Partners Group on Thursday flagged more large withdrawal requests at some of its funds after capping a major fund and said it expects a slowdown in fundraising in the second half of 2026 and into 2027.
The Swiss asset manager said repurchase requests at a $16 billion Delaware-based fund had reached 6% of assets held, exceeding the 5% limit it allows each quarter—meaning withdrawals will be capped.
The middle-market alternative asset manager, which oversees about $185 billion, said it was being affected by industry-wide volatility across open-ended evergreen funds starting from private credit and spilling into private equity.
The exact value of the repurchase requests as well as the exact amount that will be repurchased will be finalised by the end of July, Partners Group said.
On Wednesday, the firm said it had limited withdrawals from its $8.6 billion private equity fund after redemption requests at the Luxembourg-based Partners Group Global Value SICAV reached 9.8% of the assets held.
Three other mature evergreen funds, with a total fund size of $9.7 billion, mainly from institutional investors, are estimated to see redemptions between 3.5% and 5%, Partners Group said on Thursday.
Partners Group has withdrawal limits of up to 5% per quarter for its evergreen investment vehicles. It said it was prepared to apply the limit across other funds.
Chief Executive Dave Layton said the limits were designed to protect long-term investors from short-term market trends.
“Liquidity features are designed to protect long-term investors and to ensure that returns continue to be driven by the quality of the underlying private assets rather than by short-term flow dynamics,” he said.
The company on Thursday reaffirmed its expected gross new client demand of $26 billion to $32 billion for 2026, supported by “a large and visible pipeline of fundraising opportunities across mandates, evergreens and traditional closed-ended programmes.”
The confirmation helped its shares recover slightly, gaining nearly 1% in early trading on the Zurich exchange after falling 16% to a six-year low on Wednesday.
The company said it expected its fundraising to exceed outflows in the first half of 2026, but there could be a slowdown in the second half, a trend that is expected to continue into next year.
“For H2 2026, the firm expects that overall net assets under management growth could be slowed by the evergreen platform by 1% to 2%, with a similar effect expected for net overall AuM growth for the full year 2027,” Partners Group said.
Reuters
