Partners Group caps redemptions, shares slide

(Sharecast News) - Shares in Switzerland's Partners Group tanked on Wednesday after the alternative investment firm capped withdrawals from one of its flagship funds.

In a letter to investors, seen by Bloomberg and other news outlets, the firm said it was limiting redemptions from its $8.6bn private equity Global Value SICAV fund to 5% of net asset value per quarter, after withdrawal requests reached an estimated 9.8% in the second quarter.

Partners defended the decision. It said there had been industry-wide volatility across open-ended evergreen funds since late 2025, and that redemption limitations were an "indispensable feature of private markets investing to protect long-term investors in an inherently illiquid asset class".

It added that 62% of redemption requests were met in May, but the fund would be gated in June.

By 1430 BST, the Zurich-listed stock had tumbled 18%.

The firm, which manages $185bn in assets, has seen a rise in net outflows across multiple funds recently, alongside softer returns and stiff competition. Its decision to limit redemptions follows similar moves by other private credit funds, which lend to private equity-backed companies.

Investors have been unnerved in recent months by valuation concerns, lending standards and exposure to artificial intelligence.

Evergreen funds operate indefinitely. Partners Group currently has more than 30 such funds across five asset classes with more than $56bn combined assets under management, according to Bloomberg.

Shares in CVC Capital Partners and EQT, which also manage similar funds, were also down sharply, by 7%.