Partners Group co-founder Alfred Gantner has dismissed recent criticism from short-seller Grizzly Research and described the sharp decline in the firm’s share price as an excessive market reaction driven by misinformation and broader sector concerns, according to a report by Bloomberg.
Speaking in an interview with Swiss newspaper SonntagsZeitung, Gantner said Grizzly’s allegations were “demonstrably unfounded” and argued that recent market moves reflected a wider reassessment of listed private markets firms rather than company-specific issues.
The comments come after shares in Partners Group fell sharply following increased redemption activity in parts of its evergreen private markets funds, particularly those aimed at private wealth investors. The stock has declined significantly since the start of the year, amid broader pressure across the listed alternatives sector.
Redemption pressure and fund liquidity in focus
The Swiss alternative asset manager recently disclosed a rise in withdrawal requests from retail and private wealth clients in its evergreen investment vehicles, prompting the firm to introduce measures to manage liquidity, including potential gating mechanisms across selected funds.
The development has intensified investor scrutiny of liquidity management practices within semi-liquid private markets structures, which have expanded rapidly in recent years as firms have sought to broaden access to private equity and credit strategies.
Gantner directly pushed back against claims made by Grizzly Research, arguing that the short-seller’s positioning would ultimately benefit from volatility while retail investors bore the brunt of market losses.
He characterised the recent sell-off as part of a broader industry-wide adjustment, rather than a reflection of fundamental deterioration in the firm’s underlying portfolio or business model.
“This is currently an industry problem,” he said, adding that geopolitical uncertainty and shifting sentiment toward private markets had contributed to increased volatility in listed asset managers.
Partners Group oversees approximately $185bn in assets across private equity, private credit, real estate and infrastructure strategies, with a growing focus on evergreen structures designed for wealth management clients.
The firm has previously highlighted strong fundraising momentum, including robust inflows earlier in the year, even as redemption activity in certain retail-oriented strategies has increased.
Industry participants note that the recent share price weakness reflects broader concerns around liquidity mismatches, valuation transparency and investor appetite for semi-liquid private market products in a more volatile macro environment.
The pullback in Partners Group shares has added to a wider reassessment of listed alternative asset managers, as investors weigh the resilience of fee-based earnings models against potential redemption cycles and tighter liquidity conditions.
Despite near-term volatility, the firm maintains that underlying demand for private markets exposure remains supported by long-term allocation trends among institutional and wealth investors.
