Swiss asset manager Partners Group reported a rise in assets under management (AUM) to $186 billion as of June 30, 2026, exceeding analyst expectations. This growth was fueled by $16 billion in new client commitments during the first half of the year, outperforming Bank Vontobel's forecast of $14.5 billion. The company reconfirmed its full-year 2026 guidance for gross new client demand of $26 billion to $32 billion, demonstrating sustained fundraising momentum.
Despite positive fundraising, Partners Group faced considerable redemption challenges from its mature open-ended evergreen funds. In June, the firm capped withdrawals from an $8.6 billion private equity fund due to increased redemption requests, leading to a significant drop in its stock price, which lost about a third of its value this year. Similar measures were anticipated for a larger U.S. fund, and three other mature evergreen funds, with a combined $9.7 billion in assets, expected redemptions between 3.5% and 5%. These redemption limitations are expected to remain for several quarters.
The firm acknowledged that elevated redemptions from these mature evergreen funds could slow net AUM growth by 1-2% over the next 18 months, with potential net outflows estimated at $10 billion to $20 billion. However, strong momentum from its broader evergreen platform, which includes approximately 30 diversified offerings and generated $4.2 billion in inflows in the first half of 2026, is expected to offset some of this drag. Overall, redemptions totaled $3.8 billion in H1 2026, with 79% originating from three mature evergreen strategies. Partners Group plans to slightly reduce the size of its open-ended funds in the future while maintaining its strategic focus.
