Partners Group has warned that its evergreen outflows could reach up to $20 billion as it faces a surge of redemption requests across its private equity product suite. The Zug-based alternatives giant disclosed in its H1 earnings presentation on Wednesday that its evergreen vehicles saw $3.8 billion of redemptions over the period.

Most of the outflows came from three mature, private equity-heavy strategies. Private equity also accounts for two-thirds of the firm's underperforming assets, according to the presentation.

The Swiss asset manager is grappling with investor pressure amid a challenging denominator effect and liquidity crunch in private markets. The redemption wave underscores broader industry headwinds for evergreen structures.