Partners Group, one of the largest private markets investment firms in the world, is dealing with something no fund manager wants to see: investors heading for the exits, all at once.
The Swiss firm announced on June 3 that it was capping withdrawals at its $8.6 billion Global Value SICAV after redemption requests surged to 9.8% of net asset value. The cap was set at 5% of NAV, meaning roughly half of the investors who wanted out will have to wait. Partners Group’s stock responded accordingly, plunging as much as 17% on the day, the steepest single-session drop the company has experienced in over two decades.
The pressure is spreading across funds
The Global Value SICAV wasn’t the only fund feeling the heat. By the following day, Partners Group’s $16 billion Delaware-domiciled US private equity master fund reported that redemption requests had climbed to approximately 6% of NAV during the second quarter. That level was enough to trigger anticipatory withdrawal restrictions.
Three additional evergreen funds, with a combined estimated value of around $9.7 billion, are also bracing for elevated outflows. Partners Group indicated that projected redemptions across those vehicles fall in the range of 3.5% to 5% of NAV.
