Partners Group Battles Short Seller Accusations While Pursuing $450 Billion AUM Goal

Swiss private-markets firm Partners Group raises dividend, battles Grizzly Research allegations, and unveils a conservative PE strategy aiming to more than double assets by 2033 amid private credit outflows.

A dividend payout, a legal offensive, and a growth target that would more than double its assets under management — Swiss private-markets specialist Partners Group is juggling multiple storylines this week. Shareholders received 46 Swiss francs per share on Wednesday, a 10% increase from last year's distribution. The dividend-adjusted share price had already fallen 5.6% to €936.40 on Friday, with the stock now trading roughly 23% below its 52-week high of €1,213.50.

The payout comes as the company fights a rearguard action against US short seller Grizzly Research. Board chairman Steffen Meister announced legal proceedings after the firm published a report in late April comparing Partners Group to Wirecard and alleging serious irregularities in software-valuation practices. Partners Group dismissed the claims as “defamatory and misleading.” Among the corrections it issued: the criticized entity Zenith Longitude Limited is actually the holding company of logistics operator Apex Logistics, a majority-owned subsidiary. The firm also noted its software exposure stands at 9.9% — below the industry average — and the specific program in question represents a net asset value of $279 million, or just 0.2% of the total $185 billion in assets under management.

None of that has stopped the stock from languishing. At €951 in Thursday trading, the shares were showing a small daily gain, but the year-to-date performance remains grim — down roughly 13%. The price sits well below the 200-day moving average, and the relative strength index of 58.4 signals neither overbought nor oversold territory.

Yet management is thinking big. By 2033, Partners Group aims to push its AUM to roughly $450 billion. To get there, it is rolling out a new investment strategy focused on low-leverage private equity — targeting companies with stable cash flows and strong market positions. The audience: pension funds and other institutional investors. The initial gross dividend yield on the product is expected to land between 5% and 8%, with total returns in the mid-teens, per management guidance.

The product launch arrives just as a soft spot in the private credit segment threatens to undermine the growth story. Private credit accounts for nearly 22% of AUM, and redemption requests in the first quarter surged to five times the historical average. The outflows are hitting vehicles tailored to wealthy retail investors; institutional capital, by contrast, remains stickier.

For the current year, the board expects net inflows in the double-digit billions — a bold call given the headwinds. The first real test comes in July, when the company releases official AUM data for the end of the second quarter. Analysts will be watching closely to see whether the new conservative strategy can offset the pressure in private credit and restore confidence after the short seller assault.