Partners Group Balances Evergreen Fund Strains Against Nordic Push and €800 Million Credit Vehicle
Published on 09/24/2026 at 09:51 | Editorial boerse-global.de
Partners Group is navigating a tricky stretch in which structural headwinds in its flagship evergreen vehicles are colliding with an ambitious push into new markets and portfolio restructuring. The Swiss private markets specialist has seen its stock retreat sharply this year, and analysts are recalibrating their expectations accordingly.
Vontobel analyst Andreas Venditti cut his price target for the stock from 940 to 860 CHF on September 10, citing persistent difficulties with mature evergreen funds. He expects redemption restrictions of roughly five percent per quarter to persist until around 2028, a constraint that throttles capital flows and weighs on future momentum. Growth in assets under management is forecast at just two percent in 2026, before recovering to four percent in 2027, eight percent in 2028 and ten percent in 2029. Venditti also trimmed his estimates for both the fee margin and performance income.
Those concerns land against an already cooling operating backdrop. In half-year results published roughly three weeks ago, the group posted a seven percent decline in revenue to 1.12 billion CHF. Performance fees were the sharpest casualty, tumbling 39 percent year-on-year and shrinking to just 19 percent of total income. Management responded by narrowing its full-year guidance for that revenue component to a range of 20 to 25 percent.
Should investors sell immediately? Or is it worth buying Partners Group?
Capital Recycling Takes Center Stage
On the portfolio side, management is hunting for ways to unlock tied-up capital. Word emerged about a week ago that the firm is weighing the transfer of roughly 800 million euros in private credit loans into a continuation vehicle. Bloomberg reported that the special-purpose structure would take over private credit loans from existing funds and hold them over an extended period. Investors would be given a choice: roll their existing commitments into the new vehicle or take their capital back in cash. Such transactions let the group move mature credit exposures off the books, generate liquidity for existing investors and keep management fees flowing, while giving the firm more room to shape loan maturities.
Nordic Beachhead and Selective Deal-Making
Parallel to that structuring work, Partners Group is deepening its European footprint. About two weeks ago it opened an office in Stockholm to serve as the central investment base for the Nordic region, part of a plan to expand its presence in Nordic private markets. The office is led by Carina Spitzkopf, who already oversees the DACH region and the Nordics as Head of Direct Lending. By bundling those responsibilities in the Swedish capital, the firm links its direct lending operations in Central Europe with its planned growth in the north.
New investments are also on the agenda. On August 6, the asset manager entered exclusive talks to acquire a majority stake in French natural cosmetics brand Aroma-Zone. Media reports suggest current owner Eurazeo would retain a minority holding, with the company valued at around two billion euros. That same day, Partners Group struck a deal to take a majority stake in AVK Power Solutions, a European provider of power supply solutions for data centers. The infrastructure build-out carries an equity investment of more than one billion US dollars, supplemented by debt financing.
Market Still Wary
Sentiment on the trading floor remains fragile. The stock closed yesterday at 663.20 euros, a daily loss of 1.5 percent, hovering just above its 52-week low of 646.00 euros. Year-to-date, the shares are down 37 percent, with the current price of 653.20 euros reflecting a 38 percent decline since the start of the year. As long as redemption caps on evergreen structures stay in place and transaction markets make it hard to realize gains, near-term catalysts look limited.
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Partners Group Stock: New Analysis - 24 September
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
