Partners Group Trust Heads for Wind Down After Investor Vote
(Bloomberg) — Investors in a London-listed fund run by Partners Group Holding AG are set to vote to wind down the portfolio, in the latest sign of flagging confidence in the Swiss manager’s private equity funds marketed to individuals.
Shareholders representing almost three quarters of Partners Group Private Equity Ltd.’s stock have chosen the option to have their investments sold and cash returned, according to a statement Monday. The board has now dropped a previously-proposed two-share-class structure and will instead ask investors on Oct. 7 to approve an orderly wind-down.
While other UK-listed private equity funds have faced similar pressure, Monday’s move marks another effort by Partners Group to revamp vehicles holding older private equity assets that have delivered weaker returns in recent years, partly as a result of higher interest rates. The Zug, Switzerland-based firm is seeking to exit a turbulent period in which a large number of wealthy investors in its so-called evergreen funds have requested their money back.
“This solution addresses structural issues inherent to listed vehicles and mirrors a typical closed-end fund structure,” a Partners Group spokesperson said. “Several institutional investors in the vehicle have indicated that they will continue to invest with Partners Group in other solutions.”
Fund Overhaul
Through their publicly traded shares, trusts offer shareholders a way to buy and sell their exposure that’s not available to investors in unlisted closed-end funds. But because the shares trade independently of the underlying portfolio, their market price can trade at a significant discount to fund’s net asset value — a source of frustration for the retail investors who typically invest in trusts.
On top of that, Partners’ investment trust has been navigating a challenging period this year, marking down investments including Emeria, a European real estate services provider, as well as Ammega, an industrial power transmission and conveyor belting firm. It’s also written off its investment in healthcare firm Pharmathen.
The fund, which has been listed on the LSE since 2007, is one part of the broader private markets business run by Switzerland-based Partners Group, which oversees about $186 billion in assets across private equity, credit, infrastructure and other strategies.
The Swiss investment firm is now looking to strike a balance between allowing investors to get out without inflicting damage on those who want to stay by selling assets at depressed prices.
Earlier this month, Partners Group announced a plan to effectively split a €6.6 billion flagship private equity fund by moving older assets into a sub-portfolio that will seek to generate liquidity by selling assets. A second, smaller sub-portfolio will focus on making investments, aiming at higher returns for those investors who are willing to remain.
Switzerland-listed shares in Partners Group Holding AG have lost almost 40% this year.
–With assistance from Levin Stamm.
(Adds context from seventh paragraph.)
©2026 Bloomberg L.P.
