Partners Group Caps Withdrawals at 5% on $8.6 Billion Evergreen PE Fund as Redemption Requests Hit 9.8%

Partners Group, the Zurich-listed Swiss asset management giant active in private equity, private credit, infrastructure and real estate, has moved to restrict investor withdrawals from its Global Value SICAV fund — an $8.6 billion so-called 'evergreen' (open-ended, perpetual) private equity vehicle — capping redemptions at 5% of net asset value (NAV). The trigger was investor redemption requests reaching 9.8% of NAV, nearly double the cap. The fund represents approximately 4.8% of Partners Group's total asset base. The announcement sent shares in Partners Group plunging more than 16%, reaching a 52-week low. Contagion spread across the private markets sector: shares in KKR dropped more than 4% and Carlyle Group fell more than 5%, alongside declines at Blackstone, Ares, and Blue Owl. The selloff reflects deepening investor anxiety about asset quality and liquidity across the broader private markets universe. The move arrives as US non-traded private credit funds are simultaneously facing a surge in redemption requests — Cliffwater's flagship $31.3 billion private credit fund reported withdrawal requests worsening from 14% in Q1 to 17% in Q2, with sector-wide redemption rates hitting as high as 41% in Q1. Most managers have been enforcing the typical 5% withdrawal limit. Partners Group's action signals that the stress is now spilling from private credit into private equity 'evergreen' structures — a wider contagion risk that puts the entire semi-liquid alternatives market under scrutiny.