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  • DACH

SWITZERLAND - Partners Group launches IPO on SWX Swiss Exchange

  • Guy
  • 13 March 2006
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Partners Group, the Swiss-based global alternative asset manager, today launches its initial public offering (IPO) on the SWX Swiss Exchange. The IPO of Partners Group serves the purpose of strengthening the firm’s foundation for long-term independence and continuity – two key aspects in successful alternative asset management.

The IPO will comprise an offering of 8,010,000 existing registered shares of Partners Group Holding, representing 30% of the firm’s issued share capital consisting of 26,700,000 shares. In addition up to 801,000 existing registered shares, or 3% of the firm’s issued share capital, may be sold in the offering should the over-allotment option be exercised. The free float after the listing is expected to reach approximately 30% (or 33% in case of full exercise of the over-allotment option). It is the clear intention that the remaining 70% (or 67% in case of full exercise of the over-allotment option) of the firm’s outstanding share capital will remain owned by management and employees of Partners Group in the foreseeable future. The announced price range for the firm’s registered shares being offered in the IPO will be SFr 56 to SFr 67 per share, which would represent a market capitalization of approximately SFr 1.5bn to SFr 1.8bn.

The selling partners of the firm have agreed with the syndicate banks to a fixed lock-up period of one year. In addition, each of the company’s partners and principals has entered into an agreement with Partners Group stipulating certain selling restrictions and/or individual non-compete arrangements during a period of up to seven years following the IPO. The company has agreed with the syndicate banks on a lock-up period of 180 days.

The IPO will consist of a public offering in Switzerland and private placements to institutional investors in certain other jurisdictions. In addition, the offering will include a preferential allocation program for certain clients, employees and business partners of Partners Group.

Bookbuilding will commence on 13 March and is expected to be concluded on 23 March, 12.00pm CET. The first day of trading on the main segment of the SWX Swiss Exchange is scheduled for 24 March.

Credit Suisse will act as global coordinator and lead bookrunner for the offering, with Merrill Lynch as bookrunner. Members of the bank syndicate include Sal. Oppenheim, as co-lead manager, as well as Landesbank Baden-Württemberg and Lombard Odier Darier Hentsch, as co-managers.

Partners Group demonstrated a strong financial track record over the last years: Assets under management grew at a compound average rate of 43% since 2003 to reach SFr 10.9bn at the end of 2005. Net revenues for 2005 amounted to SFr 125m which is an increase of 52% compared to 2004. Net profits increased by an even larger rate of growth to SFr 77.6m for the year 2005. The firm is free of debt with its equity amounting to SFr 120.2m as o the end of 2005. Partners Group’s core business is private equity asset management, with SFr 7.9bn of assets under management within this segment as at the end of 2005. The firm entered the hedge fund business in 2002 and grew these assets to SFr 1.9bn as per the end of 2005. The firm launched private debt as an additional alternative investment offering in 2004, raising SFr 0.6bn in 2005.

Partners Group is a global alternative asset management firm with approximately SFr 11bn in private equity, private debt and hedge fund investment programs under management. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and distribution partners. Partners Group is headquartered in Zug, Switzerland and has offices in New York, London, Singapore and Guernsey. The firm employs over 140 people and remains majority owned by its 29 partners and principals and its employees after the IPO.

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