Goldman Sachs sailed through the second-quarter redemption cycle in its private credit flagship without cutting a single payout request. Partners Group, by contrast, was forced to slam the brakes on withdrawals from its largest fund after investor redemption requests nearly doubled the maximum allowed under its quarterly cap. The divergence between the two asset managers highlights the uneven fallout from the liquidity squeeze sweeping through private markets.
Partners Groupâs Global Value SICAV, a $8.6 billion evergreen vehicle, received redemption requests estimated at 9.8% of net asset value for the quarter ending June 2026. The companyâs policy limits outflows to 5% per quarter, meaning nearly half the demand went unsatisfied. The problem rippled beyond the flagship fund: a Delaware-domiciled vehicle saw requests of around 6%, while three other evergreen products totaling roughly $9.7 billion experienced redemption rates between 3.5% and 5%.
Across the Atlantic, Goldman Sachsâ GS Credit fund reported redemption requests of just 3.24% of outstanding shares â well under the standard 5% cap. The fund met all requests in full and attracted roughly $275 million in new subscriptions during the quarter, equivalent to 3.0% of its $9.2 billion net asset value as of March 31. The relative calm at Goldman stands in stark contrast to the turbulence at its Swiss rival.
Partners Group is hardly alone in feeling the heat. Ares, Apollo and Morgan Stanley all recorded redemption requests of 12% to 17% at their private credit funds, with elevated demand persisting into the second quarter. Still, the companyâs performance relative to Goldman remains a sore point, and one that management has sought to downplay. Executive Chairman Steffen Meister described the marketâs reaction to the redemption news as a âmassive overreaction,â insisting that the liquidity strain is a sector-wide issue, not a problem unique to Partners Group.
Should investors sell immediately? Or is it worth buying Partners Group?
The stock has clawed back some ground since hitting a 52-week low of âŹ686.80 on June 26. On Tuesday, shares traded at âŹ760.00, a gain of 1.14% on the day and a 10.66% recovery from the low. The weekly performance shows a 3.77% advance, but the monthly picture remains negative at â2.61%. Year-to-date, the stock has tumbled 30.86%, and over the past twelve months the decline reaches 33.71%.
Technical resistance points underscore the uphill climb. The 50-day moving average sits at âŹ828.76, leaving the stock 8.30% below that level. The 200-day moving average at âŹ984.39 is a daunting 22.79% higher. The relative strength index of 49.4 hovers in neutral territory, while the 30-day annualized volatility of 24.95% hints at a slight calm after weeks of turbulence.
The companyâs half-year assets-under-management figures, due on July 15, will be the next major test. Institutional inflows must offset the drain from private wealth clients if the firm is to demonstrate sustained growth. Partners Group continues to target capital commitments of between $26 billion and $32 billion for 2026, and the first half should show net inflows into its evergreen funds, management has said.
The share price still trades 37.37% below its 52-week high of âŹ1,213.50, set on August 8, 2025. The August high now looks distant, and the gap to the 200-day moving average suggests a full recovery would require a sustained shift in investor sentiment. Whether the AUM release can catalyze such a shift â or merely confirm the redemption pressure as a structural drag â remains the central question for a company that once seemed untouchable in the private markets arena.
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