Partners Group Faces Mounting Redemption Pressure as Analysts Trim Forecasts
Published on 10/08/2026 at 13:01 | Editorial boerse-global.de
Heavy withdrawal requests across Partners Group's evergreen fund range have pushed the Swiss asset manager into a defensive posture, with Bloomberg reporting that management is now exploring fresh liquidity options to accommodate investors seeking to cash out. The strain is visible in the share price, which closed Wednesday at EUR 636.80, down 1.7% on the day, while a separate reading put the stock at EUR 628.00.
At the heart of the debate is the firm's plan to split its Global Value SICAV evergreen fund, which carries a net asset value of EUR 6.6 billion, into two separate sub-portfolios. Partners Group has pushed back against suggestions that liquidity concerns drove the decision, insisting the restructuring is designed to keep the fund operational and able to pursue new investments rather than to address redemption pressures.
A Two-Pronged Structure
The proposed overhaul, announced roughly a week ago, would convert the fund into an umbrella vehicle housing two distinct portfolios: a reinvesting sleeve targeting long-term capital appreciation and a distributing vehicle intended to gradually return proceeds of up to 4.5x invested capital. The split still requires shareholder approval. By separating older assets from newer ones, the company aims to preserve its ability to deploy capital even as redemption requests from institutional and private investors continue to pile up.
The move underscores a broader tension in evergreen structures, which promise investors more flexible entry and exit points in illiquid asset classes but become harder to manage when market volatility drives a surge in withdrawal demands against assets that cannot be sold quickly.
Should investors sell immediately? Or is it worth buying Partners Group?
Brokers Pare Back Expectations
The persistent pressure on the evergreen vehicles has prompted analysts to scale back their outlook. On September 29, Jefferies cut its price target to CHF 605 from CHF 710, keeping a "Hold" rating. The brokerage lowered its earnings-per-share estimates for 2026 and 2027 by 10% and 11% respectively, citing the drag from the evergreen funds. Jefferies warned that a durable recovery in assets under management may not materialize until 2028.
A day earlier, UBS had already trimmed its own target to CHF 670. The Swiss bank pointed to more cautious return assumptions, higher hedging costs and stalled sales of portfolio companies. Without lucrative exits, managers lose a key source of performance fees.
Exits Stall, But Targets Hold
That difficult realization environment was already evident in the company's half-year results. Partners Group booked revenues of CHF 1,121 million in the first six months, down from CHF 1,210 million a year earlier, with delayed exit processes acting as the main drag.
Management has nonetheless stuck to its full-year guidance. On September 1, the company reaffirmed its expectation of gross new client demand in a range of USD 26 billion to 32 billion. In a bid to deepen its presence in Northern Europe, Partners Group opened a new office in Stockholm on September 10, headed by Carina Spitzkopf.
Investor caution continues to weigh on the stock, which has lost about 40% since the start of the year. Whether Partners Group can engineer a lasting stabilization is likely to hinge on how quickly it can deliver convincing solutions to its clients' liquidity needs.
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