Partners Group will cap withdrawals from $16 billion U.S. fund - sources

Swiss private equity firm Partners Group has announced it will cap withdrawals from its $8.6 billion Global Value SICAV fund, a move triggered by redemption requests exceeding 5% of the fund’s net asset value in the second quarter of 2026. The firm cited elevated redemption pressure as the reason for the decision, which has led to a sharp decline in its shares, with a record 17% drop in morning trading. The fund, which invests in private equity and debt across a range of industries, including technology, has seen increased investor concern over liquidity and asset valuations in private markets.

The firm, which manages approximately $185 billion in assets, noted that the volatility in open-ended evergreen fund flows has been a broader industry trend since late 2025, initially emerging in private credit and now extending into private equity. Partners Group emphasized that the fund’s liquidity position remains within its target range, supported by ongoing distributions from its portfolio and an undrawn credit facility. Despite the cap, the fund remains open for new investments and applications.

The announcement has also affected other European private equity firms, with shares in EQT, CVC Capital Partners, and Bridgepoint Group falling by 6% to nearly 6%. CEO David Layton stated that the move was not related to the fund’s performance but rather to broader investor jitters about private market liquidity. The firm expects continued volatility in the sector as investors reassess their exposure to illiquid assets.