David Layton was named co-CEO at Partners Group, joining Andre Frei, a spokeswoman said.
Mr. Layton will replace Christoph Rubeli on Jan. 1. Mr. Rubeli will step down from Partners Group's executive committee and global executive board by the end of the year but he will remain a partner of the private markets firm, which has €67 billion ($76.6 billion) in assets under management.
Mr. Layton is a partner and head of private equity. The spokeswoman said he will not be replaced in his current role and will maintain current responsibilities. Mr. Frei has been co-CEO since 2013.
"After five years as co-CEO and two decades as a partner of the firm, I believe the time is right to hand over to a successor," Mr. Rubeli said in a news release.
"(Mr. Layton) has risen through the ranks on the investment side of the business and he is ideally suited to succeed me and to share the co-CEO office with (Mr. Frei), whose focus is on clients and related portfolio management activities. In my new role, I will support the further build-out of the investment platform globally, with a particular emphasis on the entrepreneurial governance of our portfolio companies," Mr. Rubieli said.