Royalties: The Overlooked Cash Flow Asset Class

Beyond traditional equities, bonds and real estate, investors are increasingly looking for alternative assets that can provide long-term income, diversification and lower correlation to public markets.

In this episode of GloryHouse Insights, we speak with Stephen Otter, Head of Private Markets Royalties at Partners Group, to explore royalties as a lesser-known but increasingly relevant area of private markets.

Stephen explains what royalties are, where royalty income comes from, and how these assets can generate ongoing cash flows across sectors such as healthcare, entertainment, music, film, brands and energy transition. The discussion also covers how royalty investments are assessed, how they may behave in different market environments, and the role they can play in broader portfolio construction.

About the Guest

Stephen Otter is Head of Private Markets Royalties at Partners Group. He helped establish Partners Group’s royalties capability in 2021 and leads a dedicated team focused on royalty investments across healthcare, entertainment, energy transition and other sectors.

About Partners Group

Partners Group is a leading global private markets investment manager, with capabilities across private equity, private debt, infrastructure, real estate and other private market strategies. The firm provides long-term, actively managed private markets solutions to institutional and private wealth clients globally.

About the GloryHouse Podcast

GloryHouse Wealth Management produces the GloryHouse Podcast for high-net-worth families, business owners and globally connected families. The series explores wealth management, asset allocation, family succession, next-generation education and global investment through in-depth conversations with investment professionals, industry experts, legal advisers and tax specialists.

Through the series, GloryHouse Wealth Management offers practical insights, global perspectives and long-term thinking to support informed wealth decisions across generations.