The Swiss private-equity giant is betting on a radical structural overhaul to halt a deepening cash drain. Partners Group has proposed a dual-class share structure for its London-listed vehicle, Partners Group Private Equity, giving long-term holders a clear path while offering exit-minded investors a controlled way out. Under the plan, up to 30% of equity would be converted into so-called “Realisation Shares,” with any oversubscription scaled back proportionally. Shareholders will vote on the restructuring in the fourth quarter of 2026.
The move comes after the group’s flagship Global Value SICAV fund was forced to cap redemptions in early June. Withdrawal requests had surged to almost 10% of the fund’s assets, double the contractual quarterly limit of 5%. Such gates leave a lasting scar on investor confidence, particularly among the private-client segment that accounts for about a fifth of Partners Group’s assets under management. Those retail and high-net-worth individuals, hungry for liquid cash, have been the main force behind the outflow.
Compounding the pressure, a flurry of speculation about a possible rift among the founding families rattled sentiment further. Bloomberg reported that co-founder Urs Wietlisbach was planning to carve out a separate unit within the PG3 family office, with Jascha Forster tapped to lead it. Industry publication WealthBriefing fired back with a sharp rebuttal, citing its own sources that PG3 would not be split. It said individual investments by family members have existed for over a decade, remain a small slice of portfolios, and continue to be managed through PG3. A new shareholder agreement merely regulates succession for the next generation, not a breakup.
Investors have been pummelling the stock regardless. The shares have shed around 30% since the start of the year, recently trading at €760.40 — a far cry from the 52-week high of €1,213.50. Over the past 30 days alone the stock fell another 22%, and the gap to the 200-day moving line has widened to nearly 26%. The relative strength index stands at 29.7, deep in oversold territory. Volatility has spiked to almost 53%, underscoring the acute stress.
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The macro environment offers little relief. Although the Swiss National Bank has held its policy rate at zero, elevated global interest rates complicate profitable exits from portfolio companies. That in turn tightens the liquidity squeeze on evergreen funds like the Global Value SICAV.
Yet the group has not abandoned its fundraising ambitions. Management is targeting new gross inflows of $26 billion to $32 billion for 2026. Institutional investors continue to commit capital, but the heavy outflows from the evergreen segment are expected to weigh on net growth. The company warns that the drag will become more visible in the second half of 2026 and into the following year.
For now, the dual-share proposal is a direct attempt to restore trust in a business model that links illiquid assets with increasingly impatient investors. The fate of the plan rests with shareholders in the autumn, but the stock has already become a barometer for the broader turmoil in private markets. The next test comes on 15 July, when Partners Group releases an update on assets under management — a data point that will reveal whether fresh institutional inflows can offset the retail-led exodus.
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