Stock Markets June 25, 2026 08:00 AM

Partners Group Says Evergreen Funds May Be Held at Slightly Lower Sizes, Chairman Says

Chairman reaffirms strategy after firm capped withdrawals from a major open-ended private equity vehicle

By Marcus Reed
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Partners Group’s chairman said the firm does not intend to change its overall strategy following recent withdrawal limits on an $8.6 billion open-ended private equity fund, but indicated future evergreen funds could be kept slightly smaller to align with flow dynamics. The firm’s stock has fallen sharply this year amid investor concerns about alternative assets, while senior management has bought shares to show support.

Partners Group Says Evergreen Funds May Be Held at Slightly Lower Sizes, Chairman Says
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Key Points

  • Partners Group capped withdrawals from an $8.6 billion open-ended private equity fund on June 3 and has since indicated it may make future evergreen funds slightly smaller to align with flow dynamics.
  • Chairman Steffen Meister said the company does not plan to change its overall strategy despite recent events and emphasised existing liquidity mechanisms remain documented and intact.
  • Senior management has purchased more than 60 million Swiss francs of the company’s stock since June 3, a move disclosed in stock exchange filings.

ZURICH, June 25 - Partners Group is signalling a limited adjustment to the scale of its evergreen funds while maintaining its overarching strategy, Chairman Steffen Meister said in an interview with Bloomberg.

The comments come after the firm moved on June 3 to cap withdrawals from an $8.6 billion open-ended private equity fund, a decision that triggered renewed investor apprehension about liquidity risks in popular alternative investments. That episode contributed to a broad sell-off in global asset manager shares and has hit Partners Group’s stock particularly hard - the company’s shares are down around 34% so far this year.

Meister told Bloomberg:

"We clearly don’t see the need to change our strategy based on what has happened over the past weeks."

He added that the firm is reviewing the size of its open-ended vehicles and may keep them "slightly smaller in size going forward, more aligned to flow dynamics over time." The chairman framed the move as an alignment of fund scale with investor flows rather than a strategic retreat.

Pressures on alternatives have been broadening. The article notes rising concerns about private credit fund performance and valuations, which have prompted withdraws from those vehicles, particularly among wealthy retail clients. Those strains have spilled over into private equity, creating redemption pressure that led to Partners Group's move to cap withdrawals.

On June 12, Partners Group issued a statement addressing media interest around its evergreen funds. The company said it had no intention of changing documented liquidity mechanisms and does not plan to freeze any of its evergreen vehicles, stressing that the portfolios were healthy and that liquidity was sufficient in line with target allocations.

Management sought to bolster confidence in the company after the market reaction. Senior management purchased in excess of 60 million Swiss francs of Partners Group stock since June 3, according to stock exchange filings - a sum the article equates to approximately $74 million. The piece also provides the exchange rate used: $1 = 0.8114 Swiss francs.


Context and implications

The firm’s public statements emphasise that documented liquidity arrangements remain unchanged and that there are no plans to freeze evergreen vehicles. At the same time, leadership appears ready to moderate fund scale to better match investor flow patterns, a move presented as operational calibration rather than a revision to strategy.

Market reaction

Investor unease over alternatives and the capped withdrawals have driven a significant share-price decline for the firm, while management’s share purchases are presented as a vote of confidence in the company’s fundamentals and liquidity position.

Risks

  • Redemption pressure - Client withdrawals prompted the June 3 cap on fund redemptions, illustrating liquidity risks for open-ended alternative funds; this affects the asset management and private equity sectors.
  • Valuation and performance concerns - Rising unease about private credit fund performance and valuations has led investors, especially wealthy retail clients, to pull money from these vehicles, creating contagion risk into private equity.
  • Market sentiment and share-price volatility - The firm’s share price has fallen around 34% this year, exposing shareholders and broader asset-management sector sentiment to further swings as liquidity and flows evolve.

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