Swiss alternative asset manager Partners Group has introduced limits on investor withdrawals from one of its flagship evergreen private equity funds after a surge in redemption requests highlighted growing stress across private markets, according to a report by Bloomberg.
The firm said its $8.6bn Global Value SICAV fund will cap redemptions at 5% of net asset value per quarter, following withdrawal requests that climbed to roughly 9.8% in the second quarter. The move reflects increasing liquidity pressure from private wealth investors, who account for a significant share of the fund’s capital base and tend to be more sensitive to market volatility than institutional allocators.
Evergreen funds, which operate without a fixed lifespan and allow periodic redemptions, have become a popular structure in private markets. However, they are now facing heightened scrutiny as liquidity demands rise across the sector.
Partners Group noted that broader stress in private credit markets is beginning to spill into private equity and related strategies, with recent geopolitical and macroeconomic uncertainty amplifying investor caution. The firm also pointed to earlier concerns raised by a short-seller report alleging valuation inconsistencies, which it has strongly rejected.
The gating decision comes even though the fund maintains relatively strong liquidity, including an estimated 15% cash position and access to a credit facility of similar size. The firm said the measures are intended to balance liquidity needs while protecting long-term investors from forced asset sales.
Partners Group, which oversees roughly $185bn in assets across private equity, credit, infrastructure, and real estate, is among the most active sponsors of evergreen structures, managing more than 30 such funds.
