Partners Group Reaffirms $26-32 Billion Guidance as Short-Seller Shadow Lingers Over Stock

Despite insider buying and reaffirmed targets, Partners Group shares remain under pressure from Grizzly Research short attack and redemption fears; upcoming AUM update may determine trend.

The Swiss private markets investor is trying to have it both ways: buying its own shares while insisting everything is fine, even as a short-seller attack leaves the stock nursing a 32% year-to-date loss. Partners Group has confirmed its 2026 target for gross new money of $26 billion to $32 billion, a signal of confidence that arrives amid redemption pressures in its evergreen fund range and an unresolved legal dispute.

Management has put money where its mouth is. Since the share price plunged to a 52-week low of €686.80 on 26 June, executives have snapped up stock worth over 60 million Swiss francs. That insider buying spree helped fuel a 4.8% bounce over seven trading sessions, lifting the shares to €742.20 by the latest close. But the recovery remains tentative: the stock is still 39% below the August 2025 high of €1,213.50.

The company is not standing still on the investment front. It has deployed £260 million into a British rail leasing platform and $250 million into a global aircraft leasing portfolio comprising 69 projects. Those moves bring the total deployed in the infrastructure secondary market to roughly $2 billion over the past twelve months. On performance fees, the group expects to land at the low end of its 25% to 40% range for 2026.

Yet the technical picture offers little comfort. The stock trades 13.8% below its 50-day moving average of €860.86 and 25.8% under the 200-day average of €1,000.47. The 14-day relative strength index stands at 39.1, no longer deeply oversold but short of a clear buy signal. Volatility remains elevated at 52% on a 30-day basis, reflecting persistent market jitters.

The root of the unease is the April report from US short seller Grizzly Research, which alleged that Partners Group’s flagship evergreen funds contained severely misvalued assets. The company swiftly rejected the claims as frivolous, defamatory and highly misleading, and said it was considering legal action including potential referrals to regulators. That fight is far from over.

All eyes now turn to 15 July, when Partners Group will publish its assets under management as of 30 June. The update will be the first concrete test of whether institutional inflows can compensate for the redemption requests that have exceeded contractual limits in several evergreen funds. Management insists the affected portfolios have sufficient liquidity and remain open for subscriptions. The full half-year results, due on 1 September, will provide a more definitive verdict.

For now, the stock’s recent rebound looks more like a technical pause than a trend reversal. If the 15 July numbers confirm that new business is covering the outflows and the Grizzly allegations fail to gain traction, the gap to those moving averages could gradually narrow. But if the data disappoints, the six-day rally will quickly be forgotten.