First Read: European Alternative Asset Managers "Evergreen Debate and Risk" Tam

Research evidence excerpt

First Read: European Alternative Asset Managers "Evergreen Debate and Risk" Tam

Global Research

4 June 2026ab

First Read

EquitiesEuropean Alternative Asset Managers

Evergreen Debate and Risk Europe including UK

Haley Tam

Analyst

haley.tam@ubs.com

Conflicting narratives

+44-20-7567 6176

Following a Bloomberg report yesterday and its own statement today, Partners Group

Michael Wernerhas led the EU Alts share prices down, itself by double-digit % and the others between

5-10% yesterday. In its statement, Partners highlights an industry trend with spill-over

michael.werner@ubs.com

from private credit redemption requests into private equity evergreen vehicles. For our +44-20-7568 8086

thoughts on PGHN, see "Update on evergreen redemptions". Latest commentary from

Mate Nemes, CFACVC and EQT suggests this is not what they are seeing. CVC continues to see evergreen

fund net inflows in Q2, albeit a lower run rate than Q1. EQT has reiterated its CY2026 mate.nemes@ubs.com

guidance for evergreen net inflows at Q1 levels on average through the year. +41-44-234 23 18

Amit JagadeeshMature vs. Younger

How can we rationalise this difference? PGHN has flagged >5% redemption requests amit.jagadeesh@ubs.com

from a Delaware-domiciled private equity evergreen (likely the US PE Master Fund) and +44-20-7567 9705

Global Value SICAV, and between 3.5% and 5% requests from three other mature,

mainly institutional evergreen funds with <$10bn AUM. We think the maturity of funds

seeing higher redemption requests is key. It makes sense that longer-standing

investments are more vulnerable to redemption requests than new investments that

have been made in the last 12-18 months, especially if investment performance has

been lacklustre. For a screen of the US landscape see Mike Brown's comment yesterday