Partners Group US evergreen fund faces $2.2bn withdrawal requests
Investors in Partners Group’s flagship US private equity master fund requested $2.2bn of withdrawals in the third quarter, equivalent to 15% of net assets and more than double the previous quarter’s total, according to a report by the Financial Times.
Investors in Partners Group's flagship US private equity master fund requested $2.2 billion in withdrawals during the third quarter, representing 15% of net assets and more than double the previous quarter. This surge in redemption requests, which rose from $900 million in the second quarter, saw Partners Group imposing a 5% limit on withdrawals in both periods.
The firm justified these measures, stating the latest requests align with guidance given in July and mirror patterns typically observed after such limits are implemented. Analysts from BNP Paribas suggested softer performance and heightened competition from new evergreen products in the US wealth market as potential reasons behind the withdrawals.
In addition to this, Partners Group announced plans to restructure its €6.6 billion European evergreen private equity fund by segregating older, underperforming assets from newer investments. Similar restructuring measures may be applied to other evergreen funds under the firm's portfolio, while its shares have plummeted by approximately a third this year due to performance concerns and heavy withdrawal pressure.
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