Partners Group caps withdrawals at key fund

Partners Group has limited withdrawals from its $8.6 billion Global Value SICAV, an evergreen private‑markets fund, after a sharp rise in investor redemption requests. The Swiss alternative asset manager has set a cap of 5% of net asset value on redemptions per quarter.

The decision follows a jump in requested withdrawals to an estimated 9.8% of the fund’s net asset value in the second quarter. The firm said the restriction was introduced this week in response to the heightened redemption pressure.

At the time the cap was imposed, the Global Value fund held liquidity of about 15% of net asset value and also had access to an undrawn credit facility equal to roughly 15% of the fund’s size. The fund remains open to new subscriptions.

Chief Executive David Layton said most redemption requests for the Global Value fund were coming from investors in Asia and Australia. He added that anxiety initially centered on private credit markets has been spilling over into private equity vehicles.

Layton also noted that a recent short‑seller report "certainly doesn’t help" sentiment, though he said the firm does not consider it the dominant factor behind the elevated withdrawals. Partners Group highlighted that distributions from the Global Value fund for the full year are expected to be about 15%, approximately one percentage point below last year.

Partners Group described redemption limits as an indispensable feature of evergreen private‑market vehicles. The firm said such mechanisms are designed to preserve capital and protect long‑term investors when withdrawal demands rise.

The company stated that gating is a core element of private‑markets investing, helping to manage liquidity in portfolios that hold illiquid assets. The firm manages about $185 billion in assets across private equity, credit, real estate, infrastructure and royalties.

News of the redemption cap prompted a sharp market response. Partners Group shares fell as much as 18.2% in Zurich trading, marking the largest intraday decline on record for the stock.

The move reflects investor concerns about rising redemption requests and the broader anxiety affecting private‑markets funds. Partners Group, however, has emphasized that the Global Value fund continues to make distributions and remains accessible to new investors despite the withdrawal limits.