FAQs on the Evergreen Business

This report addresses the 5% underperformance of Partners Group (PGHN.S) shares, linking it to investor fears of a redemption spillover from the US private credit wealth channel into PGHN's massive $56bn evergreen platform.

Key Takeaways

• 1.Partners Group's recent share underperformance is driven by investor concerns regarding potential redemption spillovers from US private credit wealth vehicles into broader private market evergreen products.
• 2.Partners Group has one of the highest exposures to evergreen wealth products in its peer group, with $56bn in evergreen AuM (30% of total) contributing 34% of group revenue.
• 3.While US private credit BDCs are seeing redemptions >10% of NAV, PGHN's evergreen exposure is over 80% Private Equity, with less than 10% in Private Credit.

Table of Contents

• 1. Why have Partners Group's shares underperformed in recent weeks?
• 2. Have we seen any evidence of this slowdown in private credit wealth flows spilling over into the broader open-ended evergreen space yet?
• 3. So, with this in mind, what are the next datapoints we are watching from here?
• 4. How should we view this upcoming data in the context of key debates on the stock?
• Valuation and risks
• Disclosure Appendix

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