Key Takeaways
- • Partners Group reconfirms gross new client demand guidance of USD 26–32 billion for full-year 2026, supported by strong fundraising momentum and a visible pipeline across mandates, evergreens, and closed-ended programs.
- • The firm expects net AuM growth to be slowed by its evergreen platform by 1–2% in H2 2026 and a similar drag on full-year 2027 net AuM growth, reflecting elevated redemption activity in open-ended funds.
- • Partners Group Global Value SICAV, a Luxembourg-domiciled private equity evergreen fund, experienced elevated redemptions of approximately 9.8% of NAV during the Q2 2026 redemption period, reflecting broader industry volatility across evergreen fund flows.
- • Approximately 80% of Partners Group's total AuM derives from institutional investors, with 20% from private wealth investors, providing diversification across product structures, investment strategies, asset classes, and geographic exposure.
- • The firm reported record new asset inflows of USD 30 billion in 2025 and expects fundraising to exceed outflows in H1 2026, despite industry-wide headwinds in open-ended private credit and private equity vehicles.
Summary
Partners Group issued a transparency update on June 4, 2026, addressing recent market uncertainty surrounding evergreen fund redemptions and share price volatility. The firm maintained its full-year 2026 gross new client demand guidance at USD 26–32 billion, citing sustained fundraising momentum driven by record client demand in 2025 and a robust pipeline of opportunities across multiple fund structures.
The update revealed that the broader alternative investment industry has experienced heightened volatility in open-ended evergreen fund flows, initially concentrated in private credit vehicles and recently extending into private equity. Partners Group's private equity evergreen platform has been directly affected, with two private wealth-focused funds experiencing material redemption pressure. Most notably, Partners Group Global Value SICAV, a Luxembourg-domiciled private equity evergreen fund, recorded redemption requests totaling approximately 9.8% of NAV for the Q2 2026 redemption period—a significant elevation in outflows reflecting investor sentiment amid broader market uncertainty.
In quantifying the impact on full-year results, Partners Group expects its evergreen platform to dampen net AuM growth by 1–2% in H2 2026, with a similar headwind anticipated for net overall AuM growth in 2027. Despite these headwinds, the firm expressed confidence in maintaining solid net AuM growth, underpinned by expectations that fundraising will exceed outflows during H1 2026. The firm emphasized that H1 2026 fundraising momentum in the evergreen platform remains positive relative to outflows.
Partners Group's AuM base remains diversified across multiple dimensions: product structures, investment strategies, asset classes, underlying portfolio companies, and geographic regions. Institutionally, approximately 80% of total AuM originates from institutional investors, with the remaining 20% from private wealth investors. This institutional concentration provides a structural stability anchor, though the elevated redemptions in wealth-focused vehicles signal that retail and high-net-worth investor behavior warrants continued monitoring in the context of broader private markets liquidity dynamics.
The update revealed that the broader alternative investment industry has experienced heightened volatility in open-ended evergreen fund flows, initially concentrated in private credit vehicles and recently extending into private equity. Partners Group's private equity evergreen platform has been directly affected, with two private wealth-focused funds experiencing material redemption pressure. Most notably, Partners Group Global Value SICAV, a Luxembourg-domiciled private equity evergreen fund, recorded redemption requests totaling approximately 9.8% of NAV for the Q2 2026 redemption period—a significant elevation in outflows reflecting investor sentiment amid broader market uncertainty.
In quantifying the impact on full-year results, Partners Group expects its evergreen platform to dampen net AuM growth by 1–2% in H2 2026, with a similar headwind anticipated for net overall AuM growth in 2027. Despite these headwinds, the firm expressed confidence in maintaining solid net AuM growth, underpinned by expectations that fundraising will exceed outflows during H1 2026. The firm emphasized that H1 2026 fundraising momentum in the evergreen platform remains positive relative to outflows.
Partners Group's AuM base remains diversified across multiple dimensions: product structures, investment strategies, asset classes, underlying portfolio companies, and geographic regions. Institutionally, approximately 80% of total AuM originates from institutional investors, with the remaining 20% from private wealth investors. This institutional concentration provides a structural stability anchor, though the elevated redemptions in wealth-focused vehicles signal that retail and high-net-worth investor behavior warrants continued monitoring in the context of broader private markets liquidity dynamics.
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