Zurich, June 3, 2026, 12:04 CEST
- Partners Group shares dropped roughly 16% in Zurich after the company put a cap on withdrawals from its Global Value SICAV fund.
- Estimated redemption requests hit 9.8% of the fund’s net asset value, passing the 5% cap set for the quarter.
- Shares of EQT, CVC and Bridgepoint fell as investors cut private-markets managers across the board.
Partners Group Holding AG shares plunged Wednesday after the Swiss private-markets group put limits on investor withdrawals from an $8.6 billion private equity fund. The move brought concerns about semi-liquid private assets into focus for listed investors. Shares recently traded at CHF 687.30, down CHF 133.50, or 16.26% for the day, Trading Economics showed.
Redemptions are building, with the cap showing the pressure is now hitting private equity funds that offer periodic liquidity, not just private credit. When investors pull cash, that’s a redemption. A cap, sometimes called a gate, sets a limit on how much investors can take out in one go.
Partners Group flagged net redemption requests topping 5% of net assets in Q2 at its Partners Group Global Value SICAV, the main fund behind the Global Value Fund, hitting withdrawal limits, according to Reuters. Shares slumped, heading for their steepest one-day loss and showing a drop of about 30% so far this year after the announcement.
SWI swissinfo.ch, citing Bloomberg, said withdrawal requests climbed to about 9.8% of the fund’s net asset value. But the fund’s rules cap redemptions at 5% per quarter.
The fund is an evergreen vehicle. It doesn’t have a set end date and usually allows investors to pull money at intervals, a shift from traditional private equity funds that tie up money for years. Partners Group, seen as an early mover in this area, manages over 30 evergreen funds in five asset classes and has more than $56 billion in assets under management, Bloomberg reported, according to SWI.
Spread hit firms across the board. EQT dropped over 6%, Reuters reported. CVC Capital Partners slipped 5.8%. Bridgepoint Group shed 4%. Europe’s financial-services group lost 1.7%, pulling the STOXX 600 index down 0.4% for the session.
Partners Group told investors liquidity for the fund is still about 15% of net asset value, with an undrawn credit facility also making up 15% of the fund’s size. The fund is still open to subscriptions or new investments.
Partners Group tried to reassure investors earlier this year. In February, the firm said listed private-markets names were pressured by worries about software, artificial intelligence risk, and some redemptions from open-ended private credit funds. Its private-credit evergreen funds are less than 3% of the group’s $185 billion in assets under management, the company said, and those funds haven’t posted net redemptions in 2025 or 2026 so far.
Partners Group CEO David Layton told investors in April that the firm was releasing an unusual business update due to “periods of market dislocation” that had led it to disclose more in the past. The private markets manager said it brought in $8.3 billion of new client demand in Q1. Partners Group kept its 2026 full-year gross client demand target at $26 billion to $32 billion. partnersgroup.com
But in the market, outflows took priority over any talk of inflows. The main worry is that if too many clients want out at once, funds might need to hold up redemptions, borrow money, or dump assets in soft markets. That can dent earnings, fees and investor trust.
Pierre-Yves Gauthier, CEO and head of strategy at AlphaValue, told Bloomberg, “The disease is spreading across private markets asset classes.” He said, “There is presumably a case to trim earnings expectations on contracting AUMs.” SWI swissinfo.ch
Partners Group could see redemption pressure spread to more of its private-wealth products or be pushed into selling assets defensively. The upside would be client flows settling down and the fund showing its liquidity buffers hold up. Right now, the share price signals investors are waiting for that confirmation.
