EL7.AI
GeneralMedium•29 October 2026•
4 min read

$2.2 Billion in Redemption Requests Pressure Partners Group’s European Fund

Key Facts

1Global Value SICAV received about $2.2 billion in redemption requests, or 15% of net assets, in the third quarter of 2026.
2Second-quarter requests reached 9.8% of net asset value, then third-quarter requests reached the 5% redemption cap.
3Global Value SICAV is valued at about €6.6 billion, and the company plans to convert it into an umbrella fund with two portfolios.
4Fees for the distributing fund will fall by at least 25 basis points for three years, and fees for the compounding fund by up to 75 basis points through January 1, 2030.
5The second financing vehicle for the private credit strategy raised $510 million, bringing total financing through classified vehicles to $875 million in 2026.

Partners Group Global Value SICAV received redemption requests of about $2.2 billion in the third quarter of 2026, equivalent to 15% of its net assets, according to information published about the fund. The quarterly redemption cap is 5% of net asset value, and requests reached that level again during the quarter, Bloomberg reported via Swissinfo. This means the volume of requests exceeded the amount the fund can meet in the quarter, not that the cap itself increased. The fund is registered in Luxembourg and is aimed at private wealth investors, according to a Partners Group disclosure. The wave of requests puts liquidity provision at the forefront of the fund’s restructuring plan.

The requests follow redemption requests in the second quarter that reached about 9.8% of net asset value, Bloomberg reported. In June, the fund imposed a quarterly cap of 5% of net asset value after withdrawal requests in the second quarter jumped to that estimated level. In the third quarter, requests again reached the 5% cap, while the $2.2 billion figure refers to total requests submitted, not the amount that can be paid within the quarterly limit. Partners Group also said in June that a separate U.S. private equity fund had recorded repurchase requests of nearly 6% of its net assets in the May window. That U.S. fund is separate from Global Value SICAV, and its requests should not be confused with those of the European fund.

Global Value SICAV is valued at about €6.6 billion, and Partners Group plans to convert it into an umbrella fund with two portfolios. The distributing portfolio will hold older, lower-performing assets, while the compounding portfolio aims to deliver higher returns over the long term, Bloomberg reported via WealthManagement. The company said the distributing portfolio will allow investors to collect returns by liquidating portfolio investments, while the compounding portfolio focuses on long-term value growth. The asset-sale route is also expected to provide liquidity for the distributing portfolio to meet redemption requests. The plan thus separates investors seeking to exit through asset liquidation from those who continue investing.

Fee cuts differ between the two proposed portfolios. Investors in the distributing fund will receive a reduction of at least 25 basis points for three years, Bloomberg reported via WealthManagement. Management fees for the compounding fund will be reduced by up to 75 basis points through January 1, 2030. The plan thus links the type of portfolio to the fee path applied to its investors. The proposed restructuring remains subject to shareholder approval, which the company plans to seek during the week beginning November 9, 2026. The two sub-funds are expected to begin operating on November 30, 2026.

The company’s figures provide broader context on the growth of its investment business and the makeup of its client base. Partners Group said about 80% of its assets under management came from institutional investors, compared with about 20% from private wealth investors, according to June 2026 data. New client commitments also reached a record $16 billion in the first half of 2026, compared with $12.2 billion in the same period of 2025. In June, the company forecast total new client demand of between $26 billion and $32 billion during 2026. But it also said its evergreen fund platform could slow growth in net assets under management by about 1% to 2% in the second half of 2026, with a similar impact expected in 2027. The company’s evergreen private credit strategy dates back to 2016 and focuses on senior direct lending to non-cyclical industries in developed markets.

In an activity separate from Global Value SICAV, Partners Group raised $510 million from U.S. insurers in October for the second financing vehicle under its evergreen private credit strategy. The transaction brought the total raised by the company through classified financing vehicles to $875 million, in addition to $365 million raised in January through a separate financing partnership. This financing is unrelated to redemption requests at the European private equity fund. Partners Group also said Global Value SICAV had generated a net return equivalent to 4.5 times invested capital since its launch, according to Class I dollar data through June 30, 2026. The vote scheduled for the week beginning November 9 remains the next milestone in the restructuring plan, with the two sub-funds expected to begin operating on November 30.