Partners Group, the Swiss private markets giant, warned Thursday that elevated redemptions in its mature evergreen funds could slow net assets under management (AUM) growth by 1-2% over the next 18 months, as the firm enacted redemption limits across three of its private equity-heavy strategies.

The disclosure came during the firm’s H1 2026 investor call, where management offered a candid assessment of mounting pressure on a segment of its $124 billion platform. Quarterly redemption rates in the affected funds surged from roughly 2% to over 5% — a sharp acceleration that Roberto Cagnati, head of portfolio solutions, attributed to a confluence of external factors including industry-wide concerns over private credit evergreen liquidity, negative media coverage, and heightened geopolitical volatility.

“The real change from the first quarter to the second quarter this year were the external effects we faced,” he said on the call.

The three strategies at the center of the redemption surge are mature, private wealth-focused evergreen funds with heavy exposure to private equity vintages from 2019 to 2022 — a period that preceded the aggressive interest rate hikes that followed. Those vintages have faced valuation headwinds and slower realizations industry-wide, and Partners Group acknowledged its fourth private equity fund vintage, which invested heavily during that window, would deliver returns below its prior funds, though in line with industry peers.

The firm’s evergreen funds carry 50-60% exposure to those challenged vintages, compared to roughly 40% for its private equity mandates — a gap that has amplified the redemption dynamic in the evergreen channel specifically. Executives on the call noted that these vintages only represent 20%.

"The challenges we face in some of our mature evergreens are the result of industry wide vintage headwinds and pro cyclical flow dynamics, not a reflection of investment capacity, Cagnati stated.

Management was clear that the issues are concentrated: 85% of the broader platform is performing at or above plan, and the firm sees $20 billion of upside potential in that portion of the portfolio over the medium term.

To protect remaining investors, Partners Group has enacted — and said it expects to enact further redemption limits on the three affected vehicles. Management framed the gates as a feature, not a failure. 

“We have sufficient liquidity in those funds and will continue to invest for the ongoing investors,” Roberto said, adding that the limits ensure liquidity is provided over longer time horizons rather than exhausted in the near term.

In the medium term, the firm estimated potential net outflows from the three mature strategies of $10-20 billion. However, management said that drag would be offset by strong momentum across its broader evergreen platform — a collection of roughly 30 diversified offerings that generated $4.2 billion in inflows in H1 2026 alone, nearly matching the firm’s full-year 2023 figure.

Despite the headwinds, Partners Group reaffirmed its full-year fundraising guidance of $26-32 billion in new assets, underpinned by record H1 fundraising of $16 billion. The firm also stood by its dividend policy, with management signaling no change to its approach and flagging a potential board discussion around share buybacks at current levels.

The firm expects redemption limitations to remain in place for several quarters before a return to its long-term evergreen growth trajectory.

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