New $1.5B Fund, Redemption Caps, and a Short-Seller Barrage: Partners Group Fights on Multiple Fronts
12.06.2026 - 18:24:52 | boerse-global.de
Partners Group is mounting a $1.5 billion bet on real estate secondaries even as its shares hover near a 52-week low and a short-seller’s attack compounds investor anxiety. The Swiss asset manager’s fifth secondaries real estate program has already pulled in more than $650 million in its first close, targeting stakes in residential, logistics and hospitality funds. It’s a play born of long experience — the predecessor fund ranked in the top quartile of its category — but the timing could not be more fraught.
The immediate flashpoint is a redemption squeeze. Partners Group capped quarterly withdrawals in its $8.6 billion Global Value SICAV at 5% of net asset value after investors tried to pull roughly 9.8%. Similar pressure is building elsewhere: a Delaware-based private-markets vehicle faces redemption requests of about 6% in the second quarter, while three other evergreen funds, totalling around $9.7 billion, are bracing for exit demands between 3.5% and 5%. The strain is not unique to Partners Group — Apollo Global Management, KKR, BlackRock and Blue Owl have all tightened redemption limits recently.
Into that breach stepped Grizzly Research. The US short-seller published a report in May likening Partners Group to Wirecard, questioning its valuation practices. Management hit back hard, calling the allegations “frivolous, defamatory and highly misleading” and filing a lawsuit. Co-founder Fredy Gantner pinned the subsequent share slide squarely on Grizzly and announced plans for criminal proceedings.
Should investors sell immediately? Or is it worth buying Partners Group?
Gantner has since struck a more contrite note, admitting in an interview that Partners Group needs to communicate “better and more proactively”. He called the market’s reaction a “massive overreaction” but did not flinch from the company’s targets. For 2026, the firm still expects gross new client demand of between $26 billion and $32 billion. With a dividend yield of around 7% and roughly 80% of its $185 billion in assets under management coming from long-term institutional investors, management argues the franchise is intact.
The stock tells a different story. At €750.80, the share price sits barely above its 52-week trough, down about 31% since the start of the year. The relative strength index has sunk to 24.9, deep in oversold territory, while the 200-day moving average looms nearly 27% above the current level. The technical damage is severe, but the drawdown has also widened the yield gap.
The next inflection point arrives on July 15, when Partners Group reports assets under management as of June 30. A resilient AUM number, despite the redemption caps, could begin to rebuild confidence. The full second-quarter results are due on September 1. In the meantime, the $1.5 billion secondaries fund offers a tangible — if long-dated — signal that the firm’s ability to raise fresh capital has not evaporated. Whether that proves enough to reverse the mood will depend on whether the redemption storm is a passing squall or something more structural.
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Partners Group Stock: New Analysis - 12 June
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
