Partners Group Taps Credit Vehicle and Fund Split to Answer Redemption Demands

Partners Group plans to split its EUR 6.6bn Global Value SICAV into two portfolios as clients seek faster access to their money.

Partners Group is reworking the architecture of its open-ended investment vehicles as clients press for faster access to their money, a shift that has left the Swiss private-markets manager juggling illiquid portfolios against a rising tide of withdrawal requests.

At the center of the effort sits the Global Value SICAV, a fund with a net asset value of EUR 6.6 billion. According to media reports, the vehicle capped redemptions at 5 percent of net assets per quarter in June after investors sought to pull out 9.8 percent. Such limits shield the portfolio from fire sales of hard-to-sell holdings, though they also lock up client capital for longer than many would like.

Two Portfolios, One Flagship

To give investors more room to maneuver, Partners Group intends to convert the fund into a feeder structure built around two separate sub-portfolios. One sleeve would target long-term capital appreciation, while the other would gather proceeds from portfolio disposals for distribution. Shareholders would be offered a choice between staying put, switching, or redeeming — a plan that still requires their approval.

The same logic extends to a second front. Bloomberg reports that the firm is weighing a continuation vehicle of roughly EUR 800 million for loans held across five of its own funds. Investors taking part would be able to roll their holdings into the new structure or take cash instead.

Analysts Split on the Pace of Recovery

Those operational headaches have fed directly into how the sell side views the stock. Jefferies rates the shares "Hold" and cut its price target to CHF 605 from CHF 710, pointing to redemption troubles in the evergreen funds as a drag on any renewed growth in assets under management. The broker also trimmed its earnings-per-share estimates for 2026 and 2027 by 10 percent and 11 percent respectively, and sees little prospect of a meaningful turnaround before 2028, when the broader macroeconomic picture is expected to brighten.

Goldman Sachs struck a more measured tone, keeping its rating at "Neutral" on Thursday — a cautiously constructive signal against the recent downtrend. Across the industry, completing company sales has turned sluggish, as gaps between what buyers will pay and what sellers expect hold up transactions.

A Stock Still Searching for a Floor

The market has been pricing in those delays for some time. At EUR 647.20, the shares sit just 3.9 percent above their 52-week low, and the year-to-date decline amounts to 39 percent. That retreat reflects investor concern over postponed fee income and stalled portfolio exits.

Whether the restructuring can restore order to liquidity management now hinges on how quickly shareholders sign off and how smoothly the split portfolios function once separated. For a manager whose model was built on illiquidity, keeping institutional backers onside with flexible structures has become the defining test.