Partners Group’s Blockchain Bet and Redemption Squeeze: A Tale of Two Headwinds
Veröffentlicht: 07.07.2026 um 19:13 Uhr, Redaktion boerse-global.de
The Swiss private-markets giant Partners Group is pushing ahead with a tokenization initiative even as its flagship shares languish near 12-month lows, caught between a short-seller attack and a liquidity crunch in several of its open-ended funds. The company on Tuesday launched “NGI+”, a digital token that grants access to its Next Generation Infrastructure fund, in a bid to tap new capital sources outside the traditional institutional channel. The token, offered via the provider Asseto, allows monthly subscriptions and a 25-day redemption period, while enabling round-the-clock transferability.
The underlying infrastructure strategy, which began in February 2024, has delivered a cumulative net return of 48.8% after fees through April 2026, with volatility of less than 2.5%. Partners Group manages more than $185 billion globally and brings over two decades of private infrastructure experience to the vehicle. The move comes as analysts at Citi project the global market for tokenized assets could reach $5.5 trillion by 2030, suggesting the firm is positioning for a structural shift in how illiquid assets reach a broader investor base.
Yet the stock remains under severe pressure. The equity traded at €738.80 on Tuesday, up 0.27% on the day, but that still leaves it 32.34% lower since the start of 2026. Earlier in the day, the price had dipped to €731.20, underscoring the persistent selling sentiment. From its 52-week high of €1,213.50 set on 8 August 2025, the stock has shed about 39%. The yearly low of €686.80 was hit on 26 June, and the current level stands just 7.57% above that trough.
The downward spiral has multiple triggers that reinforce one another. In late April, U.S. short-seller Grizzly Research published a report alleging that up to 40% of the holdings in Partners Group’s Evergreen funds could be materially misvalued. The firm rejected the claims as “reckless, defamatory and misleading” and said it is considering legal action and reporting the matter to regulators for possible market manipulation. The report compounded existing nervousness about liquidity in the firm’s open-ended vehicles.
Should investors sell immediately? Or is it worth buying Partners Group?
Structural redemption pressures have been building for months. In early June, Partners Group capped withdrawals from its Global Value SICAV vehicle at 5% after redemption requests swelled to 9.8% of net assets. A U.S. private-equity fund domiciled in Delaware saw redemption requests of about 6% of net asset value in the second quarter. Three additional Evergreen funds, with a combined $9.7 billion in assets, face expected redemption requests ranging from 3.5% to 5%. Meanwhile, the board of the London-listed investment trust PGPE has proposed a two-tier share structure: “Continuing Ordinary Shares” for long-term holders and “Realization Shares” for those wanting to exit, with the realization class capped at 30% of capital. Details are expected in the third quarter of 2026, and nothing has been finalised.
Management has tried to shore up confidence through insider buying on a larger scale in recent weeks, a move the market interprets as a vote of faith—though the share price has barely reacted. The company also notes that roughly 80% of its $185 billion in assets under management come from long-term institutional investors, with only 20% from private-wealth clients, arguing that structure should insulate it from retail panic.
Technically, the stock shows signs of having left extreme oversold territory. The relative strength index has recovered to 39.2 from a low of 37.1, moving away from the deeply oversold zone but still below the neutral 50 mark. However, 30-day volatility remains elevated at 51.57%—unusually high for a large-cap name and indicative of lingering market jitters. The gap to the 200-day moving average of €994.40 still exceeds 26%.
Partners Group at a turning point? This analysis reveals what investors need to know now.
The next major test comes on 15 July, when Partners Group releases its assets-under-management update as of 30 June. Investors will be watching closely whether new business can offset the redemptions in the Evergreen funds. A fuller picture will emerge with the half-year results due in September. For now, the company is balancing a forward-looking digital push against the immediate realities of a cash squeeze—a tightrope act that will define its trajectory through the rest of 2026.
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Partners Group Stock: New Analysis - 7 July
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
