Partners Group's $1.6 Billion Loss on Pharma Bet Overshadows $650 Million Secondaries Fundraise
13.06.2026 - 14:04:48 | boerse-global.de
The Zurich-based private markets giant is sending mixed signals to investors. On one hand, it has just announced the first close of a new real estate secondaries program, pulling in $650 million toward a $1.5 billion target. On the other, it has written down a Greek pharmaceutical investment to zero — a $1.6 billion blow that underscores the perils lurking in its portfolio.
The write-down centers on Pharmathen, a drugmaker Partners Group acquired in 2021 for roughly €1.6 billion. A U.S. import ban imposed by the Food and Drug Administration triggered the collapse. The company's current enterprise value no longer covers its outstanding debt, according to the firm, leaving the stake worthless.
That is not the only troubled holding. Partners Group has injected €200 million into French property services firm Emeria — formerly Foncia — which labors under about €3.5 billion in borrowings. Rating agency Fitch recently cut Emeria to 'CCC', signaling substantial credit risk. The capital infusion aims to stave off a default.
Pressure is also building on the fund management side. The flagship Global Value SICAV fund capped redemptions at 5% of net asset value after receiving requests equal to 9.8% of NAV. Market chatter about liquidity strains in evergreen funds has been persistent since the spring.
Should investors sell immediately? Or is it worth buying Partners Group?
Management has responded with a series of defensive moves. Insiders have purchased more than CHF20 million of the firm's own stock. Co-founder Alfred Gantner filed a lawsuit against short-seller Grizzly Research, whose reports since April have amplified selling pressure. The company maintains its 2026 fundraising target of $26 billion to $32 billion in gross new money.
Amid these headwinds, Partners Group is pushing ahead with its fifth real estate secondaries fund, which launched in August 2024 — nearly three years after its predecessor. The vehicle targets both GP-led and LP-led secondary transactions, buying fund stakes from investors seeking liquidity or taking over portfolios directly from managers. Its initial portfolio includes three global real estate funds weighted toward residential, industrial and hospitality properties.
The secondaries push leverages the firm's track record: since 2008, it has deployed over $6 billion across more than 120 transactions in this niche. With transaction volumes depressed and capital-raising cycles stretching out, Partners Group is positioning itself as a liquidity provider in a capital-constrained market.
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Shareholders, however, remain wary. The stock closed Friday at €767.00, up 1.43% on the session but still nearly 37% below its 52-week high of €1,213.50. The year-to-date decline stands at roughly 30%. Technically, the relative strength index of 28.7 points to oversold territory, while the June 3 low of €733.00 sits just 4.6% below the current level.
All eyes now turn to July 15, when Partners Group will publish updated assets under management figures. Those numbers should reveal whether redemption pressure on the evergreen funds is easing or still mounting. The final close of the new secondaries program, expected next year, will serve as another key test of investor confidence.
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