Partners Group Wins EU Approval for Aroma-Zone as Success Fees Retreat and a New Leadership Duo Waits in the Wings
Published on 09/26/2026 at 09:51 | Editorial boerse-global.de
Brussels cleared Partners Group's acquisition of a majority stake in French natural cosmetics brand Aroma-Zone on Thursday, handing the Swiss asset manager a fresh deployment in the consumer sector just as its earnings power faces its sternest test in years. The seller is French private equity firm Eurazeo, and media reports put the enterprise value of the deal at roughly EUR 2 billion. Partners Group had already confirmed exclusive talks over the purchase in early August.
The green light restores some room to maneuver for a company whose shares have been under sustained selling pressure following a weak first half. The stock closed Friday at EUR 639.20, up 1.3% on the day, though it remains down 40% since the start of the year. Investors now face the question of whether the Aroma-Zone purchase marks the start of an operational turnaround or simply another deployment in a market that has grown skeptical of the sector.
Direct Investments Keep Rolling
The approval from Brussels extends Partners Group's engagement in consumer goods according to plan, and it is far from the only transaction the firm has pushed forward. In early September, the company reinvested around USD 260 million in data center operator atNorth, securing roughly 10% of the shares. That move followed the sale of the operator to an investor consortium at an enterprise value of USD 4 billion.
Such deals underscore a deliberate effort to channel liquid capital into high-growth platforms — implementation strength that stands out in an otherwise restrained M&A market. Direct investments clearly retain priority within the firm's portfolio, even as the broader exit environment remains sluggish.
Earnings Pressure Leaves Its Mark
On the earnings side, the market backdrop has left visible skid marks. Revenue for the first half of 2026 fell 7% to CHF 1.12 billion, while net profit dropped 13% year-on-year to CHF 502 million. The culprit was primarily the weaker business with performance fees, as lucrative portfolio exits became harder to realize across the industry.
Should investors sell immediately? Or is it worth buying Partners Group?
Those success-dependent fees collapsed by 39% compared with the prior-year period, shrinking their share of total revenue to just 19%. Regular management fees, by contrast, edged higher. New business even set a record: inflows of USD 16 billion in the first semester marked a new high for the firm. Management nonetheless trimmed its guidance for the full year, now expecting performance fees to account for 20% to 25% of revenue rather than the long-term target range of 25% to 40%. The fundraising forecast for 2026 was left unchanged at USD 26 billion to USD 32 billion.
The EBITDA picture remains solid despite the earnings decline: CHF 706 million for the first half, equal to an operating margin of 63%. Without a revival in the exit markets for corporate holdings, however, the business model lacks its customary earnings leverage.
A Leadership Handover Takes Shape
The next major catalyst lies in the impending change at the top. CEO David Layton will step down at the end of the year and move into the role of Chief Investment Officer. From January 1, 2027, Roberto Cagnati and Juri Jenkner will lead the firm as co-CEOs. In a parallel move, the Swiss Financial Market Supervisory Authority Finma appointed CFO Joris Gröflin to the country's Takeover Commission starting in 2027 — a transition announced on Monday.
For shareholders, the key question is whether the new leadership team can deliver on the growth targets embedded in the capital commitments guidance.
Insiders Signal Confidence
Signs of confidence have recently come from within the firm's own ranks. In mid-September, a member of the executive board acquired company shares worth CHF 8.5 million. A member of the board of directors had already added to their position in early September. Such purchases are often read by the market as an indication of a positive internal assessment of the business outlook.
Risks Loom Over the Exit Pipeline
The central downside risk remains a continued blockade in corporate divestments. If asset sales stay difficult, revenue could linger at depressed levels. Bloomberg reported that the firm is examining the transfer of roughly EUR 800 million in private credit loans into a continuation vehicle — a step that highlights the challenge of placing assets at attractive valuations in the current environment.
Technically, the stock has a chance to stabilize as long as its 52-week low of EUR 623.00 holds. A sustained break below that level would threaten a deeper correction. Should the exit markets reopen, earnings could recover quickly — a more active deal environment would lay the groundwork for new sales and give future performance income a powerful tailwind.
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