Key facts
- Partners Group capped withdrawals from its $8.6 billion Global Value SICAV private equity fund.
- Withdrawal requests surged to an estimated 9.8% in the second quarter.
- The fund is limiting redemptions to 5% of net asset value per quarter.
- Wealthy individual investors make up a significant portion of the fund's investor base.
- Partners Group cited macroeconomic shifts and geopolitical conflicts as factors straining private markets.
- The company denied allegations of systematic asset over-valuation made by short-seller Grizzly Research.
Partners Group Holding AG, a prominent Swiss alternative asset manager, has capped withdrawals from its $8.6 billion Global Value SICAV evergreen private equity fund. This move comes amid heightened redemption pressure, with withdrawal requests surging to an estimated 9.8% in the second quarter, leading the fund to limit redemptions to 5% of net asset value per quarter. CEO David Layton stated that investor anxiety, initially seen in private credit, is now impacting other private market asset classes due to macroeconomic shifts and geopolitical conflicts. Wealthy individual investors, who constitute about a fifth of the firm's assets under management and a significant portion of the Global Value fund's base, are considered more skittish than institutional investors. Partners Group believes redemption limitations are essential for protecting long-term investors in illiquid asset classes. The firm also recently denied allegations of systematic asset over-valuation made by short-seller Grizzly Research. The news led to an 18.2% intraday drop in Partners Group's shares, as well as a 5% drop for competitors like EQT AB and CVC Capital Partners Plc.