Partners Group’s Stock Hovers Near a Floor as a $20 Billion Fundraising Haul Fails to Lift the Gloom
Published on 07/26/2026 at 10:54 | Redaktion boerse-global.de
The disconnect between Partners Group’s fundraising machine and its share price has rarely been starker. Over the course of a single week, the Swiss asset manager wrapped up two infrastructure programs totaling more than $20 billion — including a $5.5 billion secondaries strategy and a $15 billion direct investment vehicle. Yet the stock closed Friday at CHF 725.80, a mere 5.7% above its 52-week low of CHF 686.80, set in June. Since the start of the year, the equity has shed 31.6% of its value, making it one of the worst performers in the European financial sector.
The trouble began in late April, when US short-seller research firm Grizzly Research published a 37-page report alleging that Partners Group had inflated the value of nearly 40% of the assets in its evergreen funds. The report drew an incendiary comparison to the Wirecard scandal. Chairman Steffen Meister dismissed the claims as baseless and vowed legal action, but the damage to investor sentiment was done.
Matters worsened in late June, when the stock broke below its intraday low from the start of the month. The trigger: news that Partners Group had capped redemptions from a $8.6 billion private equity fund. That move, combined with the short-seller allegations, has kept the stock pinned near its floor even as the firm’s fundraising operation continues to churn out record numbers.
Performance Fees Are the Real Headwind
While the headline fundraising numbers are impressive, the market’s focus has shifted to a more structural concern. Management has warned that performance fees — the lucrative slice of revenue tied to successful exits — will likely fall below 20% of total revenue in 2026, well short of the long-term target range of 25% to 40%. The culprit is a sluggish exit environment: Partners Group is selling fewer portfolio companies than planned, crimping the very fees that have historically driven earnings growth.
Should investors sell immediately? Or is it worth buying Partners Group?
Two banks have already trimmed their price targets to reflect the weaker outlook. UBS lowered its target to CHF 705, while Jefferies set its own at CHF 710. Whether other institutions follow suit will be a key question in the weeks ahead.
Royalties Offer a Quiet Counterpoint
Not every part of the business is feeling the squeeze. Partners Group’s royalty division, which holds stakes in assets such as music catalogs and licensing rights to the TV show South Park, grew its assets under management by 50% in the first half of the year, reaching $1.5 billion. The portfolio now includes 53 separate holdings. Because these cash flows are largely independent of the traditional private equity cycle, the royalty business could emerge as a stabilizing force in the firm’s earnings mix — even as the evergreen funds face redemption pressure.
Technicals Suggest a Pause, Not a Turnaround
The stock’s relative strength index sits at 42.8, a neutral reading that suggests the intense selling pressure of recent months has abated for now. The key level to watch in the coming week is CHF 720. If the stock can defend that mark, it may form a consolidation base ahead of a potential autumn recovery. A break below the June low, however, would open up fresh downside.
Partners Group at a turning point? This analysis reveals what investors need to know now.
No corporate events are scheduled for the immediate week ahead. The next major catalyst will be the release of second-half results, expected in the third quarter. Until then, investors will be parsing any news flow from the private markets segment — particularly any exit announcements that could brighten the performance-fee outlook.
Partners Group remains committed to its 2026 target of raising between $26 billion and $32 billion in new client money, though management has cautioned that the evergreen funds could drag net growth by one to two percentage points in the second half. For a stock trading just a few percentage points above its 52-week low, every data point now carries outsized weight.
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Partners Group Stock: New Analysis - 26 July
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