Partners Group Pushes Into Miami Real Estate as Short-Seller Claims and Redemption Caps Pressure Shares
Veröffentlicht: 26.06.2026 um 19:11 Uhr, Redaktion boerse-global.de
The Swiss asset manager's stock has been battered from all sides in recent months, yet the company continues to push ahead with ambitious property development. On Friday, Partners Group sank to a fresh 52-week low of €686.80 before clawing back to €703.60 – still a year-to-date decline of 35.57%. The shares more recently changed hands at €696.40, leaving them down roughly 36% since January and barely above that newly minted trough.
The carnage has left technicians pointing to an extreme oversold condition. The relative strength index is now at 21.7, dipping below the 22.5 reading recorded earlier in the week, while the stock trades 31% below its 200-day moving average. Annualised volatility stands at a dizzying 52.35%.
None of this has deterred management from unveiling a flashy new project. Partners Group is pouring roughly $220 million into a 70-storey residential tower in Miami's Brickell financial district, which will carry the name of its watchmaking subsidiary, Breitling. The building is slated to contain more than 300 condominiums and penthouses, with construction handled by the group's in-house developer Empira – an acquisition made two years ago. Earth-moving equipment is expected to arrive around the end of 2028, and completion is pencilled in for 2031.
That long-term bet, however, is providing scant relief from the immediate headwinds rattling the stock. The main trigger for the sell-off came in April, when US short-seller Grizzly Research published a report alleging that Partners Group's ever-green funds were materially mispriced and drawing a parallel to the Wirecard scandal. The company has dismissed the claims as defamatory and filed a lawsuit. Co-founder Alfred Gantner described the criticism as demonstrably unfounded, while his colleague Fredy Gantner acknowledged communication missteps even as he bought shares.
Should investors sell immediately? Or is it worth buying Partners Group?
In fact, insiders have been aggressively backing the stock. Since February, executives have invested nearly 60 million Swiss francs in their own company's equity, a vote of confidence the market has so far ignored.
The short-seller's attack has also begun to hit the fund business. At the start of June, Partners Group capped redemptions in its Global Value SICAV, a vehicle managing $8.6 billion, at 5% of net asset value after redemption requests surged to almost 10%. A separate Delaware-based fund saw outflows of roughly 6%, and three other evergreen funds are expecting material withdrawals in the second quarter. The pressure is coming primarily from retail investors, who account for about 20% of assets under management and tend to react more nervously than institutional clients.
The response in London has been drastic. The board of Partners Group Private Equity Limited is proposing a split into two share classes – participation shares and realisation shares – allowing exiting investors to cash out while limiting the volume of such paper to 30% of capital. The plan requires shareholder approval at a general meeting.
Partners Group at a turning point? This analysis reveals what investors need to know now.
Analysts have been cutting their profit forecasts for the next two years by between 10% and 22%, citing poor visibility and a lack of growth catalysts. Partners Group itself expects the evergreen platform to weigh slightly on growth in the second half, but it is sticking with its annual guidance of gross new client demand between $26 billion and $32 billion.
The first real test of how deep the redemption wave has bitten will come on 15 July, when the company reports assets under management as of the end of June. A better-than-expected number could offer the oversold stock a chance to stabilise – but with the Zinspolitik (monetary policy backdrop) still dictating the rhythm for rate-sensitive asset managers, the road ahead remains uncertain.
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