When investors in a nearly $9 billion fund all try to head for the exits at the same time, someone eventually locks the door. That’s essentially what Partners Group just did.
The Swiss private markets firm announced on June 3, 2026, that it would cap quarterly redemptions at 5% of net asset value on its Global Value SICAV fund. The trigger: withdrawal requests surged to 9.8% of NAV in the second quarter of 2026, nearly double what the fund could comfortably handle. The stock market’s reaction was immediate and brutal, with Partners Group shares plunging as much as 17% on the day to hit a 52-week low.
What happened and why it matters
Partners Group’s response was to implement what’s known as a “redemption gate”: a hard ceiling on how much money can leave the fund in any given quarter. The firm set that ceiling at 5%, meaning roughly half the requested withdrawals simply couldn’t be fulfilled on the original timeline.
Of the total withdrawal requests, 62% were processed before the gating mechanism kicked in. The remaining investors will have to wait.
