Partners Group is reducing management fees on its €6.6bn Global Value SICAV evergreen private equity fund as it seeks investor approval for a restructuring following elevated redemption requests, according to Private Equity Wire citing a report by Bloomberg.
Proposed split into two portfolios under an umbrella structure
The Swiss private markets manager plans to divide the fund into two portfolios under an umbrella structure, separating older, underperforming investments into a distributing vehicle while transferring other assets into a compounding fund targeting longer-term returns, according to Private Equity Wire.
Fee reductions outlined for distributing and compounding vehicles
Investors in the distributing fund will receive management fee reductions of at least 25 basis points for three years, according to an investor presentation reviewed by Bloomberg and reported by Private Equity Wire.
Investors in the compounding fund will benefit from cuts of up to 75 basis points until 1 January 2030, according to the same investor presentation referenced by Private Equity Wire.
Liquidity measures and redemption limits
The fee concessions follow mounting liquidity pressures at Global Value, which imposed a quarterly redemption limit of 5% of net asset value in June after withdrawal requests reached an estimated 9.8% in the second quarter, according to Private Equity Wire.
Third-quarter requests again reached the 5% threshold, according to Private Equity Wire.
Partners Group also plans to lower the net redemption threshold for new share classes from 5% to 2.5% from 30 October, according to Private Equity Wire.
The compounding fund is expected to return to the standard 5% threshold once the restructuring has stabilised, according to Private Equity Wire.
Vote timeline and recent financial metrics
The changes are subject to a shareholder vote scheduled for the week of 9 November, with the two sub-funds expected to become operational on 30 November, according to Private Equity Wire.
Partners Group generated CHF905m in management income during the first half of 2026, up 6% year-on-year, despite redemption pressures and a decline of almost 40% in its share price this year, according to Private Equity Wire.
