Partners Group, the Swiss private markets giant, warned Thursday that elevated redemptions in its mature evergreen funds could slow net assets under management (AUM) growth by 1-2% over the next 18 months, as the firm enacted redemption limits across three of its private equity-heavy strategies.
The disclosure came during the firm's H1 2026 investor call, where management offered a candid assessment of mounting pressure on a segment of its $124 billion platform.
Quarterly redemption rates in the affected funds surged from roughly 2% to over 5% — a sharp acceleration that Roberto Cagnati, head of portfolio solutions, attributed to a confluence of external factors including industry-wide concerns over private credit evergreen liquidity, negative media coverage, and heightened geopolitical volatility.
"The real change from the first quarter to the second quarter this year were the external effects we faced," he said on the call.
Read Also: Private Equity’s Housing Gold Rush Faces Regulatory Reckoning The three strategies at the center of the redemption surge are mature, private wealth-focused evergreen funds with heavy exposure to private equity vintages from 2019 to 2022 — a period that preceded the aggressive interest rate hikes that followed.
