Partners Group Management Buys 60 Million Francs in Stock as Short-Seller Lawsuit and Redemption Issues Mount

Partners Group executives and board members have bought more than 60 million Swiss francs of the company's own shares since the start of June, funding the purchases entirely from personal capital. The insider buying spree sends a clear signal that management believes the market has overcorrected, even as the private-markets firm faces a high-profile legal battle with a US short-seller and a squeeze on its flagship Evergreen fund platform.

The stock has lost roughly 35% this year, touching a 52-week low of exactly 700.00 euros before recovering slightly to around 708.00 euros. The relative strength index has sunk to 23.1 – well into oversold territory – while annualized volatility has spiked to about 53%. Against that backdrop, the buying by chairman Steffen Meister and other top figures represents an unusually strong vote of confidence.

The source of the selling pressure traces back to Grizzly Research, which in April alleged that up to 40% of the investments in Partners Group’s Evergreen funds could be significantly overvalued. The short seller likened the situation to that of Wirecard, the collapsed German payments company. Partners Group has said it will sue Grizzly over the report.

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

The most exposed vehicle is the Global Value SICAV, an $8.6 billion evergreen fund. Second-quarter redemption requests reached roughly 9.8% of net asset value, forcing Partners Group to cap payouts at 5% of NAV per quarter. Meister acknowledged that Asian investors have been particularly active in pulling money, and the firm is now scaling the $56 billion Evergreen platform – which accounts for a large portion of total assets under management of $185 billion – to match the current market climate.

To stem the outflow and restore confidence, Partners Group is pursuing two structural changes. First, it plans to split its London-listed vehicle PGPE into performance shares and realization shares, with the latter capped at 30% of issued equity – around €250 million at full exercise. Shareholders must approve the plan at an extraordinary general meeting, with implementation slated for the fourth quarter of 2026. Second, on May 21 the group launched its “Total Return Strategy,” which uses lower leverage, holding periods of up to twelve years, and regular distributions. An initial dividend of 5% to 8% is being offered as an incentive.

Analysts have trimmed their forecasts but remain largely constructive. Six of 13 rate the stock a buy, seven rate it a hold, and none recommend selling. The average 12-month price target stands at 966 Swiss francs, far above the current price. Still, houses such as Octavian, Bank of America and Jefferies have lowered their targets, and EPS estimates for 2026 and 2027 have been cut by 10% to 22%, citing slower asset growth and faltering performance fees.

Two critical dates are on the horizon. On July 15, Partners Group will release half-year results. If assets under management fall below the $185 billion mark, pressure on management will intensify sharply. On September 1, third-quarter numbers are due. Analysts currently forecast full-year earnings of 45.75 Swiss francs per share and a dividend of 46.90 francs. The insider buying suggests the board sees long-term value, but the coming earnings reports will be the real litmus test.

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