Partners Group Puts $1 Billion on the Table for Data Center Power While Eyeing a French Beauty Prize

The Zug-based asset manager is making a bold statement about where it sees growth, announcing two blockbuster transactions on the same day that span the infrastructure and consumer sectors. Partners Group has signed a deal to take a majority stake in UK-based AVK Power Solutions, a provider of backup power for data centers, while simultaneously entering exclusive talks to acquire control of French cosmetics retailer Aroma-Zone from Eurazeo.

The larger of the two moves centers on AVK, which operates roughly 3.5 gigawatts of installed power capacity across sites in Frankfurt, London, Amsterdam, Paris and Dublin. Partners Group is committing more than $1 billion in equity, supplemented by additional debt financing, with existing management retaining a minority position. The company brings over 20,000 completed projects and a pipeline exceeding two gigawatts of additional capacity to the table—assets the asset manager plans to build into an energy-as-a-service platform.

The timing reflects a pressing reality across Europe, where power providers and data center operators are grappling with capacity constraints that the artificial intelligence boom has only intensified. Backup and emergency power systems like AVK’s have taken on strategic importance as a hedge against grid failures and demand spikes. The acquisition lands in Partners Group’s infrastructure division, which now manages more than $40 billion in assets, supported by its fourth infrastructure program that has already attracted commitments exceeding $15 billion.

A Familiar Name in the Beauty Aisle

On the consumer side, Partners Group is in exclusive negotiations to take a majority stake in Aroma-Zone, a French cosmetics and personal care brand currently held by Eurazeo. Reports value the company at around €2 billion, though one assessment puts the figure at €2.3 billion. The transaction remains in its exclusivity phase, with final structure and completion details still to be determined. Eurazeo, which entered with a valuation of roughly €700 million in 2021, is expected to retain a significant minority position after the deal closes.

This isn’t a leap into the unknown for Partners Group. The firm has financed Aroma-Zone through its private credit business since 2021, giving it intimate knowledge of the company’s trajectory. Over that period, Aroma-Zone has tripled revenue, multiplied its store count sevenfold, and grown its active customer base to more than five million—a value-creation story that helps explain the reported jump in enterprise value.

Share Price: Recovering, But Not Out of the Woods

Investors greeted the twin announcements with measured optimism. The stock climbed 6.58 percent over seven trading days following the news, and on a 30-day basis the shares are up 7.23 percent. Yet the broader picture remains challenging. The stock closed Thursday at €771.00, down 0.77 percent on the day, and trades 18.29 percent below its 200-day moving average—a sign that the medium-term trend is still pointing downward.

The recovery from the 52-week low of €686.80, reached on June 26, has been meaningful, but the gap to the 52-week high of €1,240.00 from September 2, 2025 remains substantial at nearly 38 percent. The current market capitalization stands at €19.64 billion.

Should investors sell immediately? Or is it worth buying Partners Group?

The Evergreen Problem Lingers

The deal-making momentum masks a structural challenge that emerged in the firm’s half-year update on July 16. While client commitments surged to $16.0 billion in the first half of 2026—beating both the prior year’s $12.2 billion and the analyst consensus of $14.0 billion—and assets under management reached $186 billion, the evergreen fund structures are causing friction. Redemptions hit $3.8 billion in the first half, only partially offset by $4.2 billion in new commitments.

Partners Group has warned that performance fees will account for less than 20 percent of total revenues in the first half, well below the medium-term target range of 25 to 40 percent, due to reduced divestment activity and weaker portfolio performance in mature evergreen strategies. The company also expects a 1 to 2 percentage point drag on net asset growth in the second half from the evergreen development.

Jefferies analyst Tom Mills responded to the update on July 15 by cutting earnings estimates by up to 9 percent and lowering the price target from 760 to 710 francs, maintaining a “Hold” rating. He cited redemptions in certain evergreen products but noted no fundamentally new negative aspects in the announcement.

The backdrop also includes a June incident when the $8.6 billion Global Value SICAV fund triggered a gating mechanism, sending the stock down 16 percent in a single day. That followed allegations from US short-seller Grizzly Reports about inflated valuations, which Partners Group has rejected.

A Two-Track Strategy

The dual transactions underscore Partners Group’s approach of balancing infrastructure plays tied to structural demand—like AI-driven energy security—with consumer brands offering clear growth paths. The firm has also been showcasing operational wins, including an August 3 announcement that AI tools developed with portfolio company Version 1 improved EBITDA margins at US-based Foundation Risk Partners by 120 basis points, generating roughly $10 million in EBITDA impact. Both companies were acquired in 2022 and have since doubled their revenue.

Full half-year results with profit figures are due September 1, which will offer investors a clearer read on whether the operational strength in traditional buyout activities can offset the persistent drag from the evergreen structures. For now, the market appears willing to give Partners Group credit for its deal-making appetite—even as the charts suggest caution remains warranted.