Evergreen Update: Global Value SICAV Redemption Limits

Partners Group (PGHN.S) shares plummeted 16% after the firm capped redemptions at 5% for its $8.6bn Global Value SICAV evergreen fund. The move followed a 9.8% redemption request rate, driven by weak performance and a short-seller report.

Key Takeaways

• 1.Partners Group gated redemptions at 5% of NAV for its $8.6bn Global Value SICAV fund after redemption requests reached 9.8% in Q2.
• 2.Partners Group shares fell 16% following the announcement, marking the first major non-private credit evergreen vehicle to limit withdrawals.
• 3.Investor focus is shifting to potential similar gating risks in PGHN's largest fund, the US-domiciled Private Equity Master Fund.

Table of Contents

• Summary key points on the Global Value SICAV
• Valuation & Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Coverage Universe
• Global product; distributing entities
• General disclosures