Partners Group is restructuring its €6.6bn Global Value SICAV evergreen private equity fund into two separate portfolios after capping withdrawals earlier this year, according to a report by Bloomberg.
The Swiss private markets firm plans to convert the vehicle into an umbrella structure comprising a “distributing fund” and a “compounding fund”, subject to shareholder approval.
The distributing fund will hold older assets and focus on generating liquidity through asset sales to meet redemption requests, while the compounding fund will concentrate on new investments and target higher returns for investors willing to remain invested.
Partners Group said investors will be able to retain their existing exposure, switch shares from the distributing fund into the compounding fund, or redeem from one or both portfolios.
New investors will reportedly be able to subscribe to the compounding fund, which the firm said would be sized to support efficient deployment and portfolio management.
The restructuring follows Partners Group’s decision in June to cap withdrawals from Global Value SICAV after an increase in redemption requests.
The firm manages around $186bn in assets, with 29% held in evergreen vehicles, and has more than 30 evergreen funds across five asset classes.
Partners Group reportedly also plans to make an additional material balance-sheet commitment to the compounding fund alongside new institutional investors.
