Partners Group Insiders Pour $60 Million Into Stock as Redemption Caps Spur Trust Restructuring

Management spends over CHF 60M on stock amid 35% drop, redemption cap on $8.6B fund, and PGPE trust split proposal to address NAV discount.

The management of Swiss asset manager Partners Group has been snapping up shares in a show of confidence, spending more than 60 million Swiss francs since the company imposed a 5% cap on redemptions in one flagship fund and moved to restructure its London-listed trust. The buying spree, which accelerated in June with roughly 31 million francs in purchases, comes as the stock has shed over 35% of its value this year, hovering just above a new 52-week low of 701.00 euros.

Chairman Steffen Meister acknowledged communication missteps in handling the crisis around the Evergreen funds, which manage approximately $56 billion — nearly a third of the firm’s total assets under management. The executives are betting that the current valuation is too cheap, directly countering the view of short-seller Grizzly Research, which since April has alleged that up to 40% of Evergreen fund investments could be materially mispriced.

The most immediate trigger for the turmoil was the redemption cap introduced in early June on the $8.6 billion Global Value SICAV, a so-called Evergreen vehicle open to retail and institutional investors. Redemption requests had swelled to an estimated 9.8% of net asset value, forcing the company to limit payouts to 5%. A separate Delaware vehicle saw outflows of approximately 6% of NAV. Retail clients, who account for about 20% of assets under management, pulled their capital far faster than institutional ones, prompting management to plan a reduction in the size of these open-ended private-market funds to better handle sudden withdrawals.

To address a persistent discount on its London-listed investment trust, PGPE, the board has proposed splitting the vehicle into two share classes: "Continuing Ordinary Shares" for long-term holders and "Realization Shares" for investors seeking a phased exit. The latter would be capped at 30% of total volume. Shareholders must approve the plan at an extraordinary general meeting, and if greenlit, the new structure would take effect in the fourth quarter of 2026. The goal is to shrink the structural NAV discount that plagues many listed private-equity vehicles, where investors demand a premium for illiquidity.

Analysts have grown more cautious. AlphaValue/Baader Europe cut its price target to 1,008 Swiss francs, projecting flat asset growth next year. It lowered 2026 earnings per share estimates to 46 Swiss francs and 2027 forecasts to 49.7 francs — declines of 7% and 21%, respectively. The consensus from 13 analysts lands at an average target of 966 Swiss francs, with six "buy" and seven "hold" ratings. The stock's relative strength index stands at around 23, deep in oversold territory, and the share price trades nearly 20% below its 50-day moving average of 878.39 euros.

Despite the pressure, management is sticking to its 2026 guidance from earlier this year, forecasting gross new money inflows of $26 billion to $32 billion. Co-founder Alfred Gantner and other executives have been regular buyers since February. The next major test comes on July 15, when Partners Group publishes its assets under management as of June 30, followed by a full quarterly report on September 1. The trading update will reveal whether the retail exodus has slowed — and whether institutional clients have held the line. For now, the company warns that the Evergreen platform could shave one to two percentage points off net AuM growth in the second half of 2026, with a similar drag extending into 2027.