Partners Group Splits €6.6 Billion Flagship and Winds Down London Trust as Redemption Wave Builds

Partners Group is restructuring its EUR 6.6bn Global Value SICAV and winding down a London trust as investors seek liquidity from evergreen funds.

Partners Group is re-engineering its fund line-up at a moment when clients across private markets are demanding something the asset class has long resisted: their money back, on demand.

At the centre of the overhaul sits the Global Value SICAV, a private equity evergreen vehicle carrying a net asset value of EUR 6.6 billion. Roughly a week ago, the Swiss manager proposed converting it into an umbrella structure with two separate sub-portfolios — one built for long-term capital appreciation, the other designed to deliver regular distributions. The split is intended to accommodate investors with sharply different appetites for payouts versus compounding. Since the announcement, the fund's quotation has edged up 0.9%.

The pressure driving that redesign is not hard to find. Bloomberg reported mounting redemption requests across evergreen funds, framing the Global Value SICAV revamp as a response to investors pulling liquidity out of private market holdings. Evergreen structures, after all, promise periodic entry and exit points — a feature that becomes awkward when a large slice of the investor base heads for the door at once.

London trust opts for orderly wind-down

The same impulse showed up more starkly at Partners Group Private Equity Limited, a separately listed British trust managed by the firm. Shareholders holding 48,829,366 ordinary shares — equal to 74.12% of shares in issue excluding treasury stock — elected to convert their holdings into realisation shares. With that threshold crossed, the original reorganisation proposal was withdrawn and only the orderly liquidation of the entire portfolio was put to a vote.

That resolution passed with 99.89% support. The trust now plans semi-annual repayments of available proceeds beginning 31 March 2027.

New credit strategy targets high single-digit yields

Even as it dismantles and reshapes older vehicles, Partners Group is building new ones. On Friday the firm launched a global multi-sector private credit income strategy, offered through an open-ended evergreen wrapper and marketed to both institutional clients and private wealth investors. Management is targeting returns in the "high single to low double-digit" range, generated predominantly from running income rather than capital gains. The approach spans multiple sectors, extending loans to companies and opening up off-exchange financing to affluent investors.

Analysts trim targets as shares lag

Sell-side expectations have been adjusting to the new reality. Jefferies lowered its price target on Partners Group to CHF 605 from CHF 710, kept its rating at "Hold" and cut its 2026 earnings-per-share estimates by 10%. The stock has slipped 1.1% since that revision. The analysts pointed to the drag from evergreen funds and a delayed recovery in assets under management that they do not expect before 2028.

UBS had already moved earlier, on 28 September 2026, reducing its target to CHF 670 from CHF 705 while maintaining a "Neutral" stance.

Friday's session offered a brief reprieve, with the shares gaining 2.1% to EUR 641.80. The broader picture remains grim: the stock is down 40% since the start of the year, trading at EUR 640.20. Whether the structural fixes now under way can rebuild investor confidence over the longer haul will depend heavily on how the macroeconomic backdrop evolves.