Partners Group Launches Private Credit Vehicle as Investors Vote to Unwind London Trust

Partners Group unveils a global multi-sector income strategy while its London-listed trust winds down and analysts cut price targets.

Partners Group is pressing ahead with a fresh push into private credit, unveiling a global multi-sector income strategy even as the Swiss asset manager contends with persistent redemption requests across its existing evergreen vehicles.

The new offering, structured as an open-ended evergreen vehicle, is aimed at both institutional and retail investors. Partners Group is targeting "high single to low double-digit returns," which it expects to be generated primarily through running income rather than capital appreciation. The launch underscores the firm's bet that demand for flexible private-market credit exposure remains intact despite a challenging backdrop.

That backdrop has been anything but comfortable. Media reports have pointed to sustained withdrawal requests at established evergreen funds and the liquidity questions they raise, with Reuters also detailing heavy redemption activity in certain private-markets funds weighing on the company.

London Trust Heads for Orderly Wind-Down

The most visible strain has centred on Partners Group Private Equity Limited, the London-listed investment company managed by the Swiss group. After an initial restructuring proposal failed to win majority support, shareholders voted on Wednesday with 99.89% of ballots cast in favour of an orderly realisation of the entire portfolio.

Proceeds from the gradual sale of assets are to be distributed to investors in half-yearly tranches starting 31 March 2027. The measure applies specifically to the standalone British investment company and not to Partners Group Holding AG itself.

Alongside the vote, the fund bought back 15,899 of its own shares on Wednesday at a weighted average price of EUR 6.991598. According to media reports, no free cash was available for repurchases as of 30 September 2026, though the board had previously authorised EUR 10 million for share purchases through 31 January 2027.

Flagship Evergreen Strategy Set for Overhaul

The wind-down of the UK vehicle follows changes at the heart of the Swiss manager's flagship range. Roughly a week ago, Partners Group announced plans to convert its private equity evergreen strategy, Global Value SICAV, into an umbrella fund with two sub-portfolios — one targeting long-term capital growth, the other regular distributions. The fund reported a net asset value of EUR 6.6 billion. The restructuring still requires shareholder approval, and management frames it as a response to clients' differing investment and liquidity preferences.

Analysts Diverge on the Outlook

Sell-side opinion has split. Goldman Sachs maintained a neutral rating on 1 October while nudging its price target for Partners Group Holding AG up to CHF 770 from CHF 760. UBS analyst Mate Nemes moved the other way on 28 September, cutting his twelve-month target to CHF 670 from CHF 705, citing delays in portfolio disposals, more cautious return assumptions and higher hedging costs against currency swings.

Jefferies took a sharper scalpel, trimming its target to CHF 605 from CHF 710 about a week ago while keeping a "Hold" rating. The brokerage also lowered its earnings-per-share estimates by 10% for 2026 and 11% for 2027, pointing to drag from the evergreen segment and a recovery in assets under management that it does not expect before 2028.

The stock closed Thursday at EUR 628.80, leaving it down 41% year to date and just 0.9% above its 52-week low of EUR 623.00. Whether the credit build-out can steady investor confidence is a question the coming months will have to answer.