Partners Group Cuts Fees on €6.6bn Global Fund
The Swiss private equity firm is lowering management fees and splitting its Global Value fund after heavy investor withdrawal requests.
Updated on Nov. 5, 2026 in Investing
Partners Group is reducing management fees on its €6.6bn Global Value SICAV evergreen private equity fund and splitting it into two portfolios. The concessions follow mounting liquidity pressure after elevated redemption requests.
Why it matters
The fee cuts and restructuring show how evergreen private equity funds respond when investors seek to withdraw capital faster than the fund can comfortably return it. Investors in the fund are being asked to accept changes that alter how their returns are structured.
The Global Value SICAV holds €6.6bn, and withdrawal requests were estimated at 9.8% in the second quarter against a 5% quarterly redemption limit. Whether the fee cuts will stem outflows has not been established.
The players
Partners Group
Partners Group is a Swiss-based private markets investment firm that manages private equity, debt, real estate and infrastructure assets for institutional and private clients worldwide.
The details
Partners Group is dividing the Global Value fund under an umbrella structure, placing older underperforming investments in a distributing vehicle and moving other assets into a compounding fund. Distributing fund investors will receive fee reductions of at least 25 basis points for three years, while compounding fund investors will see cuts of up to 75 basis points until 1 January 2030.
Timeline
June 2026: Global Value imposed a 5% quarterly redemption limit.
Second quarter 2026: Withdrawal requests reportedly reached an estimated 9.8%.
Third quarter 2026: Redemption requests again reached the 5% threshold.
30 October 2026: Net redemption threshold for new share classes lowered to 2.5%.
Week of 9 November 2026: Shareholder vote on the restructuring.
Market Dynamics
Evergreen private equity funds, which allow periodic redemptions rather than locking capital for a fixed term, have grown as investors sought access to private markets. Partners Group's restructuring of its Global Value fund illustrates the liquidity strains these vehicles face when withdrawal requests rise sharply.
Investors in the Global Value fund face a choice between a distributing portfolio with a smaller fee reduction and a compounding portfolio with larger savings but a longer lock-in period. Redemption limits of 5% per quarter mean investors seeking to exit may not be able to withdraw their full holdings on demand.
The takeaway
Investors in evergreen funds should check redemption terms and fee schedules before committing capital, since liquidity can tighten quickly when many holders request withdrawals at once.
What happens next
A shareholder vote on the fund restructuring is scheduled for the week of 9 November 2026, and the two sub-funds are expected to become operational on 30 November 2026.
Further reading
For more on how fund structures and fees affect returns, see Investing.
