2024-05-26 08:58:18 ET
Summary
- Partners Group sees modest improvements as AUMs continue to grow. Performance fees have also recovered.
- However, we think that equilibrium in private markets has obviously not been reached at current multiples, which means they'll go lower, not higher, for the market to clear.
- Massive 2021 vintage is going up against multiple contraction pressure, even if they achieve solid operational improvements and exit volumes drive performance fees.
- Things are not all bright, so we don't want this at 30x PE.
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Partners Group: Few Sponsor Transactions At Already Lower Multiples