Partners Group Holding AG, a private-markets investment management firm, said first-half profit rose 11 percent, driven by a gain in an investment program known as Pearl and higher performance fees.
Net income advanced to 214 million Swiss francs ($221 million), from 193 million francs a year earlier, the Zug, Switzerland-based company said in an e-mailed statement on Tuesday. The Pearl investment program, which was converted to shares from bonds in 2014, contributed 51 million francs, while performance fees more than doubled to 32 million francs.
“Partners Group reported some good first-half results,” Andreas Venditti, a Zurich-based analyst at Vontobel Holding AG, said in an e-mailed note to clients. Performance fees were higher than expected, he said.
The shares rose 4 percent to 324.75 francs as of 9:48 a.m. in Zurich, increasing this year’s advance to 12 percent.
The company, which invests in private equity, debt, real estate and infrastructure, said earnings before interest, taxes, depreciation and amortization declined 6.7 percent to 166 million francs. The Ebitda margin narrowed to 58 percent from 62 percent, partly because of a strong Swiss franc. The company targets an Ebitda margin of 60 percent for new business.
Total management fees dropped to 255 million francs in the first half from 274 million francs a year earlier.
“Client demand for new investment programs and mandates was well-diversified globally,” Andre Frei, partner and co-chief executive officer, said in the statement. “We continue to see a growing set of investment opportunities.”
Partners Group increased its guidance for full-year gross client commitments by 1 billion euros ($1.1 billion) in July. The expected range of commitments was raised to between 6 billion euros and 8 billion euros.
Partners Group reported gross client demand of 3.8 billion euros in the first half, bringing total assets under management to 42.1 billion euros, according to the July statement.