >500 bps outperformance over private markets3 2 and enhanced returns through our portfolio management capabilities • Portfolio management and structuring 7% outperformance over public markets3 Stakeholder impact Realizing potential in private • Responsible investing >4,850 net jobs created in our portfolio4 markets and creating sustainable 3 • Stakeholder benefit returns with lasting, positive impact 1,500,000 metric tons CO2 emissions avoided4 for all of our stakeholders 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 private equity 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 PARTNERS GROUP OVERVIEW 7 We serve a global diversified client base of approximately 1,000 institutional clients Public pension funds & Insurance 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. CLIENTS 8 Our sustainable returns and service excellence are expected to drive future growth Total assets under management1 (in USD billion) +16% 109 Private AuM 16 94 infrastructure 1533 # employees Private 83 1464 17 real estate 74 +5% 1203 25 Private 57 debt 50 1036 43 45 930 37 840 31 746 24 28 701 Private 22 625 52 18 574 equity 11 447 334 361 6 273 137 175 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Initial public offering 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 (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). CLIENTS 10 Solid client demand and performance led to 11% AuM growth in 2020, excluding FX effects; net AuM growth stands at 16%, including FX effects Total assets under management development (in USD billion, except where stated otherwise) +16.0 -8.1 +7.1 = EUR 89.2 bn Tail-downs: -6.2 FX +4.9 USD 109.1 = CHF 96.4 bn H2: 7.7 Redemptions: -2.0 Others +2.2 USD 94.1 H1: 8.3 Performance- Typically based on a formula Net redemptions are Driven by the related effects on in traditional closed-ended typically limited to 20- Euro appreciation select programs programs which was pre- 25% p.a. of the of 9% against the that link their AuM agreed with clients at the prevailing NAV for US Dollar to their NAV time of contract. evergreen programs. (EUR AuM: 47%). development. 2019 New money/ Tail-downs & FX & others2 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. Due to rounding, some totals may not correspond with the sum of the separate figures. Source: Partners Group (2021). CLIENTS 11 AuM stem from an international and broad range of clients AuM by region (as of 31 December 2020) AuM by client type (as of 31 December 2020) Asia Australia Distribution 6% 7% Switzerland partners / private