Partners Group Holding AG is restructuring its flagship €6.6 billion Global Value SICAV fund to address elevated redemption requests. The Swiss asset manager is creating two sub-portfolios: one holding older assets and another with newer, higher-potential investments. This approach aims to allow investors seeking cash-outs to exit while keeping long-term investors in the more promising segment.
The move comes amid a wave of redemption requests and a short-seller attack alleging overvaluation. The firm's share price has slid roughly 38% year-to-date. While shareholders have yet to approve the split, Partners Group is considering applying the model to its other large evergreen funds, including the $14.4 billion US Master Fund.
The Global Value fund first imposed a 5% net asset value redemption limit in June after requests surged to an estimated 9.8% in the second quarter. A spokesperson stated the evolution is not about liquidity but allowing the largest evergreen funds to invest consistently in growing private markets opportunities. Mara Dobrescu of Morningstar noted the success depends on asset segregation and future exit valuations.
The firm also announced plans to wind down a €469 million London-listed trust as majority investors sought exit, citing discounts suffered by listed private equity funds. Older investments from Covid-era vintages continue to lag behind younger rivals like Blackstone Inc. and Ares Management Corp.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing