Key Takeaways
- • Partners Group signed a non-binding memorandum of understanding with Abu Dhabi's Projects and Infrastructure Centre (ADPIC) on 28 October to encourage private participation in infrastructure and real estate projects in the emirate.
- • The firm closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy on 22 October, raising USD 510 million and bringing 2026 rated feeder capital to USD 875 million, according to company figures.
- • Investors in the Partners Group Private Equity Fund, LLC requested USD 2.2 billion in redemptions in the third quarter, but the fund paid out USD 728 million, according to media reports citing SEC tender-offer results published 30 October.
- • Shareholders of the European Global Value SICAV vote in the week from 9 November on a split into an umbrella structure with two sub-portfolios, alongside reported fee cuts of at least 25 basis points (distributing) and up to 75 basis points (accumulating).
- • Partners Group shares closed at EUR 729.80 on Friday, up 0.4% but down 31% year to date.
Summary
Partners Group has been expanding its deal pipeline and credit franchise at the same time, while facing redemption pressure in one of its US vehicles. The Swiss asset manager signed a non-binding memorandum of understanding with Abu Dhabi's Projects and Infrastructure Centre (ADPIC) on 28 October. The agreement spans infrastructure and real estate projects and is aimed at encouraging private participation in the emirate, where sovereign-backed development spending is running at scale.
On 22 October, the group closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising USD 510 million. Combined with the vehicle raised in January, rated feeder capital reached USD 875 million this year, according to company figures. Rated feeders are a funding channel aimed at insurers and other regulated investors that require rated exposure to private credit.
The fundraising contrasts with a weaker picture in the Partners Group Private Equity Fund, LLC. Investors requested redemptions of USD 2.2 billion in the third quarter, against which the fund paid out USD 728 million, according to media reports citing tender-offer results filed with the US Securities and Exchange Commission and published 30 October. Credit inflows are held in a different vehicle from the one facing exit requests, so the two should be assessed separately, though a persistent gap between requested and honoured redemptions could weigh on confidence in the wider fund range.
In Europe, shareholders of the Global Value SICAV are due to vote in the week from 9 November on a proposed split into an umbrella structure with two sub-portfolios. According to media reports, fees on the distributing sub-fund have been cut by at least 25 basis points for three years, and the reduction on the accumulating sub-fund runs to as much as 75 basis points until 1 January 2030. The firm is also reported to be temporarily lowering the quarterly redemption limit for new share classes to 2.5% of net asset value from 5%, a step intended to conserve liquidity.
Partners Group shares rose 0.4% on Friday to close at EUR 729.80 on the SIX exchange, but remain down 31% since the start of January. The SICAV vote is the near-term signal to watch, while the key question is whether the firm can keep raising credit capital while redemption pressure in the US fund eases.
On 22 October, the group closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising USD 510 million. Combined with the vehicle raised in January, rated feeder capital reached USD 875 million this year, according to company figures. Rated feeders are a funding channel aimed at insurers and other regulated investors that require rated exposure to private credit.
The fundraising contrasts with a weaker picture in the Partners Group Private Equity Fund, LLC. Investors requested redemptions of USD 2.2 billion in the third quarter, against which the fund paid out USD 728 million, according to media reports citing tender-offer results filed with the US Securities and Exchange Commission and published 30 October. Credit inflows are held in a different vehicle from the one facing exit requests, so the two should be assessed separately, though a persistent gap between requested and honoured redemptions could weigh on confidence in the wider fund range.
In Europe, shareholders of the Global Value SICAV are due to vote in the week from 9 November on a proposed split into an umbrella structure with two sub-portfolios. According to media reports, fees on the distributing sub-fund have been cut by at least 25 basis points for three years, and the reduction on the accumulating sub-fund runs to as much as 75 basis points until 1 January 2030. The firm is also reported to be temporarily lowering the quarterly redemption limit for new share classes to 2.5% of net asset value from 5%, a step intended to conserve liquidity.
Partners Group shares rose 0.4% on Friday to close at EUR 729.80 on the SIX exchange, but remain down 31% since the start of January. The SICAV vote is the near-term signal to watch, while the key question is whether the firm can keep raising credit capital while redemption pressure in the US fund eases.
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