According to a notice sent by Partners Group to investors, redemptions from the Global Value SICAV Fund have been capped at 5 percent of the fund's net asset value. The measure was taken after redemption requests for the fund rose to approximately 9.8 percent in the second quarter. The fund manages around 8,6 billion dollar in assets.
The Global Value SICAV Fund would have had sufficient liquidity to meet all redemption requests, the company said in response to an inquiry. «However, that is not the purpose of such evergreen funds.»
The fund is explicitly designed as a long-term investment vehicle, and part of its liquidity is also required for new investments. Redemption requests that could not be fulfilled will therefore be carried over to the next quarter.
A spokesperson for Partners Group told Bloomberg that redemption requests from high-net-worth private clients had increased across the firm's entire evergreen platform. These clients account for roughly one-fifth of the platform's assets under management and represent a «particularly large share of the investor base» in the Global Value fund.
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