Partners Group, the Swiss private equity firm managing over $185 billion in assets, took the unusual step of capping redemptions at its flagship Partners Group Global Value SICAV evergreen fund on June 3, 2026. The move came after redemption requests surged to an estimated 9.8% to 10% of the fund’s net asset value during the second quarter, roughly double the fund’s standard quarterly redemption gate of 5%.
The market’s reaction was immediate and brutal. Partners Group shares plunged between 13% and 18% on the day, hitting multi-year lows. The damage wasn’t contained to one stock: EQT shares dropped over 6%, and peers including CVC Capital Partners, KKR, and Bridgepoint all saw notable declines.
The last time the firm imposed this kind of liquidity restriction was during the COVID-19 pandemic. The catalyst for the rush to the exits traces back to growing anxiety in private credit markets. Default fears have been climbing, with concerns that default rates could potentially double from historical levels of roughly 2.6%. Software loans, in particular, have become a focal point for investor worry.
Partners Group emphasized that its private credit evergreen funds represent less than 3% of its $185 billion in AUM. Those credit-focused funds, the company noted, haven’t experienced any net redemptions in either 2025 or 2026.
