Partners Group Shareholders Opt for Full Wind-Down of London Trust as €6.6 Billion SICAV Faces Split

Shareholders in Partners Group Private Equity Limited have chosen a clean break over a revamp. At an extraordinary general meeting held roughly a week ago, 99.89% of votes cast backed the disposal of the trust's entire portfolio, according to the company, with the orderly sell-down getting under way the moment the meeting closed. The decision formally shelved a previously planned restructuring in favour of a managed liquidation, following an earlier ballot in which 74.1% of shares had come out in support of the liquidity option. Capital tied up in the vehicle is now set to be released gradually through sales of the underlying holdings. The vote concerned the managed investment company, not the Swiss asset manager's holding entity.

The outcome at the London-listed trust stands in contrast to the approach Partners Group is taking elsewhere in its fund range. Roughly two weeks ago the firm proposed splitting its private equity evergreen vehicle Global Value SICAV into two sub-portfolios under a single umbrella. One sleeve would keep its focus on long-term capital appreciation, while the other would be geared towards distributing realised proceeds to investors. The fund carried a net asset value of €6.6 billion. Any such overhaul still requires the green light from shareholders.

Fresh Private Credit Push

Alongside the reworking of existing structures, the Zug-based manager is pressing ahead with new products in higher-margin territory. Management unveiled a global multi-sector private credit income strategy, also structured as an open-ended evergreen vehicle, aimed at institutional investors and private wealth clients worldwide seeking access to private market credit. The strategy targets high single-digit to low double-digit returns, with the bulk of that coming from running income rather than capital gains.

Sentiment around the stock, however, remains cautious. Evergreen structures — open-ended funds without a fixed term — are at the heart of investor concerns, as liquidity questions prove awkward in a demanding rate and market environment. Missing fresh inflows and the desire of certain investor groups for liquidity are weighing on optimism, and Bloomberg has reported elevated redemption requests across older fund portfolios.

Jefferies Trims Its Target

Analysts are not rushing to call a turn. About two weeks ago Jefferies cut its price target on the Partners Group share to CHF 605 from CHF 710, keeping a "Hold" rating. The broker attributed the reduction — which trimmed its 2026 and 2027 earnings-per-share forecasts by 10% and 11% respectively — to a delayed recovery in the evergreen fund segment, and sees no meaningful improvement before 2028.

The stock closed Monday at €639.40. That leaves it down 40% since the start of the year, though it still sits 2.6% above its 52-week low. With a market capitalisation equivalent to €16.47 billion, net inflows remain the decisive gauge of whether the shares can find a floor.