Partners Group Holding AG (OTCH: PGPHF) said it still sees net assets under management (AUM) rising in 2026, even as some of its open-ended private equity products face heavier withdrawal requests.
The Switzerland-based private markets manager said in a press release that its 2026 target for gross inflows from new clients of $26 billion to $32 billion. Management said the outlook is supported by a sizable pipeline spanning bespoke mandates, evergreen strategies and closed-end funds.
This announcement comes after shares of the stock fell nearly 17% yesterday following the news that investor withdrawal requests exceeded 5% of the net asset value.
How Partners Group Plans To Navigate Liquidity Challenges
For the first half of 2026, Partners Group expects subscriptions into its evergreen lineup to outweigh redemptions. In the second half, it said net AUM growth could take a 1% to 2% hit from the evergreen platform, and it expects a similar drag on 2027's net AUM growth.
"The industry has experienced a period of heightened volatility across open-ended evergreen fund flows. This trend started in private credit vehicles and has recently spilled over to private equity. Two of the firm’s private equity evergreen funds offered through the private wealth channel have been impacted by these dynamics," the firm wrote.
Partners Group Global Value SICAV, a Luxembourg-based vehicle, recorded elevated requests for the second-quarter redemption period, totaling about 9.8% of net asset value. The firm said it will apply a 5% quarterly liquidity cap for that fund.
It also said its Delaware-based private equity evergreen vehicle saw repurchase demand after a May tender window that the firm estimated at roughly 6% of NAV, slightly above the 5% level offered for that period.
Partners Group said final figures for requests and the amount repurchased are expected to be set by the end of July under standard fund processes.
Three additional seasoned evergreen funds, which the company said total $9.7 billion in size and are largely institutionally held, are expected to post second-quarter redemptions in a 3.5% to 5% range.
Partners Group said its overall AUM mix is heavily institutional, with about 80% from institutions and roughly 20% tied to private wealth investors.
“Liquidity features are designed to protect long-term investors, and to ensure that returns continue to be driven by the quality of the underlying private assets rather than by short-term flow dynamics, ” said David Layton, CEO, Partners Group.
“We have a strong underlying portfolio of high-quality companies currently undergoing significant value creation initiatives with substantial upside potential,” Layton continued. “We believe the opportunity set for our transformational investing approach in the coming periods will offer compelling investment outcomes. Since inception, our most established programs have returned more than five times the initial investments for clients.“
The firm will add an extra employee share order window starting June 5, which it described as an opportunity for staff to raise their ownership.
Partners Group has more than $185 billion in assets under management globally. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, royalties and special opportunities.
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