Partners Group Reshapes Evergreen Fund to Give Investors Greater Liquidity Choice

Partners Group plans to split its €6.6bn Global Value SICAV into compounding and distributing sub-portfolios, as private equity managers respond to diverging investor preferences around long-term exposure and access to capital.

Partners Group is proposing a restructuring of its established Global Value SICAV evergreen private equity strategy, creating two sub-portfolios designed to give investors greater flexibility over how they hold and realise private-market investments.

Under the proposal announced on 2 October, the Luxembourg-based fund, which has a latest net asset value of €6.6bn, would be reorganised into a compounding portfolio focused on long-term value appreciation and a distributing portfolio designed to allow investors to harvest accumulated returns through portfolio realisations.

The two portfolios would be managed by the same investment team. Existing investors would be able to retain their exposure, convert holdings from the distributing portfolio into the compounding portfolio, or redeem shares in either or both. The changes remain subject to shareholder approval, and conversions would be subject to the relevant liquidity terms.

The proposed restructuring follows heightened redemption pressure across the evergreen private markets sector. In June, Partners Group disclosed that redemption requests for Global Value SICAV had reached approximately 9.8% of net asset value for the second quarter of 2026, prompting the fund to apply its 5% quarterly liquidity limit.

The firm also reported elevated repurchase requests for a US-domiciled private equity evergreen vehicle. Partners Group subsequently said it had no plans to freeze its evergreen funds or change their documented liquidity mechanisms.

The proposed redesign reflects a wider challenge for evergreen structures: accommodating investors seeking liquidity and the ability to realise returns while preserving long-term investment exposure to private assets. Unlike traditional closed-ended private equity funds, evergreen vehicles combine ongoing investment activity with periodic opportunities for investors to withdraw capital, subject to fund-specific restrictions.

Partners Group said the proposed structure would allow investors to align capital with their liquidity needs and return objectives. The firm reported that Global Value SICAV had returned 4.5 times invested capital since inception, based on net multiple on invested capital as of 30 June 2026.

The proposal highlights how private-market fund structures are evolving as managers seek to reconcile long-duration investments with the differing liquidity expectations of institutional and private wealth investors.