Partners Group Insiders Back the Stock With $60 Million as Redemption Crisis Shakes Investor Confidence

The boardroom at Partners Group is putting its money where its mouth is. Since the Swiss private-markets specialist slapped caps on redemptions in early June, senior managers have spent over 60 million Swiss francs buying shares in the open market. The message from chairman Steffen Meister and his team is blunt: the stock is undervalued. But the market remains unconvinced, and the shares keep sliding.

At the close on Thursday, the stock touched a fresh 52-week low of 701.00 euros before recovering slightly to 704.40 euros. By Friday, it was trading at 708.00 euros, barely above the previous day’s trough. The year-to-date loss now stands at more than 35%, and the gap to the 200-day moving average has stretched to a brutal 30%. The relative strength index, at 22.7, confirms the severity of the sell-off.

The trigger for the rout was a liquidity squeeze in the group’s open-ended Evergreen funds, which manage around $56 billion — roughly a third of Partners Group’s total assets under management. In early June, the company capped redemptions from its $8.6 billion Global Value SICAV after retail investors, particularly from Asia, tried to pull nearly 10% of the fund’s assets. The quarterly exit quota was slashed to 5%. Meister has since admitted to communication missteps and said the firm will keep Evergreen funds smaller in future to better manage sudden outflows.

Should investors sell immediately? Or is it worth buying Partners Group?

The fallout has been severe. Analyst downgrades have piled up. Bank of America cut its price target from 1,150 to 850 Swiss francs. Jefferies slashed its target from 1,130 to 760 francs. Oddo BHF downgraded the stock from “buy” to “hold,” and AlphaValue/Baader Europe trimmed its 2026 earnings estimate by over 7%. The institutional investor base, which represents about 80% of clients, has so far remained loyal, but retail jitters are dragging the valuation.

To counter the deep discounts to net asset value — a persistent headache — Partners Group is pushing through a restructuring of its London-listed investment trust, PGPE. The proposal introduces a dual-class share structure. Existing shareholders can choose either to stay invested long-term or to switch into so-called “Realization Shares,” a vehicle that will gradually sell down the portfolio and distribute the proceeds. No new investments will be made in that class. The exit option is capped at 30% of the trust’s share capital, or roughly 250 million euros. A shareholder vote is expected in the third quarter of 2026, with the new structure slated to take effect in the fourth quarter.

Parallel to the trust overhaul, Partners Group is launching fresh products to rebuild retail confidence. A private-equity strategy that debuted in May focuses on lower leverage and regular distributions. Separately, a new real estate program has already raised $650 million at its first closing. These moves aim to stabilize the franchise, but the clock is ticking.

The key date is July 15, 2026. That is when Partners Group will publish its trading update and new assets-under-management figures. If the total falls below the previous year’s $184.9 billion, the pressure on management will intensify dramatically. For now, the board is sticking to its full-year guidance of $26 billion to $32 billion in gross new inflows. The insider buying spree may signal confidence, but only hard numbers — proof that the retail exodus has been halted — can turn the stock around.

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