Partners : AuM Announcement H1 2024

H1 2024 business update & outlook

H1 2024 business update & outlook	2

The transaction environment has shown signs of gradual improvement during 2024

Global buyout and IPO volumes (in USD billion)1

North America

Improving fundamentals

Europe

1'090

Asia-Pacific

Rest of World

	IPO transaction				707	+18%
	volume2
			536	503	524		521
		471
					442	Annualized
	402
	373
	332
305

Accessibility to financing

Recalibrating valuations

Tightening credit spreads

Dry powder available

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024e

1 Bain & Company - Private Equity Mid-year Report, as of 15 May 2024. Excludes add-ons; excludes loan-to-own transactions and acquisitions of bankrupt assets; based on announcement date; includes announced deals that are completed or pending, with data subject to change; figures have been rounded; Dealogic. 2 Bloomberg, includes Initial Public Offerings (IPO), primary share offers, and SPACs as of 30 June 2024. 2024 is annualized.

Note: For illustrative purposes only. Past performance is not indicative of future results. Source: Partners Group (2024).

H1 2024 business update & outlook	3

Realizations within the industry remain low; moderate improvement is expected to occur during H2 2024

Private equity industry liquidity levels

(based on annual realizations in % of NAV)1

50%

45%

40%

35%

30%

Average

25%						Private equity	-57%
20%						industry
15%
10%							2023 trough
5%							(+/- 6 months)
		Low liquidity		Low liquidity		Low liquidity	Low liquidity
0%			period		period		period	period
1995	2000	2005	2010	2015	2020	2025

"86% [of managers] expect a rise in distribution levels in 2024, the majority (72%) expect this to be moderate"2

May 2024

"[…] we remain in the early innings of the activity recovery, most

notably in Private Equity"3

May 2024

1 Bloomberg, Raymond James Private Capital Advisory: Fundraising Market Analysis (2024). 2 Bain & Company - Private Equity Mid-year Report 2024 (2024). 3 Goldman Sachs

Equity Research, "Assessing current risk/reward across Diversified Financials", as of 30 May 2024. Note: For illustrative purposes only. Past performance is not indicative of future

results. Source: Partners Group (2024).

H1 2024 business update & outlook	4

The changing environment has initiated a period of natural selection; fewer, more differentiated managers are successfully raising capital today

Industry fundraising (in USD trillion)1

Private equity
Real estate		+24%
Direct lending			Midpoint of
		guidance2
Secondaries	1.7
Infrastructure
1.5	-15%
Other
1.4	1.4
1.3
1.1		1.1
				Annualized

Since 2021, less overall capital is being raised by a smaller number of more differentiated managers

Number of managers successfully raising capital3 (2023 vs. 2021)

-40%

2018

2019

2020

2021

2022

2023

2024e

1 Bain & Company - Private Equity Mid-year Report, as of 15 May 2024. Preqin (2024) data includes funds with final close and represents the year in which they held their final close; includes buyout (incl. balanced and co-investment multimanager funds), real estate, venture capital, growth equity, direct lending, secondaries, infrastructure, distressed and others (fund-of-funds, mezzanine, hybrid, hybrid credit strategies, real asset, PIPE, and CLO funds); Private equity includes buyout, venture capital, growth equity, and distressed. excludes natural resources. 2 Refers to 2024 client demand guidance of USD 20 to 25 billion. 3 Pitchbook (2024) fund count based on funds of over $500mn, 2021: 953 funds 2023: 569 funds. Note: For illustrative purposes only. Past performance is not indicative of future results. Figures may have been rounded. Source: Partners Group (2024).

H1 2024 business update & outlook	5

Our platform delivered solid results during H1 2024

$9bn Invested

+55% YoY

$9bn Realized

+69% YoY

$11bn Raised

+39% YoY

• Transaction environment gradually improving
• Strong pipeline built over years of thematic research
• Realizations concentrated across credit and portfolio assets
• Strong 18-month exit pipeline ready to be executed
• 77% of assets raised stem from bespoke solutions
• Interest from private wealth accelerating

Note: For illustrative purposes only. Past performance is not indicative of future results. Refers to Partners Group Holding AG. As of 30 June 2024. Source: Partners Group (2024).

H1 2024 business update & outlook

6

We successfully translated our thematic pipeline into attractive investment opportunities for our clients

Investments1

Portfolio
assets	Liquid loans
43%
18%

	$9	Equity
	35%
Second.	billion
& prim.
25%
	Credit
	22%	Direct assets
		(Direct equity and direct
		lending investments)
		57%

• Secondaries often overweighted in periods of economic recalibration as part of allocation management
• Credit volumes tilted towards refinancings as spreads begin to tighten
• Attractive near-term transaction pipeline sourced over several years

1 USD 1.9 billion invested in direct private equity investments, USD 0.7 billion in direct real estate investments, USD 0.7 billion in direct infrastructure and USD 2.0 billion in direct credit investments as of 30 June 2024. Figures include add-on investments and 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). Direct credit investments include direct lending investments ("direct credit"). Portfolio assets include investments into the liquid loans business ("BSL") during the period, which includes collateralized loan obligations and net inflows into dedicated liquid loan investment vehicles of USD 1.6 billion, USD 1.6 billion invested in secondaries, USD 0.7 billion invested in primaries. Note: For illustrative purposes only. Past performance is not indicative of future results. There is no assurance that similar investments will be made. As of 30 June 2024. Source: Partners Group (2024).

H1 2024 business update & outlook	7

Private equity example: FairJourney Biologics

Porto, Portugal

Top 3	4'000	14
antibody discovery	screening libraries for	antibody treatments
firm globally	antibody identification	in trial

Partner to pharmaceutical companies for the discovery, production, and characterization of antibody-based therapies1

Benefitting from two thematic drivers

• Increased outsourcing of pharmaceutical research services
• The need for end-to-end drug development and manufacturing solutions

Value creation plan

• Broaden capabilities in pre-clinical R&D
• Grow wallet share of existing customers & scale
• Expand into new technologies & along the value chain (i.e. manufacturing)

1 The acquisition of FairJourney Biologics was announced in July 2024 and is expected to close in H2 2024. Note: For illustrative purposes only. Past performance is not indicative of future results. There is no

assurance that similar investments will be made. Source: Partners Group (2024).

H1 2024 business update & outlook	8

We achieved USD 9 billion in realizations during H1 2024

Portfolio realizations

Portfolio assets

30%

Second.

& prim.

30%Credit $9 38%

billion

Equity
32%	Direct assets
	(Direct equity and direct
	lending investments)
	70%

• Combined credit, secondaries, and primaries drove realizations (68% of total)
• Direct equity exit activity remains slow but is expected to improve in the coming quarters
• Significant exit pipeline; with multiple assets currently in the exit process

Note: For illustrative purposes only. As of 30 June 2024. Past performance is not indicative of future results. There is no assurance that similar investments will be made. Source: Partners Group (2024).

H1 2024 business update & outlook	9

We raised USD 11 billion in H1 2024; up 39% vs. the same period last year

Fundraising by asset class

RoyaltiesPrivate equity

Real estate	1%
	3%	42%

Infrastructure 18% $11

billion

36%

• Private equity: fundraising driven predominantly by private wealth and mandates; Direct Equity V completed fundraising
• Private credit: strong fundraising in direct lending; successful CLO capital raising
• Infrastructure: mandates led demand; fundraising continues for our direct infrastructure strategy
• Real estate: attractive secondary opportunities; demand lower as investors perceive continued challenges to the asset class
• Royalties: initial portfolio ramp-up; broader offering for private wealth and institutional clients to launch in Q4 2024

Private credit

Note: For illustrative purposes only. As of 30 June 2024. Past performance is not indicative of future results. Source: Partners Group (2024).

H1 2024 business update & outlook	10

Differentiation in the current market is key; H1 2024 client demand was driven by tailored private market solutions

Fundraising by program type

Traditional programs

23%Mandates

35%

$11

billion

Evergreens	Bespoke
42%	solutions
	77%

• Mandates: solid demand as increasing numbers of private markets investors prefer custom solutions
• Evergreens: demand accelerated as private wealth clients increase adoption of semi-liquid private markets structures
• Traditional programs: more impacted by industry trends; continued demand for closed-ended strategies, but longer client conversion periods

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". For illustrative purposes only. As of 30 June 2024. Past performance is not indicative of future results. Source: Partners Group (2024).