Partners Group’s deployment in secondaries fell last year in both dollar terms and as a percentage of total investment, despite an increase in the amount of deals it screened.
The Zug, Switzerland-based investment firm deployed $2.2 billion across 29 transactions last year, according to its Annual Report 2015, released on Tuesday. The firm had deployed $2.9 billion in secondaries the previous year.
Partners screened a total of $125 billion in secondaries deals last year, up from $107 billion in 2014. The bulk of the dealflow was for private equity at $91 billion, followed by real estate at $24 billion and infrastructure at $10 billion.
The firm declined 99 percent of the private equity dealflow it screened last year amid high prices, according to a statement.
“Given the current volatility in equity markets, we expect prices to come down from recent highs and are poised to take advantage of the improved conditions for buyers,” Stephan Schäli, co-head of private equity, said in the statement.
Direct investment, in particular, gained ground over secondaries, which accounted for 22 percent of the firm’s investments in 2015, a drop from the previous year when the strategy occupied over a third of the firm’s investments. Directs accounted for 58 percent of the total in 2015, up from 47 percent, while primaries edged up from 17 percent to 20 percent.
Partners’ assets under management rose to €46 billion, a 22 percent rise from the previous year. The firm invested $9.7 billion across all asset classes and strategies.
The firm has already started investing out of its latest dedicated secondaries fund, Partners Group Secondary 2015, which held a final close on $2.5 billion in early March 2016.