Partners Group Insiders Buy the Dip as Founders Deny Breakaway Rumors and Redemption Cap Bites

Swiss private markets firm's stock plunges 20% as redemption caps and short-seller allegations trigger insider buying spree of CHF 20M+

The Swiss private markets giant Partners Group is weathering a storm on multiple fronts this month. Its stock has shed roughly a fifth of its value over the past 30 days, hammered by a wave of redemption requests in its flagship Evergreen funds and a short-seller attack that questioned the firm’s valuation methods. Now, with the share price hovering near €777, the company’s founders are fighting back on two fronts: one public, through a denial of a reported rift, and the other financial, via a multi?million?franc insider buying spree.

The troubles trace back to the second quarter, when redemption requests for the Luxembourg?domiciled Global Value SICAV hit 9.8% of net asset value. Management responded by capping quarterly payouts at 5% of NAV, effectively slamming the door on panicked investors. A similar vehicle in Delaware is expected to breach the 5% threshold imminently. The $8.6 billion SICAV fund, which triggered the liquidity clamp, has become the focal point of market anxiety. The situation was compounded by a report from U.S. short seller Grizzly Research, which accused Partners Group of improperly valuing its funds — a claim the company vehemently denies and is now pursuing legally.

Against that backdrop, a Bloomberg report at the weekend set off fresh alarm bells. It alleged that co?founder Urs Wietlisbach was carving out a separate unit from the trio’s shared family office, PG3, and that Jascha Forster would manage the new division. The narrative suggested a growing fracture among the founders. But within hours, the specialist publication WealthBriefing issued a sharp rebuttal. PG3 remains the single joint platform for the three families, it insisted. A new shareholder agreement is under discussion, but it is solely intended to handle succession planning for the next generation — not a sign of an impending breakaway.

While the founders denied any split, they also moved money where their mouths are. Over recent weeks, insiders invested more than CHF 20 million in the company’s stock. Co?founder Fredy Gantner alone spent CHF 8.2 million on a single day’s purchase. Another board member added nearly CHF 2 million. Gantner conceded in Swiss media that the firm had made communication errors, but he labelled the share?price plunge a “massive overreaction” and signalled his conviction with his own cash.

The analyst community, however, remains far from convinced. The combination of fund redemptions and the stock’s slide has prompted a flurry of target cuts and downgrades:

• Jefferies slashed its price target from CHF 1,130 to CHF 760, maintaining a “Hold” rating.
• Oddo BHF downgraded the stock to “Neutral” with a new target of CHF 920.
• Vontobel reduced its target to CHF 960 but kept a “Buy” recommendation.
• Rothschild & Co. Redburn also lowered its target while sticking with a “Neutral” stance.

Analysts fret that the drainage from the Evergreen platform will continue to weigh on net asset growth, undermining the very driver of the company’s fee income.

Looking ahead, the next hard check?up is scheduled for July 15, when Partners Group will publish its first?half update on assets under management and net flows. A full half?year report follows on September 1. The company is standing by its full?year guidance of $26?billion to $32?billion in gross fundraising, and insists that first?half inflows will exceed outflows from the Evergreen platform. Whether that conviction is enough to reverse the stock’s 29% year?to?date slide depends on the numbers landing in the coming weeks. The insider buying and the founder denials have bought the story some breathing room; the data will decide if it holds.