- Partners Group has reshaped its Asia leadership with Henry Chui and Jin Wang as co-heads and Vincent Ng joining, while Kevin Lu remains regional chair.
- The three co-heads split responsibilities across Asia-Pacific private wealth and client solutions from hubs in Hong Kong and Singapore, aiming to reduce bottlenecks and deepen regional coverage.
- Assets under management grew from USD 152 billion at end-2024 to USD 174 billion by mid-2025, supported by USD 12 billion in new client commitments and active investment and realization activity.
- Fundraising is increasingly driven by evergreen funds and bespoke mandates, while rapidly rising performance fees signal a growing reliance on exit-driven revenues and associated valuation and liquidity risks.
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Leadership Structure Implications
With Henry Chui and Jin Wang promoted to co-heads of Asia in January and Vincent Ng hired in October, Partners Group now has three co-heads of Asia alongside Kevin Lu remaining as Chair of the region. This split leadership model allows specialization: Chui remains head of Asia-Pacific private wealth (relocated to Hong Kong), Wang leads client solutions in Asia from Singapore, and Ng adds further capacity based in Hong Kong coming from Atlantic-Pacific Capital, which has raised over USD 115 billion historically. [1]
Financial Performance & Growth Strategy
Partners Group saw AuM rise from USD 152 billion at end-2024 to USD 174 billion as of 30 June 2025, fueled by USD 12 billion in new client commitments in H1, including USD 4 billion from Empira acquisition, with USD 9 billion invested and realized in the period. [2][3] Management fees increased modestly (~5% YoY) while performance fees nearly doubled, showing outsized gains from exits and valuation uplifts. This strengthens margins and tilts revenue composition toward performance. [2]
Evergreen & Mandates as Core Growth Engines
The firm’s fundraising mix has noticeably shifted. In H1 2025 mandates raised USD 4.8 billion, evergreens USD 4.3 billion, and traditional programs USD 3.2 billion. Evergreens now make up a substantial portion of inflows, especially for private wealth clients, underlining a strategy to broaden client access and liquidity flexibility. [3]
Strategic Implications & Open Questions
Evolving Asia leadership suggests a lower risk of bottlenecks in expanding Asian operations; leveraging Ng’s background in alternative investments may improve penetration into private wealth via Singapore-Hong Kong hubs. Meanwhile, accelerated guidance for performance fees and reliance on evergreen/mandate inflows expose the firm to valuation risk, liquidity risk, and proper alignment with client interests across geographies. Also, open questions remain around Asia equity gaps, regulatory constraints, and how much growth will come from distribution partnerships versus flagship fund performance.
Supporting Notes
- Henry Chui and Jin Wang named co-heads of Asia in January; Vincent Ng joined in October, while Kevin Lu continues as Chair of Asia. [1]
- Partners Group had USD 152 billion in AuM at end-2024, rising to USD 174 billion by June 30 2025; USD 12 billion in new client commitments in H1 2025 (including Empira). [2]
- H1 2025 investments: USD 9 billion invested; USD 9 billion realized. [2]
- In H1 2025, performance fees were CHF 314 million, up 94% YoY, and represented 27% of total revenues. [2]
- Fundraising breakdown H1 2025: mandates USD 4.8 billion; evergreens USD 4.3 billion; traditional programs USD 3.2 billion. [3]
- Partners Group is accelerating its performance fee guidance to 25-40% of revenues for 2025. [2]
Sources
- [1] www.pionline.com (Pensions & Investments) — 2025-01-21
- [2] www.finanzwire.com (Partners Group / FinanzWire) — 2025-07-15
- [3] www.marketscreener.com (MarketScreener) — 2025-07-15