Swiss private equity firm Partners Group, which manages over $185 billion in assets, has capped redemptions on its flagship Partners Group Global Value SICAV evergreen fund, effective June 3, 2026. The decision came after redemption requests surged to an estimated 9.8% to 10% of the fund's net asset value in the second quarter-roughly double the standard quarterly gate of 5%.
Markets reacted sharply. Partners Group shares fell 13% to 18% on the day, hitting multi-year lows. The sell-off spread across the sector: shares of EQT dropped over 6%, while CVC Capital Partners, KKR, and Bridgepoint also posted notable declines.
This is the first time Partners Group has imposed such restrictions since the COVID-19 pandemic. The wave of redemption requests follows growing anxiety in private credit markets, with fears that default rates could double from historical levels of roughly 2.6%. Software loans have become a particular focus for investor concern.
Partners Group emphasized that its private credit evergreen funds represent less than 3% of total AUM and have experienced no net redemptions in 2025 or 2026.