Partners Group Faces a Liquidity Squeeze as Evergreen Fund Redemptions Test the Limits of Semi-Liquid Private Equity

Swiss asset manager limits redemptions on flagship evergreen fund after requests nearly double the quarterly cap, signaling liquidity stress in semi-liquid private equity vehicles.

The illusion of liquidity in private markets is being put to the test at Partners Group, where a wave of redemption requests has forced the Swiss asset manager to cap withdrawals on one of its flagship evergreeen funds. The Partners Group Global Value SICAV, a Luxembourg-domiciled semi-liquid vehicle, received redemption demands worth around 9.8% of its net asset value for the second quarter of 2026 — nearly double the fund’s quarterly liquidity limit of 5%. The cap will be enforced, meaning many investors will have to wait for their money.

The situation is not isolated. A US-domiciled Delaware private equity evergreen vehicle, which closed its tender window in May 2026, reported buyback requests of about 6% of NAV. Three other mature evergreen funds, with a combined $9.7 billion in assets, are expected to see redemption requests ranging from 3.5% to 5% for the same quarter. Partners Group says it is prepared to activate the liquidity mechanisms in those funds if needed.

The redemption pressure has shifted from private credit to private equity, following a pattern seen across the industry. Blackstone, for instance, also limited redemptions on a large private credit fund, according to Reuters. At Partners Group, the client base is still heavily institutional — roughly 80% of assets under management come from institutions, with the remaining 20% from private wealth. But the surge in withdrawal requests from the wealth channel is enough to slow a key growth engine.

The company reaffirmed its gross fundraising target for 2026 at $26 billion to $32 billion, backed by mandates, evergreen products, and closed-end programmes. The net impact, however, will be blunted. For the first half of this year, the evergreen platforms are expected to stay net positive overall. But in the second half, Partners Group estimates a drag of 1 to 2 percentage points on net AuM growth from redemptions, a similar effect to what is projected for 2027. The narrative of steady accumulation in semi-liquid vehicles is giving way to a more cautious tone around liquidity management.

The stock market has reacted harshly. Partners Group shares closed at €778.80 on Thursday, down 13.96% over seven days and 28.68% year to date. The 30-day annualised volatility stands at 56.12%, while the relative strength index at 26 signals deeply oversold conditions. The sell-off reflects a reassessment of how predictable the growth model is when open-ended private market products face stress.

All eyes are now on July 15, 2026, when Partners Group is scheduled to report AuM figures for the end of June. Until then, the central uncertainty remains whether the elevated redemption requests are a temporary dislocation or a structural shift in investor behaviour toward semi-liquid private equity. The difference between a growth story and a liquidity story will be written in the net numbers.