Partners Group, the Swiss private markets firm, reported assets under management (AUM) reached $186 billion by the end of June 2026, an increase from $174 billion a year prior. This was fueled by record first-half fundraising of $16 billion, surpassing analyst expectations of $14.5 billion. Despite this strong growth in overall AUM and new client demand, the firm's shares have faced significant pressure, losing about a third of their value this year.
The firm has had to enact redemption limits on three of its mature, private equity-heavy evergreen funds, which together hold $9.7 billion in assets. These funds, with exposure to private equity vintages from 2019 to 2022, experienced a surge in quarterly redemption rates from around 2% to over 5%. Partners Group anticipates potential net outflows from these mature strategies to be between $10 billion and $20 billion over the medium term, and expects redemption limitations to remain in place for several quarters. Management stated these issues are concentrated, with 85% of the broader platform performing well.
Partners Group reaffirmed its full-year fundraising guidance of $26 billion to $32 billion. Management emphasized that strong momentum in its broader Evergreen platform, which generated $4.2 billion in inflows in H1 2026, is expected to offset the drag from the mature funds. Infrastructure led new client commitments with $6.1 billion, followed by private credit at $3.9 billion, and private equity at $3.1 billion. The firm deployed $9 billion in new investments and generated $9 billion in realizations during the first half of the year.
