Redemption Requests Top Limits at Two Partners Group Evergreen Funds, Yet 2026 Target Holds

Redemption requests breach liquidity caps in two flagship evergreen funds, triggering gates and raising concerns over private-wealth channel growth.

The Swiss private-markets firm’s share price has been under severe pressure, losing 28.3% since the start of the year to trade at €783. But the underlying story is more nuanced: gross new-client demand is on track to hit $26bn–$32bn in 2026, even as open-ended fund structures bite into net asset growth.

Partners Group issued an ad-hoc update on 4 June seeking to calm investors rattled by a sudden spike in redemption requests across its evergreen product range. The company reaffirmed its full-year fundraising target and stressed that the pipeline of mandates and closed-end programmes remains well filled. Yet the same statement warned that the evergreen platform — semi-liquid private equity funds aimed primarily at wealthy individuals — could trim net growth in assets under management by 1 to 2 percentage points in the second half of 2026, and by a similar amount again in 2027.

The trigger for the market’s unease lies in two specific funds. The Luxembourg-domiciled Partners Group Global Value SICAV, with $8.6bn in assets, saw redemption applications equivalent to 9.8% of its net asset value in the second quarter — nearly double the quarterly liquidity cap of 5%. Because that ceiling was breached, the fund’s gating mechanism kicked in, limiting actual payouts to roughly 62% of what investors requested. A US?domiciled vehicle, holding about $16bn, also crossed the threshold, with redemption requests of 6% against a 5% limit.

Three more mature evergreen funds, with a combined $9.7bn, are expected to receive redemptions ranging from 3.5% to 5% for the quarter. Final figures will be published by the end of July.

Management argues that such gates are structural safeguards designed to prevent fire sales and protect portfolio stability. They apply identical mechanisms to any evergreen fund that hits its pre-defined redemption ceiling. Nonetheless, the episode has shone a spotlight on the private?wealth channel, which accounts for roughly 20% of Partners Group’s AuM — the other 80% is held by stickier institutional investors. The current wave of redemptions is concentrated in that smaller, wealth?driven segment, precisely where the firm had hoped to expand.

Analysts are watching closely. The private?wealth channel’s sensitivity to liquidity constraints had previously been a topic mainly for open?ended private credit funds. Now it has spilled into private equity, and the market is pricing in the risk that the evergreen model’s growth engine may sputter. For the first half, Partners Group still expects net inflows into its evergreen platform to outpace outflows. The crunch should only bite from the second half onwards.

Shares in the Swiss group ended last week at €783, up 0.57% on Friday but still down 13.5% on the week. The relative strength index stands at 27.7, in technically oversold territory. The stock is roughly 35% below its 52?week high of €1,213.50.

The next major milestone comes on 15 July, when Partners Group reports AuM as of 30 June. That release will provide the first concrete evidence of whether redemption rates are stabilising or spreading to other funds — and whether the affirmed gross target can outweigh the drag from the evergreen structure.