Partners Group has emerged as the weakest-performing stock in MSCI’s European financials index this year, as investors continue to digest concerns over withdrawals from the Swiss alternative asset manager’s evergreen funds, according to a sort by Bloomberg.
Shares in Partners Group have fallen 24.8% since the start of the year, according to MSCI data, putting the firm behind Dutch payments company Adyen, which previously held the bottom position in the index before its shares rallied following an improved revenue outlook.
Investor concerns over Partners Group intensified after the firm restricted withdrawals from its largest private equity master fund in July. Investors had sought to redeem around 6% of their holdings, prompting the manager to limit the amount that could be withdrawn.
The move followed a separate withdrawal cap imposed on one of Partners Group’s other evergreen private equity funds in June. The announcement triggered an 18.2% one-day fall in the company’s shares and raised concerns that the liquidity pressures that had affected private credit funds earlier in the year could spread into other areas of private markets.
Partners Group has warned that its evergreen platform could reduce the growth of its assets under management by between 1% and 2% this year and next. The firm is also considering reducing the overall size of some of its evergreen vehicles aimed at wealthy investors.
Partners Group had approximately $56bn invested through evergreen funds at the end of last year, compared with total assets under management of around $185bn.
