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Swiss private markets asset manager investing in private equity, infrastructure, real estate and private debt globally.
Swiss private markets asset manager investing in private equity, infrastructure, real estate and private debt globally.
Earns recurring management fees on the capital investors commit to or invest through its funds, plus performance fees when it sells investments at a profit, which arrive unevenly. Its founders still own a large part of the company, and evergreen funds that allow periodic withdrawals are a newer channel for private clients.
In one line: A Swiss Blackstone/Ares Management.
Moat: narrow (brand, scale, track record). Established global fundraising track record and institutional relationships support access to large-scale deals.
Headquarters: Baar, Switzerland · Founded: 1996 · Employees: 2,027
Size Partners (PGHN.SW) is a Switzerland Financials company (Investment Managers) with a market value of $21.3B, the 25th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 670.80 on 6 Nov 2026.
Performance Over six months the shares fell 24.1%, against +7.2% for the median peer and +11.6% for the Switzerland market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +10.5%); the operating margin is 55.6% (peer median 30.5%).
Valuation It trades at 16.7× forward earnings against a peer median of 12.3× (5th most expensive of 21).
Credit Partners has 1 bond outstanding ($366M) and trading like A- at a weighted spread of 112 bp.
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 2.79B | CHF 2.80B | CHF 2.38B | CHF 2.17B | CHF 2.10B |
| Revenue growth | — | +18% | +9% | +4% | — |
| Gross profit | CHF 2.45B | CHF 2.49B | CHF 2.09B | CHF 1.90B | CHF 1.83B |
| EBITDA | CHF 1.62B | CHF 1.69B | CHF 1.47B | CHF 1.30B | CHF 1.19B |
| Net income | CHF 1.18B | CHF 1.26B | CHF 1.13B | CHF 1.00B | CHF 1.00B |
| Free cash flow | CHF 1.53B | CHF 1.46B | CHF 798M | CHF 537M | CHF 997M |
| Capital expenditure | CHF 19.9M | CHF 20.8M | CHF 141M | CHF 109M | CHF 88.7M |
| Total debt | n/a | CHF 2.49B | CHF 2.14B | CHF 1.48B | CHF 1.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Partners PGHN.SW | $21.3B | -24% | +9% | 56% | 16.7× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| KKR & KKR | $86.6B | -6% | +32% | 23% | 11.4× | n/a |
| Ares Management ARES | $30.0B | +7% | +7% | 27% | 20.5× | n/a |
| Eqt EQT.ST | $39.2B | +1% | -18% | 59% | 22.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PGHN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.8% | +2.6% | 3rd highest of 21 |
| 6-month return | -24.1% | +7.2% | lowest of 21 |
| Distance from 52-week high | -38.9% | -14.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +8.6% | +10.5% | 10th lowest of 21 |
| Operating margin | 55.6% | 30.5% | 4th highest of 21 |
| Forward P/E | 16.7× | 12.3× | 5th most expensive of 21 |
| Bond spread | 112 bp | 90 bp | 3rd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| CSC Financial 601066.SS | China | $23.4B | -3% | -2% | 49% | 14.2× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
| ICICI Prudential Asset Management ICICIAMC.NS | India | $15.4B | -11% | +22% | 73% | 39.2× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| Carlyle CG | United States | $14.1B | -22% | -44% | 14% | 10.2× | n/a | n/a |
| Guosen Securities 002736.SZ | China | $13.9B | -16% | -10% | 34% | 7.9× | n/a | n/a |
| IGM Financial IGM.TO | Canada | $13.3B | +7% | +20% | 36% | 14.0× | n/a | n/a |
| iA Financial IAG.TO | Canada | $13.1B | +29% | +13% | 59% | 13.9× | n/a | n/a |
Partners has 1 bond outstanding with $366M face value. Weighted yield 1.53%, a spread of 112 bp over government bonds.