Partners Group Revamps Evergreen Fund That Capped Redemptions
(Bloomberg) — Partners Group Holding AG is revamping a key European evergreen private equity fund it gated earlier, as the alternative asset manager seeks to address the different needs of investors following a spate of redemptions.
The Swiss firm looks to turn its €6.6 billion ($7.4 billion) Global Value SICAV strategy into an umbrella fund with two sub-portfolios, according to a statement on Friday.
The two planned sub-portfolios will represent a compounding fund targeting long-term value accretion, and a distributing fund offering investors the option to “harvest returns through portfolio realizations.”
“We are simplifying portfolio construction and management, enabling investors to align capital with their liquidity needs and return objectives without compromise,” the money manager said.
It added that it planned to make “an additional material commitment to the compounding fund from its balance sheet alongside new institutional clients.”
Partners Group, one of Europe’s largest private capital managers moved to cap withdrawals from the Global Value SICAV strategy in June, as investor anxiety that gripped private credit vehicles earlier this year began to spill over into other asset classes. The firm has about $186 billion in assets under management, of which 29% are in evergreen vehicles.
The Baar, Switzerland-based company is a pioneer of evergreen funds, which operate indefinitely and typically allow investors to withdraw at least a portion of their investments quarter-by-quarter rather than locking up the capital for a set period. It has more than 30 such funds across five asset classes, Bloomberg News has reported.
In Friday’s statement, the firm said the two sub-portfolios will be formed based on different pools of investment vintages.
Investors will have the option to retain their current exposure to the Global Value SICAV strategy, convert shares from the distributing fund to the compounding fund, or redeem shares in one or both sub-portfolios. New investors will be able to subscribe to the compounding fund, which is “rightsized to support efficient portfolio management and investment deployment.”
The revamp of the evergreen strategy is in line with the guidance Partners Group gave for its assets under management, it said.
The proposed move to an umbrella fund is subject to shareholder approval.
“We have worked closely with our distribution partners as we prepared for this evolution, and they are supportive,” said Roberto Cagnati, partner and incoming chief executive officer.
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