Partners Group Builds a $1.5 Billion Comeback Bet While Shares Hit the Ropes
12.06.2026 - 13:13:24 | boerse-global.de
The Swiss asset manager Partners Group is fighting on two fronts. A short-seller assault from Grizzly Research and a clampdown on fund redemptions have slashed its share price by nearly a third since the start of the year. Yet rather than retreat, management is charging into the secondary market with a new $1.5 billion real estate fund.
The “Real Estate Secondaries” programme is designed to snap up stakes in property funds at discounted valuations. Sellers — many of them desperate for liquidity — are offering entry points that Partners Group considers unusually attractive. This offensive comes at a moment when the firm’s own liquidity constraints have rattled investors.
The trouble began with two evergreen funds. In early June, Partners Group capped withdrawals from its $8.6 billion Global Value SICAV at 5% of net asset value per quarter, after investors requested nearly 9.8% in redemptions. A Delaware-based US private market fund is expected to receive redemption requests of around 6% in the second quarter, while three other evergreen vehicles, totalling roughly $9.7 billion in assets, are bracing for between 3.5% and 5% in exit requests. The firm warned that liquidity pressures from private credit markets are now spilling over into private equity.
The move echoes a broader industry trend: Apollo Global Management, KKR, BlackRock and Blue Owl have all recently imposed redemption restrictions on their own funds.
Should investors sell immediately? Or is it worth buying Partners Group?
The market reaction was brutal. Shares had slipped to €754.60 at the time of the primary report and later touched €750.80, barely above the 52-week low. The relative-strength index dropped to 24.9 — deep into oversold territory — and the 200-day moving average now sits about 27% above the current price. Since January, the stock has lost over 31% of its value.
Compounding the redemption news was a report from US short-seller Grizzly Research, which in May compared Partners Group to collapsed payments firm Wirecard and questioned its valuation practices. Management hit back hard, labelling the allegations “frivolous, defamatory and highly misleading” and filing a lawsuit. Co-founder Fredy Gantner went further, blaming Grizzly for the share plunge and announcing plans for criminal proceedings.
In a rare public mea culpa, Gantner conceded that the company had mishandled communications. “We definitely need to communicate better and more proactively,” he told SonntagsZeitung, calling the market’s reaction a “massive overreaction.” He described the episode as a “painful lesson” for the firm.
Despite the turmoil, management is holding to its growth targets. The group expects net new money of up to $32 billion this year and reaffirmed a target of $26 billion to $32 billion in gross new inflows for 2026. Total assets under management stand at more than $185 billion, roughly 80% of that from long-term institutional investors. The redemption caps are expected to shave at most two percentage points off net growth in the second half.
Partners Group at a turning point? This analysis reveals what investors need to know now.
The dividend yield, Gantner noted, is around 7% — a level that suggests the market has priced in considerable distress.
Investors will get a clearer picture on July 15, when Partners Group releases its assets under management as of June 30. The key question: can the growth story hold up against the outflow pressure? The Q2 earnings report is scheduled for around September 1. If the numbers show resilience, it could lay the groundwork for a reassessment of the battered stock. For now, the firm is betting that a $1.5 billion secondaries push will turn a liquidity crisis into an opportunity.
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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.
