Partners Group Recovers from Short Seller Strike While Changing Financial Reporting

Swiss private markets manager Partners Group rebounds from Grizzly Research attack while adopting IFRS 18, as shareholders eye 46 CHF dividend and cautious outlook.

Just days before its annual general meeting, Partners Group finds itself navigating two very different storms. The Swiss private markets manager has fought off a damaging short seller attack while simultaneously overhauling how it reports its financial results — a combination that has left some investors struggling to gauge the company’s true underlying performance.

The trouble began in late April when US-based Grizzly Research published a report accusing the Zug-based firm of overvaluing fund holdings and presenting inconsistent metrics. Shares lost roughly 5% on the day of publication. Partners Group swiftly rejected the allegations, calling them unfounded, and confirmed it was exploring legal action over suspected market manipulation. Grizzly had claimed that Partners Group’s evergreen funds, which have no fixed termination date, accounted for nearly half of its revenue. The company countered that the actual figure stands at 34%. Likewise, the software exposure Grizzly flagged was put at 9.9% — below the industry average.

The sell-off proved short-lived. Insiders stepped in with significant share purchases, sending a strong signal to the market, and the stock has since recovered to trade at around €972. That marks a near-full rebound from the Grizzly dip, though the year-to-date loss remains roughly 11%. For context, the shares had earlier slipped to the €965 area before the insider buying kicked in.

Operationally, the company has been running with the handbrake on. During the first quarter of 2026, Partners Group invested just $2.8 billion in new assets, as turbulent markets prompted a cautious approach. At the same time, it returned $5.7 billion to clients, largely from successful exits in private equity and infrastructure projects. Despite this near-term caution, the firm is sticking to its full-year guidance for gross client inflows of between $26 billion and $32 billion, down modestly from the roughly $30 billion achieved last year.

The financial picture is further complicated by a change in accounting standards. From this year, Partners Group will apply IFRS 18, which merges performance fees and investment income into a single line item labelled “performance income”. Management expects this new category to represent up to 40% of total revenue over the medium term. Officially, the move is meant to enhance transparency, but in practice it strips away the ability for shareholders to compare pure fee income with prior quarters. The shift comes at an awkward moment, with the stock already under pressure.

Shareholders will gather on 20 May for the annual general meeting. On the table is a proposed dividend of 46 Swiss francs per share, a 10% increase on the prior year. The ex-dividend date is set for 22 May, with payment due on 27 May. That payout offers a modest consolation to long-term holders, but the broader market narrative remains cautious.

The underlying business, however, has been delivering solid numbers. For the financial year 2025, EBITDA climbed 19% to 1.61 billion francs on revenues that rose 20% to 2.56 billion francs. Those results lend credence to the company’s long-term ambitions. Partners Group currently manages $185 billion in assets and aims to grow that to $450 billion by 2033 — a target it reaffirmed even after the short seller’s broadside.

For now, the next major catalyst will be the half-year report, due on 1 September. That release will offer a clearer view of whether client demand is indeed picking up and whether the accounting changes cloud the picture or clarify it. Until then, the stock appears to have shrugged off its attackers, but the path forward is anything but smooth.