Partners Group has indicated it is prepared to impose additional liquidity restrictions across its evergreen fund platform as investor redemption requests rise, highlighting continued pressure on semi-liquid private market vehicles, according to a report by Bloomberg.
The firm said withdrawal requests for a Delaware-domiciled private equity evergreen fund are expected to exceed its 5% quarterly limit, coming in at around 6% of net asset value. It also flagged that three other mature evergreen funds, together totalling $9.7bn, are likely to see redemptions in the second quarter ranging between 3.5% and 5%.
In response, Partners Group said it is ready to activate liquidity management mechanisms across additional funds if required, underscoring the growing strain on structures designed to offer periodic investor exits while still holding largely illiquid assets.
The update follows the firm’s decision to cap withdrawals at 5% for its $8.6bn Global Value evergreen fund after a spike in redemption requests. That move triggered a sharp share price decline earlier in the week and has contributed to a year-to-date selloff in the stock.
Management said increased withdrawal activity has been most pronounced among private wealth investors, who tend to be more reactive to market volatility than institutional allocators and represent a meaningful share of evergreen fund capital.
The company also warned that its evergreen platform could slow overall assets under management growth by 1% to 2% over 2026 and 2027 if redemption pressures persist at current levels.
Despite the near-term headwinds, Partners Group reiterated expectations for $26–$32bn in gross new client inflows for 2026 and pointed to an active fundraising pipeline that could offset outflows over time, particularly in its evergreen strategies.
The firm also confirmed it will offer employees the opportunity to increase shareholdings from 5 June, as it looks to reinforce alignment during a period of heightened investor scrutiny and liquidity management across private markets.
