Partners Group Likely to Cap Flagship US Evergreen Fund
(Bloomberg) — Partners Group Holding AG said it is ready to gate other evergreen funds including a flagship US evergreen fund amid rising pressure from investors to access liquidity, a day after the announcement of a first such move prompted a slump in the Swiss firm’s stock.
“The firm estimates that repurchase requests for a Delaware-domiciled private equity evergreen vehicle will be slightly above the 5%,” Partners Group said in a statement on Thursday, estimating the amount at 6% of net asset value.
That fund — Partners Group Private Equity (Master Fund) — had $15.8 billion in net assets at the end of March 2025, according to an SEC filing. There’s a strong expectation that it will limit tenders at 5%, according to a person familiar with the matter.
Three other mature evergreen funds, with a total fund size of $9.7 billion, mainly from institutional investors, are also estimated to see redemptions in the second quarter of between 3.5% and 5%, the firm said.
“The firm is prepared to enact the respective liquidity limitation mechanism across other funds,” Partners Group said. Assets under management growth could be slowed by the evergreen platform by 1% to 2% this year and in 2027 as a result.
The alternative asset manager is limiting withdrawals at its evergreen $8.6 billion Global Value fund to 5% of net asset value per quarter after withdrawal requests surged to an estimated 9.8% in the second quarter Bloomberg reported on Wednesday, citing a letter sent to investors.
The news led to shares of the company, which oversees about $185 billion across private equity, credit, real estate, infrastructure and royalties, tumbling as much as 18.2% in Zurich trading on Wednesday, and are down about 30% for the year.
Private credit funds have largely been in focus in recent months, suffering large outflows, but the investor anxiety that hit these vehicles show signs of spilling over to other asset classes within private markets.
Partners Group said there’s been a pick-up in redemption requests from its private wealth clients across the firm’s evergreen portfolio. Such clients — who are typically far more skittish than institutional investors — make up about a fifth of assets under management across its platform and a particularly large proportion of Global Value’s investor base.
The company reconfirmed that it expects gross new client demand of $26 to $32 billion for 2026 and touted a visible fund-raising pipeline, including on the evergreen platform where it expects fundraising to exceed outflows in the first half of the year.
It also said it was giving employees the opportunity to increase their shareholdings from June 5.
(Adds details of fund in third paragraph)
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