Partners Group Launches Dual-Class Share Plan as Insider Buying Signals Confidence Amid Retail Exodus

Partners Group proposes two-class share structure to tackle persistent NAV discount; executives buy over 60m francs amid 39.5% stock decline and liquidity pressures.

The persistent discount between Partners Group Private Equity Limited’s market price and its net asset value has driven a radical governance overhaul. The independent board of the London-listed vehicle has proposed a two-class share structure designed to stem the outflow of impatient investors while rewarding those willing to hold for the long term.

“Continuing Ordinary Shares” will target buy-and-hold shareholders, while “Realization Shares” offer an exit for those seeking liquidity. The realization class will be capped at 30% of issued capital. Detailed terms are expected in the third quarter of 2026, followed by a shareholder vote. If approved, the new structure could take effect in the fourth quarter.

The move comes as redemption requests at several of Partners Group’s evergreen funds have exceeded contractual limits, reaching as much as 9.8% of net asset value against a 5% cap. Despite the liquidity pressure, management insists the affected portfolios hold sufficient cash reserves and remain open for new subscriptions.

Insiders have put their money where their strategy is. Since the stock tumbled in June, executives have purchased shares worth over 60 million Swiss francs — a clear vote of confidence at a time when retail investors are heading for the exits. The buying spree has done little to arrest the share price slide, however. The stock recently changed hands at €734.40, a modest 0.38% gain on the day but a far cry from the 52-week high of €1,213.50 reached last August — a 39.5% gap.

The 200-day moving average of €1,000.43 underscores the severity of the downtrend, with the stock trading 26% below that level. The 30-day volatility of 51.71% highlights the norm of sharp swings. On a weekly basis, the shares have clawed back 3.73%, and the relative strength index at 36.3 suggests a slight recovery from oversold territory. Yet the year-to-date loss of 32.75% keeps the pressure squarely on management to deliver a turnaround.

Beyond the share restructuring, Partners Group is pushing into new asset classes to diversify revenue streams away from the struggling evergreen fund model. A $220 million investment is earmarked for a luxury residential tower in Miami under the Breitling brand — the company’s entry into “branded residences.”

Simultaneously, the firm has been active in infrastructure secondary markets, deploying approximately $2 billion over the past twelve months. Recent deals include a £260 million commitment to a UK rolling-stock leasing platform and $250 million into a global aircraft leasing portfolio spanning 69 projects. The performance fee outlook for 2026 has been revised to the lower end of the 25%–40% range.

Management has reaffirmed its full-year guidance for gross new client demand between $26 billion and $32 billion. The next major test arrives on July 15, when Partners Group releases assets under management figures as of June 30. Those numbers will reveal whether new business has been enough to offset the redemptions that have battered investor sentiment. A fuller picture emerges on September 1 with the half-year results — the moment when insider conviction meets market reality.