The Zug-based firm said on Thursday that it continues to expect solid net growth in assets under management (AuM), even as some open-ended evergreen vehicles experience higher withdrawal requests. The statement follows recent market turbulence that has put increased scrutiny on liquidity conditions within private market funds.

Shares in Partners Group fell 16,33 percent on Wednesday.

Fundraising Targets Unchanged

According to the company, its guidance for new business in 2026 remains unchanged. Partners Group continues to expect gross client inflows of between $26 billion and $32 billion for the full year, supported by a strong pipeline across institutional mandates, evergreen products and traditional closed-end fund structures.

The statement comes amid rising redemption activity across the private assets industry. The trend initially emerged in private credit funds before spreading to private equity vehicles.

Redemption Pressure on Private Equity Funds

Among the affected products is Partners Group's Luxembourg-domiciled Global Value SICAV evergreen fund. During the second quarter of 2026, redemption requests reached approximately 9,8 percent of the fund's net asset value.

A Delaware-based private equity vehicle also received repurchase requests amounting to around 6 percent of net asset value, slightly above its quarterly redemption threshold of 5 percent.

In addition, three other established evergreen funds with combined assets of approximately $9.7 billion are expected to record redemption requests of between 3,5 percent and 5 percent.

Liquidity Limits Activated

Partners Group stressed that the funds were deliberately designed with quarterly liquidity limits of up to 5 percent of net asset value. These mechanisms are intended to protect long-term investors and are activated whenever redemption requests exceed predefined thresholds.

The company confirmed that such limits will be applied to the Global Value SICAV and said it remains prepared to implement similar measures in other funds if necessary.

Growth Expected to Continue

Despite the increase in redemption requests, Partners Group expects inflows to exceed outflows during the first half of 2026.

The company acknowledged, however, that net growth in assets under management could be reduced by 1 to 2 percentage points in the second half of 2026 due to developments within its evergreen fund range. A similar impact is expected in 2027.

Partners Group pointed to the diversification of its client base, noting that approximately 80 percent of assets under management originate from institutional investors, while private wealth clients account for roughly 20 percent.

Confidence in Portfolio Quality

«The liquidity mechanisms are designed to protect long-term investors and ensure that returns are driven by the quality of the underlying investments rather than short-term capital flows,» Chief Executive Officer David Layton said.

According to the company, its portfolios consist of high-quality businesses that are currently undergoing extensive value-creation programmes. Partners Group therefore continues to see attractive opportunities for its transformation-focused investment strategy.

As a further sign of confidence, the firm announced that it will open an additional trading window for employees to purchase company shares from 5 June. More details are expected to be provided alongside the next set of regular financial results.