Partners Group now Europe’s worst-performing financial stock, according to MSCI index
Partners Group has emerged as the weakest-performing stock in MSCI’s European financials index this year, as investors continue to digest concerns over withdrawals from the Swiss alternative asset manager’s evergreen funds, according to a sort by Bloomberg.
As MSCI's European financials index reveals Partners Group as the worst-performing stock so far this year, concerns over withdrawals from the Swiss alternative asset manager's evergreen funds continue to weigh on its shares. With a staggering 24.8% decline since the beginning of the year, Partners Group now trails behind Dutch payments company Adyen, which briefly occupied the bottom spot before experiencing a rebound following a brighter revenue outlook.
The intensifying investor worries escalated after Partners Group imposed restrictions on withdrawals from its flagship private equity master fund in July, limiting the amount that could be taken out to around 6%. This restriction came in the wake of a similar cap placed on one of the firm's other evergreen private equity funds in June.
The restrictions triggered an 18.2% drop in the company's share price in a single day, heightening fears that the liquidity issues plaguing private credit funds earlier in the year might now extend to other areas of private markets. Partners Group has acknowledged that its evergreen platform might hinder the growth of its assets under management by a range of 1% to 2% this year and next.
Additionally, the firm is contemplating a reduction in the total size of some of its evergreen vehicles catering to wealthy investors. With approximately $56 billion invested in evergreen funds at the end of last year, Partners Group's AUM totals around $185 billion.
Written by urgent.news from Private Equity Wire's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
