Partners Group warned that its evergreen funds will drag on assets under management growth, projecting a 1% to 2% slowdown in the second half of 2025. The Swiss private-equity firm faces mounting redemption pressure from investors pulling money from its Global Value Sicav fund, which saw withdrawal requests reach approximately 9.8% of its value in the second quarter.

The company restricted withdrawals to 5% during the April-June period, a move that rattled shareholders and sent shares tumbling Wednesday. Evergreen funds typically provide wealthy investors access to private markets including private equity and private credit, but investor sentiment appears to be shifting amid market uncertainty.

Despite the headwinds, Partners Group maintained its outlook for gross new client demand between $26 billion and $32 billion in 2026, citing a strong fundraising pipeline. The firm's ability to navigate redemption pressures while maintaining investor confidence will test its position in the competitive private markets space.

The warning signals broader challenges facing private market platforms as institutional and high-net-worth investors reassess allocations amid volatile macroeconomic conditions.