Investors in Partners Group’s flagship US private equity master fund requested $2.2bn of withdrawals in the third quarter, equivalent to 15% of net assets and more than double the previous quarter’s total, according to a report by the Financial Times.
Redemption requests rose from $900m, or around 6% of assets, in the second quarter. Partners Group capped withdrawals at 5% in both periods, exercising the fund’s liquidity limits as requests exceeded the permitted threshold.
The firm said the latest requests were consistent with guidance issued in July and reflected patterns typically seen after evergreen funds impose redemption limits. BNP Paribas analysts reportedly pointed to softer performance and increased competition from new evergreen products in the US wealth market.
Partners Group has also announced plans to restructure its €6.6bn European evergreen private equity fund by separating older, weaker-performing assets from newer investments. The firm is considering similar changes to other evergreen vehicles, while its shares have fallen around a third this year amid performance concerns and withdrawal pressure.
