Partners Group: Insider Buying Spree Meets Short-Seller Fire as Miami Bet Tests Investor Patience
Veröffentlicht: 26.06.2026 um 22:23 Uhr, Redaktion boerse-global.de
Top executives at Partners Group have been snapping up their own shares at a furious pace—nearly 60 million Swiss francs since February. That vote of confidence has been completely ignored by the market. The stock is trading at around €696.40, just a whisker above a fresh 52-week low of €686.80 hit last week, and has lost more than a third of its value since the start of the year.
The rout began in earnest after US short-seller Grizzly Research published a report in April alleging that the firm’s Evergreen funds were massively mispriced, drawing comparisons to the Wirecard scandal. Management rejected the claims as defamatory and filed a lawsuit. Co-founder Alfred Gantner called the criticism demonstrably unfounded, attributing the share slide to a sector-wide reassessment rather than any fundamental flaw. His colleague Fredy Gantner, meanwhile, bought more stock after admitting that communication missteps had added to the confusion.
Investors have not waited for the legal dust to settle. Redemption requests at Partners Group’s Global Value SICAV—which manages $8.6 billion—surged to nearly 10% of net asset value. In early June the firm capped withdrawals at 5%. A separate Delaware vehicle saw outflows of around 6%, and three other Evergreen funds are bracing for sizeable redemptions in the second quarter. Retail clients, who account for about 20% of total assets under management, have been particularly jittery, driving most of the selling pressure.
In a bid to stem the bleeding, the board of the London-listed fund Partners Group Private Equity Limited has proposed a restructuring. Shareholders would be able to choose between participation and realisation shares, effectively allowing those who want to exit to sell their holdings. The volume of realisation paper would be capped at 30% of the fund’s capital. A general meeting still needs to approve the plan.
Should investors sell immediately? Or is it worth buying Partners Group?
Amid all this turmoil, Partners Group is pressing ahead with a bold property bet. The firm is investing roughly $220 million in a 70-storey luxury residential tower in Miami’s Brickell district, branded under its watchmaking division Breitling. Construction is not scheduled to start until the end of 2028, with completion pencilled in for 2031. Until then, the project ties up substantial capital in an environment of high borrowing costs and uncertain demand. The company is betting that Miami’s rapid growth and a scarcity of upscale apartments will eventually deliver outsized returns, but the long timeline puts the strategy squarely in the risk column.
Analysts have grown more cautious, slashing earnings forecasts for the next two years by 10% to 22%, citing weak visibility and a lack of near-term growth catalysts. For its part, Partners Group still expects gross new client demand of $26 billion to $32 billion this year, even as it acknowledges that the Evergreen platform will slightly dampen second-half growth.
Technically, the shares are deeply oversold. The relative strength index has dipped to 21.7, well below the threshold that often triggers a bounce. The stock is also 31% below its 200-day moving average and almost 41% off its 52-week high. Insider buying at current levels historically has been a solid contrarian signal, but the sheer weight of selling pressure from redemptions and short-seller doubt leaves any recovery fragile.
Partners Group at a turning point? This analysis reveals what investors need to know now.
The next big catalyst comes on July 15, when Partners Group releases its half-year assets under management figure. That update will provide the first hard evidence of how deeply the outflow wave has cut into its base. A better-than-expected number could offer a lifeline to the beaten-down stock. Failing that, all eyes will be on the full second-quarter results due September 1, 2026. If the European Central Bank has cut rates by then, the macro backdrop might begin to turn in Partners Group’s favour—but for now, the gap between insider optimism and market reality has rarely been wider.
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Partners Group Stock: New Analysis - 26 June
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