Partners Group has told local investors it will allow only 5% of the fund’s value to be withdrawn this quarter, after redemption requests climbed to nearly 10% of the $US8.6bn ($12bn) vehicle. Any later requests might not be met at all, according to the notice.
The Global Value fund launched in Australia more than a decade ago and is now embedded across the country’s wealth management platforms.
The strategy was one of the first “evergreen” private markets funds available to Australian investors, designed to offer easier access and more frequent liquidity than traditional closed-end private equity vehicles.
It quickly became popular among high-net-worth clients, with wealth advisory firms and family offices directing capital into the fund from around 2012 in search of boosted long-term returns. That demand helped the fund grow into a substantial allocation for many portfolios, particularly at the higher end of the market.
Partners Group now points to a difficult backdrop for private markets, highlighting sharp macroeconomic shifts and persistent geopolitical tensions as key pressures on valuations and deal activity.
Those conditions are feeding through into investor behaviour, with more clients seeking to pull money from less liquid strategies just as exits and distributions slow. The new withdrawal cap shows how “evergreen” structures can tighten access when many investors try to head for the door at once.
