Partners Group Slumps as Popular Funds Weigh on Asset Growth

(Bloomberg) — Partners Group Holding AG shares slumped after the Swiss manager of private equity and credit funds said client redemptions from its popular evergreen vehicles weighed on growth in the first half.

Inflows of $4.2 billion into its evergreen funds were mostly offset by $3.8 billion in redemptions, the firm, based near Zug in Switzerland, said in a statement Wednesday. The firm repeated previous remarks that the evergreen platform could slow growth in assets under management by 1% to 2% this year and next.

The shares fell as much as 8.2% and were 5.1% lower at 11:31 a.m. in Zurich trading. That extended their decline this year to around 30%.

The Swiss firm is one of the pioneers of evergreen funds, which operate indefinitely and typically allow investors to withdraw at least a portion of their investments rather than locking up the capital for a long period. Last month, it capped withdrawals at one of its evergreen private equity funds amid heightened redemption pressures.

“The key challenge is no longer attracting capital, but rebuilding confidence in the evergreen platform,” Oddo BHF analyst Julian Dobrovolschi wrote in a note.

Several private credit funds at other firms have had to contend with higher withdrawal requests amid broader worries over asset quality and exposure to industries potentially upended by artificial intelligence.

Partners Group is considering paring back the overall sizes of its evergreen funds for wealthy investors, while broadly keeping its investment approach unchanged, Chairman Steffen Meister has said.

The Swiss company has also come under pressure from short-selling firm Grizzly Research, which argues that its funds are broadly over-valued. Partners Group has denied the allegations.

Across the group, clients added $16 billion in new commitments, pushing assets overseen to $186 billion. Partners Group said it expects “performance income to be around the lower end of the mid-term range of 25-40% of total revenues” for the full year.

“We are pleased to report record client demand,” Chief Executive Officer David Layton said in the release. “However, the investment environment remains complex.”

–With assistance from Levin Stamm and Michael Msika.

(Updates shares in third paragraph, adds comment in fifth. A previous version of this story was corrected to remove a comment that was incorrectly attributed.)

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