Partners Group’s Record $16 Billion Fundraising Half Hit by Rare Redemption Cap on $8.6 Billion Fund
Published on 07/22/2026 at 15:22 | Redaktion boerse-global.de
Partners Group pulled in the most client commitments in its history during the first half of 2026, but the milestone is being tempered by an unusual move to cap withdrawals from one of its largest open-ended vehicles. The Swiss asset manager secured $16 billion in new capital commitments from institutional investors, up sharply from $12.2 billion in the same period last year. Yet the headline figure comes with a catch: redemption requests on the $8.6 billion Global Value SICAV hit 9.8% of net asset value in the second quarter, forcing Partners Group to impose a gate on payouts.
The gating mechanism, a rarity for the firm, underscores the liquidity pressures building in so-called evergreen fund structures even as the institutional fundraising machine hums along at record levels. Partners Group cautioned that elevated outflows from its open-ended funds would shave 1 to 2 percentage points off growth in the second half of the year. The company still expects full-year gross commitments of between $26 billion and $32 billion, a target it reiterated alongside the half-year update.
Infrastructure Fund Closes at $15 Billion, Royalties Strategy Hits $1.5 Billion
Away from the evergreen headache, Partners Group notched two notable wins in its institutional business. The fourth direct infrastructure program, Direct Infrastructure IV, closed at over $15 billion — 50% larger than its predecessor. More than 40% of that capital has already been deployed into a seed portfolio of 11 assets spanning power generation, AI infrastructure buildout, and energy security. The initial investments include a mobile power generator in the U.S., a data center platform in Singapore, and a battery storage developer in Germany.
The firm’s royalties strategy, launched in 2024, grew 50% in the first half to $1.5 billion in assets under management. The portfolio now holds 53 positions, including licensing rights to the animated series “South Park” and music catalogs from The Weeknd. The expansion reflects Partners Group’s push beyond traditional private equity into alternative asset classes where it can command steady, long-duration cash flows.
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On the performance front, Partners Group’s direct infrastructure strategy has historically delivered a net multiple of 2.2x and a net IRR of 20.8% across 21 completed exits. Those figures apply to the strategy’s track record, not the new fund itself, whose results will only become clear over its lifecycle.
Fee Income Under Pressure as Exit Activity Slows
Performance fees, a key profit driver for the firm, are running well below their target range. Management now expects carried interest to land at the low end of its 25% to 40% of total revenue target for the full year, after the first half saw the contribution dip below 20% due to sluggish exit activity. That cautionary note adds another layer of uncertainty to the earnings outlook ahead of the detailed half-year results, scheduled for release on September 1, 2026.
Stock Remains Stuck in the Doldrums
Despite the fundraising success, Partners Group’s shares continue to trade at a deep discount to their recent highs. The stock closed at €734.00, up 0.96% on the day, but remains roughly 39.5% below its 52-week peak of €1,213.50 reached in August 2025. The shares also sit about 9% below their 50-day moving average, signaling that investors are focusing more on the redemption overhang and fee pressures than on the record institutional inflows.
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The disconnect between operational strength and market sentiment reflects a broader skepticism toward alternative asset managers navigating a tricky environment: strong demand from pension funds and sovereign wealth funds for infrastructure and private credit, but growing unease about liquidity mismatches in open-ended structures. For Partners Group, which manages $186 billion in total assets and employs roughly 2,000 people globally, the second half of the year will test whether it can keep the institutional pipeline flowing while managing the exit door on its evergreen funds.
In May, the company also filed a lawsuit against research firm Grizzly Research, which had accused Partners Group of balance sheet manipulation and overvaluation of fund assets — allegations the firm has denied.
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