Partners : H1 results presentation

Interim results 2022

David Layton Chief Executive Officer | Hans Ploos van Amstel Chief Financial Officer

INTERIM RESULTS 2022

2

How we deliver sustainable growth

Investments

Clients

Financials

Market with uncertain	Thought leadership in	Underlying business
dynamics; focus remains on	bespoke solutions	growth translates into
thematic investing and	continues to drive	H1 mgmt. fees of
entrepreneurship at scale	client demand	+18% year-on-year

Source: Partners Group (2022).

INTERIM RESULTS 2022

3

Private markets investment and fundraising activity continues amid higher uncertainty

Private markets investments1 (USD bn)

										851
			498				578		485
					486	463
		396				avg.
286	335	366
									YTD
										August

• After an exceptional 2021, and amidst economic uncertainty, investment volumes are returning to mean levels
• Despite more challenging financing markets, quality assets are still garnering attention and receiving attractive bids

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e

Private markets fundraising1 (USD bn)

			1'449
		1'020	1'138 1'178 1'263 1'179
		avg.
		799
	590	679
451			YTD
			August

• The industry's future growth is supported by its increasing reach serving a larger part of the economy with diversified offerings
• Fundraising activity continues for quality managers despite a more crowded universe

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e

1 Source: Preqin (2022). Private equity, private real estate, private debt and private infrastructure data 2012-2022 YTD August. As of YTD August 2022, USD 373

billion was invested and USD 840 billion was raised). Note: For illustrative purposes only. Source: Partners Group (2022).

INTERIM RESULTS 2022

4

Thoughtful investment approach

Partners Group's base case and asset testing scenarios1; we began

building higher inflation into our valuations several years ago

		Base case		Asset testing
		Inflationary		Stagflation		Anemic growth
		Growth
Real GDP growth2		US: 2.0% - 3.0%		1.0% - 2.0%		1.0% - 2.0%
(next 5-year average)		EU: 1.5% - 2.0%
Inflation2		US: 3.0% - 4.0%		4.0% - 5.0%		1.0% - 2.0%
(next 5-year average)		EU: ~2.0%
Change in Fed
	+200 to 250 bps		+350 to 450 bps
funds rate				Unchanged
	(to c. 2.0 - 2.8%)		(to 3.5 - 4.8%)
(in 5 years' time)
Market valuations3		5-15% lower		15-25% lower		10% lower
(in 5 years' time)

Conservative scenario

	applied
Stock	Asset testing
	Stagflation
2.
2.	4.0% - 5.0%
+100	+350 to 450 bps
	(to 3.5 - 4.8%)
0-	15-25% lower

1 Source: Private Markets Navigator for 2022 available for download at: https://www.partnersgroup.com/en/news-views/perspectives/current/2 Global aggregate is NAV-weighted as per Partners Group's asset split across US, Europe, other advanced and emerging markets.

3 Market valuations refer to price-to-earnings ratios for public equities, enterprise value to earnings before interest, tax, depreciation and amortization for private equity, capitalization rates for private real estate and underwriting internal rate of return for private infrastructure.

Source: Partners Group (2022). Note: For illustrative purposes only.

INTERIM RESULTS 2022

5

Thematic investing allows us to identify the right assets throughout market cycles

			Private
				infra.
Theme: EaaS solution provider
for the measurement, reduction,
and management of energy	Our current investment themes
demand and consumption
Transformation: build the firm
into a next-generation business,		Build-to-rent		Data centers
via scaling and platform building
				E-commerce
				fuels
				demand
	Flexible living					Energy-as-a-				Accessible
	spaces					service (EaaS)				healthcare
				Mission				Last mile
				critical parts				logistics
						Offshore
						energy

Theme: long-term growth drivers within accessible and well-positioned dermatology practices were identified

Transformation: develop integrated dermatology ecosystem

Education &

housing

Private

equity

				Critical
				supply chain
			Private
CoreDux				infrastructur
			debt e

Theme: designer and manufacturer of mission critical highly tailored metallic hoses for the semiconductor industry

Value proposal: digitization and automation is growing and CoreDux is strongly positioned

Private

infra.

Theme: well-positioned to capitalize on the transformative trends driving growth in the offshore wind industry

Transformation: grow into an offshore wind servicing firm in place of prior oil rig offering

Note: For illustrative purposes only. There is no assurance that similar investments will be made. There is no guarantee that the investment will be successful.

Source: Partners Group (2022).