Partners Group Bets on Private Credit Income as Investors Vote to Unwind London Trust
Published on 10/12/2026 at 15:10 | Editorial boerse-global.de
Partners Group is leaning harder into private credit at a moment when its listed equity is struggling to find a floor. On Friday the Swiss asset manager rolled out a global multi-sector private credit income strategy, structured as an open-ended evergreen fund and aimed at both institutional investors and private wealth clients. Management is targeting annual returns in the high single digits to low double digits, with the bulk of that income expected to arrive through regular distributions. The evergreen wrapper allows for ongoing subscriptions and redemptions, giving investors more flexible liquidity management than a traditional closed-end vehicle would.
The launch lands against a backdrop of broader housekeeping across the firm's fund range, and of investor caution that is showing up plainly in the share price. The stock has shed 39% since the start of the year and last changed hands at EUR 642.20, leaving it just 3.6% above its 52-week low.
A London trust opts for wind-down
The clearest sign of that caution came from the firm's own shareholder base. Investors in Partners Group Private Equity Limited, the separately listed UK investment company managed by Partners Group Holding AG, voted decisively to liquidate. Holders of 74.12% of issued shares backed a realisation of the entire portfolio, and 99.89% of votes cast supported an orderly disposal of the assets. With that threshold cleared, the board dropped its earlier restructuring plans and set the company on a managed wind-down. Payouts to shareholders are expected to be made semi-annually, beginning on 31 March 2027. Press reports suggest the decision may have deepened wider worries about redemptions and investor confidence across the private markets segment.
Should investors sell immediately? Or is it worth buying Partners Group?
Work is also underway on the firm's core vehicles. Roughly two weeks ago, Partners Group said it would convert its Global Value SICAV into an umbrella structure with two sub-portfolios — one accumulating, built for long-term capital growth, and one distributing, designed to realise and pay out income. The plan still requires formal shareholder approval. The vehicle carries a net asset value of EUR 6.6 billion, and the firm had already moved to gate capital withdrawals from it back in June. Since that restructuring announcement, the stock has slipped 0.8%.
Analysts trim targets, citing slower realisations
Sell-side opinion has turned more guarded in step with those operational shifts. Jefferies cut its price target to CHF 605 from CHF 710 about two weeks ago and kept a "Hold" rating, while also reducing its 2026 and 2027 earnings-per-share forecasts by 10% and 11% respectively. The analysts pointed to delays in evergreen structures as a reason the recovery in assets under management is likely to drag. UBS followed on 28 September, lowering its target to CHF 670 from CHF 705. Analyst Mate Nemes flagged postponed portfolio company exits, more conservative return assumptions and higher costs for currency hedging.
Investors looking for a hard read on operating momentum will have to wait for the new year. Partners Group is due to publish assets under management as of 31 December 2026 on 13 January 2027, with full-year financial results to follow on 16 March 2027.
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