Partners Group's Mid-Year AUM Report to Test Whether Institutional Inflows Can Offset Redemption Strain
Veröffentlicht: 15.07.2026 um 06:33 Uhr, Redaktion boerse-global.de
The Swiss private-markets manager will release its assets under management for the end of June this evening at 17:45 CET, with analysts expecting a modest uptick to $186.7 billion from $185.0 billion at year-end 2025. While the headline AuM figure typically commands attention, this quarter's disclosure is overshadowed by a redemption squeeze at the firm's flagship Evergreen fund — a dynamic that has already erased more than 31% of the stock's value this year.
The Partners Group Global Value SICAV, a Luxembourg-domiciled semi-liquid fund with $8.6 billion in net assets, attracted redemption requests equivalent to 9.8% of its net asset value during the second quarter. That nearly doubles the fund's quarterly cap of 5%, forcing the manager to reject roughly half of the withdrawal notices. The strain is not unique to Partners Group: rivals Ares, Apollo and Morgan Stanley have reported redemption rates ranging from 12% to 17% for their own evergreen vehicles, signaling a broad liquidity squeeze across the semi-liquid private-markets space. By contrast, Goldman Sachs' GS Credit Fund fared better, with requests amounting to just 3.24% of NAV — fully honored — and $275 million in new subscriptions flowing in.
The redemption pressure has been compounded by a short-seller attack. Grizzly, an activist firm, accused Partners Group of overvaluing its fund holdings, a charge that chairman Meister dismissed as a "massive overreaction" by the market. The combination of withdrawal constraints and valuation allegations has weighed on investor sentiment in recent weeks, even as the underlying business of raising institutional capital remains intact.
Should investors sell immediately? Or is it worth buying Partners Group?
Fresh commitments for the first half of 2026 are expected to come in at $14.0 billion, up from $12.2 billion in the same period last year. For the full year, management has maintained its guidance of $26 billion to $32 billion in gross new client inflows. The company has also reiterated that inflows into its evergreen products should exceed outflows in the first half — a claim that today's numbers will put to the test. Analysts will be watching for details on performance fees and the exit environment for portfolio companies, both of which affect near-term earnings visibility.
The stock has partially recovered from its June lows but remains deep in the red. Shares closed at €751.80 on Tuesday, up 4.56% on the week but still down 3.66% over the past month. The year-to-date decline stands at 31.15%, while the 12-month slide is 35.08%. At the current level, the stock is 38.05% below the 52-week high of €1,213.50 set on August 8, 2025, but only 9.46% above the low of €686.80 touched on June 26 — suggesting a tentative bottoming process.
Technical indicators paint a cautious picture. The price remains 9.26% below the 50-day moving average of €828.54 and 23.62% below the 200-day average of €984.34. The relative strength index stands at 46.6, neutral territory, while 30-day annualized volatility of 24.64% underscores the elevated uncertainty surrounding today's release. The current market capitalisation is equivalent to €19.36 billion.
Looking further ahead, Partners Group has set an ambitious target of growing assets under management to $450 billion by 2033. This evening's update will reveal whether near-term headwinds from retail redemptions are being offset by the institutional demand that will be needed to reach that long-term goal. If the AuM and commitment figures meet consensus expectations, the recent stabilization in the share price could gain traction. But if the redemption issue dominates the conference call, the volatility that has defined the past month is likely to persist.
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