Partners Group US evergreen fund faces $2.2bn withdrawal requests

Investors in the flagship US private equity master fund managed by Partners Group submitted $2.2 billion in redemption requests during the third quarter. The requested withdrawals represented approximately 15% of the vehicle's net assets, more than doubling the volume seen in the preceding quarter, according to a report by the Financial Times.

Redemption requests rose from $900 million, or around 6% of assets, in the second quarter. Partners Group capped withdrawals at 5% in both periods, exercising the fund's liquidity limits as requests exceeded the permitted threshold.

The firm said the latest requests were consistent with guidance issued in July and reflected patterns typically seen after evergreen funds impose redemption limits. Analysts at BNP Paribas reportedly pointed to softer performance and increased competition from new evergreen products in the US wealth market.

Partners Group has also announced plans to restructure its €6.6 billion European evergreen private equity fund by separating older, weaker-performing assets from newer investments. The firm is considering similar changes to other evergreen vehicles, while its shares have fallen around a third this year amid performance concerns and withdrawal pressure.