Partners Group Redraws Its Fund Map: London Trust Liquidated, €6.6 Billion SICAV Split, Private Credit Push Accelerates

Partners Group is winding down its London-listed fund, restructuring its €6.6bn Global Value SICAV and launching a global private credit income strategy.

Partners Group is overhauling the architecture of its listed and evergreen vehicles at a pace that leaves little room for half-measures. Within roughly a fortnight, the Swiss asset manager has seen one London-listed investment company vote itself out of existence, unveiled a two-pronged restructuring for its €6.6 billion Global Value SICAV, and rolled out a fresh private credit income strategy aimed at institutional and private wealth clients worldwide.

A clean break in London

Shareholders of Partners Group Private Equity Limited, which trades on the London Stock Exchange, opted decisively for a wind-down rather than the restructuring that had previously been on the table. According to Reuters, holders of 74.1 percent of the shares backed the liquidity option. At the extraordinary general meeting that followed, 99.89 percent of votes cast endorsed the disposal of the entire portfolio — a process the company said began the moment the meeting closed. For investors in the standalone UK fund, the decision means locked-up capital will be released progressively through sales of the underlying holdings. The operational Partners Group Holding AG is affected only indirectly.

Two portfolios instead of one

A different remedy is being prepared for the Global Value SICAV. Media reports put redemption requests for the evergreen vehicle at double its regular quarterly limit of five percent at the end of June. The fund holds €6.6 billion in assets and posted a return of minus 4.1 percent in the first half of 2026. Under the proposed umbrella structure, capital would flow into two specialised sub-portfolios: one accumulating vehicle focused on long-term value growth and the reinvestment of gains, and one distributing vehicle designed to return proceeds to investors through targeted portfolio sales. The plan remains subject to shareholder approval.

Private credit as the new growth engine

Alongside the retooling of existing vehicles, Partners Group is expanding its range of alternative income sources. A newly launched global multi-sector private credit income strategy targets high single-digit to low double-digit returns, generated predominantly from running income. The portfolio spans direct lending, credit secondaries and fund loans. Exposure to net asset value financings is capped at ten percent, and no internal positions are financed.

On the operating side, the group continues to transact in infrastructure. Middle River Power, the platform Partners Group acquired in 2025, completed its purchase of the Panoche Energy Center. The fully contracted natural gas plant in California has a capacity of 427 megawatts and was acquired from a fund managed by Ares Infrastructure Equity.

Market scepticism leaves its mark

Equity investors have been slow to warm to illiquid asset classes, and the holding's valuation reflects that caution. The stock changed hands at EUR 649.80 in today's session, a modest gain of 1.6 percent on the day. Since the start of the year, however, the shares have shed 39 percent, as softer return momentum and heavier outflows across the private markets sector weigh on the industry's margin outlook. The paper closed Monday at EUR 639.40, leaving it 40 percent below its year-to-date starting point and just 2.6 percent above its 52-week low.