Partners Group Down 36% from Highs, Insiders Pile In with CHF 20 Million in Purchases

Partners Group insiders, led by co-founder Fredy Gantner, invest CHF 20M in own stock after 36% drop amid short-seller attack and redemption caps. Stock deeply oversold, dividend yield ~7%.

The gap between market sentiment and insider conviction at Partners Group has rarely been wider. While the stock has lost more than a third of its value over the past twelve months, members of the executive board—led by co-founder Fredy Gantner—have just committed over CHF 20 million of their own money to buy shares. On Friday alone, roughly CHF 8.2 million flowed into the stock.

The buying spree follows a tumultuous week that saw the Swiss private equity firm’s equity shed 14% amid a two-front assault: a short-seller attack from the US activist Grizzly Research and the imposition of redemption caps on three of its Evergreen funds. Grizzly, which targeted Partners Group in April, alleges that up to 40% of the fund holdings are materially misvalued. The company has denied the claims and launched criminal proceedings.

Compounding the pressure, Partners Group this month capped payouts for three Evergreen funds with total assets of $9.7 billion. Management has told investors it expects redemptions of up to 5% during the second quarter, a move that has spooked the market. The stock closed Friday at €783.00, nursing a year?to?date loss of 28% and sitting 36% below its 52?week high. Technical analysts describe the shares as deeply oversold.

Gantner has labelled the rout a “massive overreaction” and believes the market is overlooking the underlying strength of the business. He has pointed to an expected dividend yield of roughly 7% as evidence that the stock offers a fundamental safety net. But he also conceded that the firm needs to communicate more clearly with investors about the liquidity dynamics of its funds.

The turmoil is not limited to Partners Group. The entire private equity sector is under pressure as geopolitical uncertainty drives institutional investors to pull cash. In the US, Blackstone’s $79 billion private credit fund recently capped redemptions for the second quarter of 2026 after investors demanded returns of roughly 10% of the fund’s net asset value. Daniel Ivascyn of Pimco has warned that the credit market could be heading for its first major default cycle in years.

Despite the headwinds, CEO David Layton has reaffirmed the company’s full?year guidance. Partners Group expects gross new business of between $26 billion and $32 billion in 2026, with inflows in the first half set to exceed outflows. The firm ended 2025 with roughly $185 billion in assets under management. UBS, for its part, has publicly backed the Swiss asset manager, describing it as a valued partner.

Analysts remain split. Oddo BHF recently downgraded the stock, but the consensus price target still stands at approximately €1,140—implying a potential upside of nearly 50% from current levels. Investors will get the first hard reality check on July 15, when Partners Group reports its asset?under?management figures for the first half. A full half?year report, including the impact of the new redemption rules, is due on September 1.