Partners Group restructures €6.6bn evergreen fund after redemption cap
Partners Group is restructuring its €6.6bn Global Value SICAV evergreen private equity fund into two separate portfolios after capping withdrawals earlier this year, according to a report by Bloomberg.
Partners Group is reorganizing its €6.6 billion Global Value SICAV evergreen private equity fund into two distinct portfolios, according to Bloomberg. The Swiss private markets firm intends to transform the vehicle into an umbrella structure comprising a "distributing fund" and a "compounding fund", pending shareholder approval.
The distributing fund will be focused on older assets, generating liquidity through asset sales to address redemption requests. In contrast, the compounding fund will target new investments and aim for higher returns for investors willing to maintain their investments. Investors will retain their current exposure, transfer shares from the distributing fund to the compounding fund, or redeem from one or both portfolios.
New investors will be able to subscribe to the compounding fund, which the firm claims will be sized to facilitate efficient deployment and portfolio management. This restructuring follows Partners Group's decision in June to cap withdrawals from the Global Value SICAV due to a surge in redemption requests. The firm oversees approximately $186 billion in assets, with 29% allocated to evergreen vehicles, and manages over 30 evergreen funds across five asset classes.
Partners Group also plans to make a substantial additional balance-sheet commitment to the compounding fund alongside new institutional investors.
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