Partners Group Holding AG
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Partners Group Holding AG reported 38 stock positions worth $1.8 billion. Its top holding was Kindercare Learning Cos (KLC) at 30.0% of the portfolio, followed by Clarivate (5.4%) and Apollo Global Management (APO, 4.9%). Compared with Q2 2025, it sold out of 2, added to 8 and reduced 22. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +3009%) and the biggest sale an exit from Global Blue.
- Most Recent 13F
- Q2 2026
- Location
- BAAR-ZUG, V8
- CIK
- 0001534259
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001213900-25-108375 ↗ filed Nov 12, 2025
Holdings Value
Holdings 38 stocks · $1.8B
| KLC Kindercare Learning Cos Inc. | 30.02% | 81,418,736 | $540.6M | No change |
| CLARIVATE PLC | 5.44% | 25,583,059 | $98.0M | No change |
| APO Apollo Global Management Inc. | 4.88% | 659,563 | $87.9M | Add +4.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 4.26% | 4,796,686 | $76.8M | Add +3009.1% |
| BN Brookfield Corp. | 3.69% | 968,546 | $66.4M | Add +47.8% |
| AMT American Tower Corp. | 3.34% | 313,231 | $60.2M | Reduce -5.5% |
| ARES Ares Management Corp. Class A | 3.21% | 361,723 | $57.8M | Add +2.3% |
| KKR KKR & Co. Inc. | 3.10% | 429,808 | $55.9M | Reduce -5.1% |
| BX Blackstone Inc. | 2.99% | 314,721 | $53.8M | Reduce -11.6% |
| AWK American Water Works Co. Inc. | 2.79% | 360,687 | $50.2M | Reduce -13.7% |
| ATO Atmos Energy Corp. | 2.58% | 271,689 | $46.4M | Reduce -15.9% |
| RSG Republic Services Inc. | 2.48% | 194,579 | $44.7M | Reduce -7.6% |
| UNP Union Pacific Corp. | 2.45% | 186,701 | $44.1M | Reduce -12.8% |
| WMB Williams Cos Inc. | 2.30% | 654,829 | $41.5M | Reduce -14.3% |
| CMS CMS Energy Corp. | 2.17% | 534,644 | $39.2M | Reduce -12.6% |
| ARCC Ares Capital Corp. | 2.00% | 1,767,154 | $36.1M | Add +4.8% |
| EQIX Equinix Inc. | 1.96% | 45,096 | $35.3M | Reduce -2.4% |
| CSX CSX Corp. | 1.88% | 955,323 | $33.9M | Add +19.2% |
| SRE Sempra | 1.88% | 376,042 | $33.8M | Reduce -19.1% |
| WM Waste Management Inc. | 1.85% | 150,606 | $33.3M | Reduce -8.1% |
| OWL Blue Owl Capital Inc. | 1.82% | 1,940,155 | $32.8M | Add +8.3% |
| CNI Canadian Natl Railway Co. | 1.60% | 307,025 | $28.9M | Reduce -26.6% |
| FER Ferrovial NV | 1.58% | 498,563 | $28.5M | Reduce -24.2% |
| TPG TPG Inc. | 1.53% | 480,740 | $27.6M | Reduce -6.1% |
| CCI Crown Castle Inc. | 1.35% | 252,671 | $24.4M | Reduce -9.7% |
| SBAC SBA Communications Corp. | 1.34% | 124,802 | $24.1M | Reduce -8.4% |
| TRP TC Energy Corp. | 1.28% | 423,545 | $23.0M | Reduce -18.2% |
| ODFL Old Dominion Freight Line | 1.11% | 142,117 | $20.0M | Reduce -11.5% |
| ENB Enbridge Inc. | 0.80% | 287,766 | $14.5M | Reduce -7.0% |
| ARCB Arcbest Corp. | 0.57% | 147,476 | $10.3M | No change |
| ADT Adt Inc. | 0.54% | 1,114,353 | $9.7M | Reduce -55.4% |
| LTH Life Time Group Holdings Inc. | 0.43% | 277,777 | $7.7M | No change |
| XPO Xpo Inc. | 0.33% | 46,516 | $6.0M | Reduce -19.2% |
| KMI Kinder Morgan Inc. | 0.32% | 201,148 | $5.7M | Add +1.2% |
| EPD Enterprise Products Partners | 0.03% | 19,324 | $604K | No change |
| NEUE Neuehealth Inc. | 0.03% | 88,645 | $591K | No change |
| ET Energy Transfer LP | 0.02% | 25,810 | $443K | No change |
| PBA Pembina Pipeline Corp. | 0.02% | 9,270 | $374K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| Global Blue Group Holding AG | Sold out | 0.00% | −0.97 |
| ADT Adt Inc. | Reduce -55.4% | 0.54% | −0.46 |
| CNI Canadian Natl Railway Co. | Reduce -26.6% | 1.60% | −0.44 |
| SBAC SBA Communications Corp. | Reduce -8.4% | 1.34% | −0.17 |
| ODFL Old Dominion Freight Line | Reduce -11.5% | 1.11% | −0.12 |
| AMT American Tower Corp. | Reduce -5.5% | 3.34% | −0.10 |
| FER Ferrovial NV | Reduce -24.2% | 1.58% | −0.06 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.01 |
| XPO Xpo Inc. | Reduce -19.2% | 0.33% | −0.01 |
| CCI Crown Castle Inc. | Reduce -9.7% | 1.35% | +0.00 |
| RSG Republic Services Inc. | Reduce -7.6% | 2.48% | +0.04 |
| WMB Williams Cos Inc. | Reduce -14.3% | 2.30% | +0.05 |
| AWK American Water Works Co. Inc. | Reduce -13.7% | 2.79% | +0.05 |
| WM Waste Management Inc. | Reduce -8.1% | 1.85% | +0.08 |
| TRP TC Energy Corp. | Reduce -18.2% | 1.28% | +0.09 |
| UNP Union Pacific Corp. | Reduce -12.8% | 2.45% | +0.13 |
| ENB Enbridge Inc. | Reduce -7.0% | 0.80% | +0.15 |
| CMS CMS Energy Corp. | Reduce -12.6% | 2.17% | +0.18 |
| SRE Sempra | Reduce -19.1% | 1.88% | +0.22 |
| EQIX Equinix Inc. | Reduce -2.4% | 1.96% | +0.23 |
| ATO Atmos Energy Corp. | Reduce -15.9% | 2.58% | +0.23 |
| KKR KKR & Co. Inc. | Reduce -5.1% | 3.10% | +0.27 |
| TPG TPG Inc. | Reduce -6.1% | 1.53% | +0.27 |
| BX Blackstone Inc. | Reduce -11.6% | 2.99% | +0.48 |
Portfolio Buys Q2 2025 → Q3 2025
| NU Nu Holdings Ltd./Cayman Isl-A | Add +3009.1% | 4.26% | +4.16 |
| BN Brookfield Corp. | Add +47.8% | 3.69% | +1.78 |
| APO Apollo Global Management Inc. | Add +4.9% | 4.88% | +0.69 |
| CSX CSX Corp. | Add +19.2% | 1.88% | +0.65 |
| ARES Ares Management Corp. Class A | Add +2.3% | 3.21% | +0.33 |
| ARCC Ares Capital Corp. | Add +4.8% | 2.00% | +0.26 |
| OWL Blue Owl Capital Inc. | Add +8.3% | 1.82% | +0.21 |
| KMI Kinder Morgan Inc. | Add +1.2% | 0.32% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 52 | $1.5B | KLC, APO, ARES, CLVT, BN |
| Q1 2026 | 50 | $1.4B | KLC, APO, CLVT, ARES, BN |
| Q4 2025 | 49 | $1.5B | KLC, CLARIVATE PLC, APO, ARES, BN |
| Q3 2025 | 38 | $1.8B | KLC, CLARIVATE PLC, APO, NU, BN |
| Q2 2025 | 40 | $2.1B | KLC, CLARIVATE PLC, APO, AMT, ARES |
| Q1 2025 | 43 | $2.4B | KLC, CLARIVATE PLC, APO, AMT, AWK |
| Q4 2024 | 44 | $2.8B | KLC, CLVT, APO, AMT, UNP |
| Q3 2024 | 41 | $1.6B | CLVT, APO, NUVVE HOLDING CORP, AMT, KKR |
| Q2 2024 | 46 | $1.3B | CLVT, AON, NU, APO, AMT |
| Q1 2024 | 47 | $1.1B | CLARIVATE PLC, NU, AMT, KKR, APO |