Partners Group Recasts Flagship and Winds Down London Trust to Meet Redemption Wave

Partners Group is restructuring its listed vehicles amid redemptions and launching a global private credit income strategy targeting high single to low double-digit returns.

Partners Group is reworking the architecture of its listed investment vehicles while pushing deeper into private credit, a twin move that underscores how forcefully redemption requests are reshaping the private-markets industry.

At the centre of the overhaul sits the Global Value SICAV, a fund with a net asset value of EUR 6.6 billion. Partners Group disclosed roughly a week ago that it intends to convert the vehicle into an umbrella fund split into two separate sub-portfolios — one targeting long-term capital appreciation, the other dedicated to distributing realised returns. The company says the structure is meant to give investors greater flexibility. Media reports had flagged the SICAV as having been hit by redemption suspensions over the summer, and Bloomberg tied the reorganisation to mounting withdrawal requests across evergreen funds as clients seek to pull liquidity out of private-market holdings. Shareholder approval is still required before the plan can proceed.

A sharper break is unfolding at the Partners Group Private Equity Limited investment trust, which the group manages. Holders cast 99.89% of votes in favour of an orderly liquidation of the entire portfolio, with only a sliver of opposition. The decisive swing came earlier, when shareholders registered 48,829,366 ordinary shares — 74.12% of shares outstanding excluding treasury stock — for conversion into realisation shares. That showing scuppered the original reorganisation proposal, leaving only the orderly wind-down on the ballot. Reuters framed the vote against a broader backdrop of elevated redemption activity in private markets. Payouts from the liquidation proceeds are scheduled to reach investors semi-annually, beginning 31 March 2027.

Running alongside these structural changes is a fresh offensive in private credit. On Friday, the Swiss asset manager launched a global multi-sector private credit income strategy, offered through an open-ended evergreen vehicle and aimed at both institutional clients and private-wealth investors. The approach spans corporate lending across multiple sectors and segments, including direct lending, fund credit, credit secondaries and yield-oriented special situations, giving wealthy investors a route into off-market financing. Partners Group is targeting returns in the "high single to low double-digit" range, generated predominantly through recurring income.

The equity told a mixed story. Partners Group shares rose 2.1% on Friday to EUR 641.80, a modest rebound. Even so, the stock has shed 40% since the start of the year, leaving the shares at EUR 638.80 in earlier trading. For a group betting that dependable liquidity profiles and steady coupon-like income can restore investor confidence, the market's verdict so far remains a heavy one.