Investors in Partners Group's flagship US private equity evergreen fund tendered $2.21 billion in redemption requests during the third quarter, according to the fund's latest SEC filing. The final tender amendment, submitted on October 29, reveals that units worth $2.21 billion were tendered before the August 26 deadline. The fund accepted $728.4 million on a pro rata basis, representing 5% of its net asset value as of September 30.
Investors received payment through promissory notes, net of early repurchase fees. The gap between quarters is stark. In the second quarter, members tendered $914.8 million and the fund bought back $758.4 million, meaning investors received about 83% of what they requested.
This third quarter, investors received roughly one-third of their requested amount. The accepted redemptions imply net assets of approximately $15.2 billion at the end of June and $14.6 billion at the end of September, putting third-quarter requests at around 15% of the fund's total value. The fund, now named Partners Group Private Equity Fund but formerly known as the Master Fund, has implemented redemption gates to manage liquidity pressures.
Source: PE Insights · Summarized by HeadlinesBriefing