Partners Group’s decision to limit withdrawals from its $8.6 billion Global Value SICAV fund has put a spotlight on a growing challenge facing the private markets industry: balancing investor demand for liquidity with the long-term nature of private assets.
The Swiss alternative asset manager confirmed that redemption requests in the fund rose to approximately 9.8% of net asset value during the second quarter, prompting the activation of a 5% quarterly redemption cap. While such mechanisms are built into evergreen fund structures, the move has attracted attention because it reflects changing investor behavior at a time when private markets are already facing increased scrutiny.
Unlike traditional private equity funds that lock investor capital for several years, evergreen funds are designed to operate indefinitely and provide periodic liquidity windows. These products have become increasingly popular among wealthy individuals and financial advisors seeking exposure to private markets without committing to long lock-up periods. However, the trade-off is that redemption requests can occasionally exceed available liquidity, forcing managers to activate withdrawal limits.
The Global Value SICAV fund is one of Partners Group’s longest-running investment vehicles, with a history spanning nearly two decades. The fund remains a significant part of the firm’s evergreen platform, which collectively manages more than $56 billion across over 30 funds covering private equity, private credit, infrastructure, real estate and royalties.
What makes the latest development noteworthy is that the fund does not appear to be facing an immediate liquidity shortage. According to information provided to investors, Global Value SICAV held liquidity equivalent to roughly 15% of net asset value and also maintained access to an undrawn credit facility worth another 15% of the fund’s size. The decision therefore appears to be focused on preserving flexibility and avoiding the need to sell private assets under unfavorable conditions.
The move comes at a time when investors are paying closer attention to liquidity management throughout the alternative asset industry. Over the past year, several large asset managers have introduced withdrawal limits or redemption controls in private credit products as investors sought faster access to capital. Similar concerns emerged earlier this year when private credit funds faced increased withdrawal pressure, highlighting how liquidity management has become a key issue across alternative investments.
Partners Group oversees approximately $185 billion in assets globally and is widely regarded as one of Europe’s largest listed private markets firms. As a result, actions taken by the company are often viewed as indicators of broader trends within the industry. The rise in redemption requests suggests that some private wealth investors are becoming more cautious amid economic uncertainty, geopolitical tensions and ongoing questions surrounding asset valuations.
The company has also been navigating additional scrutiny following allegations from short-seller Grizzly Research earlier this year regarding valuation practices within certain evergreen funds. Partners Group strongly rejected those claims, stating that its valuations are independently reviewed and validated by third parties.
The broader market reaction reflects concern that redemption pressure could extend beyond private credit and into other segments of private markets. Shares of alternative asset managers including EQT and CVC Capital Partners also came under pressure following reports of the withdrawal limits, underscoring investor concerns about future fundraising activity and asset growth across the sector.
For long-term investors, the activation of a redemption cap does not necessarily signal financial distress. Instead, it highlights the reality that private market investments operate differently from publicly traded securities. While evergreen funds offer greater flexibility than traditional private equity structures, they still rely on mechanisms that protect investors when demand for liquidity rises faster than expected.
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As private wealth participation in alternative investments continues to expand, the industry will likely face increasing pressure to demonstrate how liquidity can be managed during periods of market stress. The experience at Partners Group may ultimately serve as an important test case for how evergreen funds navigate those challenges while maintaining investor confidence.
Investors seeking additional information about the firm’s investment strategies and fund structures can visit the official Partners Group website.
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