Partners Group is one of the largest firms in the global private markets industry. Since 1996, it has invested over USD 260 billion in private equity, private credit, infrastructure, real estate, and royalties on behalf of its clients globally. Today, the firm has approximately 2,000 professionals and over USD 186 billion in assets under management globally.
Partners Group is among the most consistently top performing firms in private markets and seeks to deliver sustainable performance across economic cycles by focusing on three key pillars: 1) transformational investing to generate attractive returns by capitalizing on thematic growth trends; 2) bespoke client solutions; and 3) stakeholder impact that aims to realize potential in private markets through responsible investing that creates sustainable returns with a lasting, positive impact for all stakeholders.
Partners Group has over 200 real estate experts with expertise spanning the full investment lifecycle. Moreover, the real estate team’s on-the-ground presence across 20 offices in the Americas, Europe, and Asia and deep networks in the markets where it invests enables them to unlock value for investors through proprietary granular insights into occupier and local market dynamics. Partners Group’s Private Real Estate gross asset value totals USD 56 billion across direct, secondary, and primary investments globally.
Strategic corporate development
Partners Group is committed to a sustainable, long-term strategy focused on deepening its private markets expertise and evolving its offerings in line with market opportunities and client needs.
Vertical integration supports this strategy by enhancing market access, operational control and alignment across sourcing, execution and asset management. In January 2025, Partners Group acquired Empira Group, a vertically integrated real estate investment manager with strategies spanning European and US residential, transition-to-green investments and real estate credit.
Across direct real estate, secondary strategies and bespoke mandates, Partners Group leverages insights from its global platform to evaluate opportunities and deliver tailored investment solutions. Close alignment across its real estate teams and long-term relationships with operating partners further strengthen its ability to source and execute complex and non-traditional investments.
This integrated investment approach is applied across Partners Group’s private markets limited partnerships, open-ended structures and other programs and client mandates, supporting consistent execution and active management across the global real estate platform.
Sector Forecasts
Industrial:
The industrial sector continues to be supported by structural demand from e-commerce, supply-chain optimization and nearshoring trends. Urban industrial and last-mile assets remain a key area of focus, supported by land scarcity, infill locations and barriers to new supply. In big-box logistics, elevated post-COVID development has contributed to pockets of oversupply across several US and European markets. As supply is gradually absorbed, particularly in the US, conditions are beginning to improve and opportunities are being assessed selectively. Overall, these trends continue to support the sector’s longer-term outlook.
Office:
The office sector continues to present a bifurcated landscape, with performance increasingly differentiated by asset quality and location. Limited new development should support a gradual improvement in supply-demand fundamentals over time, particularly for prime assets in key markets. However, structural uncertainty around future workplace utilization and elevated vacancy across several markets continue to weigh on the broader outlook. As a result, office remains a highly selective area of investment rather than a current focus sector.
Residenial:
The residential sector continues to benefit from strong structural fundamentals, supported by persistent housing shortages, affordability constraints and demographic demand. Our investment focus is primarily on multifamily housing in the US and Europe, alongside single-family rentals in the UK and student housing in Europe, where favorable supply-demand dynamics continue to support investment opportunities. Combined with constrained future supply across many markets, these trends continue to underpin Partners Group’s conviction in the residential sector and its role as a key area of current exposure.
Hospitality:
The hospitality sector continues to benefit from favorable long-term travel and tourism trends. In North America, the investment focus is primarily on large, group-focused hotels in the upper-upscale to luxury segment, while in Europe the focus is on distinctive urban hotels in the upper-midscale to entry-luxury segment, alongside select hotel platforms and portfolios. Overall, hospitality remains a selective area of focus, supported by continued global travel demand and region-specific investment opportunities.
Investment principles & strategy
Partners Group pursues a top-down approach for identifying key giga themes that are shaping the future economy, focusing on those segments of the market most likely to generate attractive investment opportunities. These overarching investment giga themes represent the most powerful secular demand shifts in Productivity (Digitization & Automation), Synergy (Decarbonization & Sustainability), and Culture (New Living).
The Partners Group Real Estate team scrutinizes the implications of these giga themes, identifying the significant sub-trends that emerge in connection with them and pursuing sectors that are well-positioned to benefit from the tailwinds of these giga themes. Partners Group’s focus sectors are Living, Industrial and Hospitality.
Partners Group invests with an owner-mindset through its distinct vertical depth model. A network of vertically integrated Partners Group-owned platforms and strategic operators allows the Real Estate team to take control of the full value chain to achieve better risk-adjusted returns for its clients.
Partners Group’s broader global real estate strategy encapsulates both Directs and Partnerships investing capabilities. Partners Group believes that its investment activity and experience in each of these areas provide a distinct competitive advantage and a differentiated ability to serve as a solutions provider to high quality partners.
Direct equity investing: Direct investments in select properties, portfolios, and real estate assets. Successful direct equity investing requires a quality industry network, proprietary quality investment flow, and the ability to critically and efficiently evaluate and execute opportunities. Direct equity investing enables Partners Group to create value through owner-oriented asset management by, for example, implementing strategic capex, driving leasing strategy, enhancing the efficiency of operations, or executing refinancing solutions.
Partnerships investing: Traditional secondary investments, such as GP-and LP-led transactions, as well as minority co-investment and primary fund commitments. Alongside today’s more nuanced liquidity needs for both GPs and LPs, traditional secondaries have also evolved in scope and size to encapsulate more intricate GP-led opportunities, such as asset-light or corporate investment structure, and bespoke liquidity solutions, such as preferred and structured equity investments. Secondary investments generally offer reduced holding periods, accelerated distributions, and the ability to quickly diversify the segment and vintage year exposure of a portfolio.
Performance verification
Partners Group has a Valuations Committee. This is a specialized body to oversee and review the performance of Partners Group’s equity in real estate. Quarterly, the Committee discusses each investment based on a performance report. Upon submission, review and sign of the report, the new valuation is implemented.
COMPLIANCE STATEMENT
All information, including performance information, has been prepared in good faith; however, Partners Group makes no representation or warranty express or implied, as to the accuracy or completeness of the information, and nothing herein shall be relied upon as a promise or representation as to past or future performance. This material may include information that is based, in part or in full, on hypothetical assumptions, models and/or other analysis of Partners Group (which may not necessarily be described herein), no representation or warranty is made as to the reasonableness of any such assumptions, models or analysis. Any charts which represent composition are to serve as guidance only and are not intended to be an assurance of the actual allocations. The information set forth herein was gathered from various sources which Partners Group believes, but does not guarantee, to be reliable. Unless stated otherwise, any opinions expressed herein are current as of the date hereof and are subject to change at any time.
