Partners Group Trims Quarterly Exit Cap on €6.6 Billion SICAV as US Fund Fills Only a Third of Withdrawal Requests

Partners Group is reworking how capital and liquidity are shared among investors in its roughly €6.6 billion Global Value SICAV, with media reports describing a plan to split the vehicle into two portfolios: one holding older stakes that will be distributed to investors, and another holding younger assets that will keep investing. The restructuring touches both what the fund owns and how those holdings will eventually be used.

For the new share classes described in the report, the quarterly redemption limit has been cut from 5% to 2.5% of net asset value. According to the report, the measure is meant to conserve liquidity and head off forced sales of illiquid assets.

Redemption pressure has also surfaced on the other side of the Atlantic. Investors in the US Partners Group Private Equity Fund requested withdrawals of USD 2.2 billion in the third quarter, and the fund accepted USD 728 million of those requests. The figures, reported by media about a week ago, came from tender-offer results filed with the SEC.

Insurers Anchor Private Credit Growth

On the funding side, Partners Group said on 22 October that it had closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising USD 510 million from US insurers. Together with a vehicle raised in January, capital gathered through rated feeders for the strategy reached USD 875 million in 2026, according to company figures.

The Abu Dhabi push moved forward on 28 October, when Partners Group and the emirate's Projects and Infrastructure Centre (ADPIC) signed a non-binding letter of intent. The agreement is designed to encourage private investment in infrastructure and real estate projects in Abu Dhabi, covering both types of assets.

Shares End Higher but Remain Deeply in the Red

The stock added 0.4% on Friday to close at €729.80, finishing the session in positive territory after giving up ground at one point during the previous day's trading on the SIX. The gain does little to repair a difficult year: the shares are down 31% since the start of 2026.