Professional
Added to YB: 2026-05-01
Pitch date: 2026-04-29
PGHN.SW [bearish]
Partners Group Holding AG
-0.95%
current return
Author Info
Grizzly Research produces differentiated research insights on publicly traded companies through in-depth due diligence. Sign up for the newsletter.
Company Info
Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, and private debt.
Market Cap
CHF 22.8B
Pitch Price
CHF 840.00
Price Target
N/A
Dividend
5.20%
EV/EBITDA
15.71
P/E
18.27
EV/Sales
9.78
Sector
Capital Markets
Category
special_situation
We Have Severe Concerns About Partners Group Holding AG’s Valuation Marks in Their Prominent Evergreen Funds
PGHN.SW (short): Swiss alt asset mgr w/ $185B AUM, ~45% rev from evergreen funds. Grizzly alleges ~40% of equity portfolio severely mismarked: Asia holding missing 50M shares vs HK registry; Russian pharma marked up 12% during asset seizure; Swedish data center +177% while rev fell 18%, op loss widened 42%; valuations at 27x EBITDA vs peers at 12-18x; debt principal moves inconsistent w/ standard accounting; software exposure 32% vs claimed <10.5-14%. Redemptions doubled to $1.3B in 6mo.
Read full article (20 min)