Batten Down the Hatches: Sequencing Upcoming Evergreen Redemption Reporting

Research evidence excerpt

Batten Down the Hatches: Sequencing Upcoming Evergreen Redemption Reporting

June 7, 2026 | 16:03 ET~

Alternative Asset Managers

Batten Down the Hatches: Sequencing Upcoming Alternative Asset Managers

Evergreen Redemption Reporting Brennan Hawken Analyst

brennan.hawken@bmo.com (646) 648-2408

Marc Palucci VP Associate

Bottom Line: marc.palucci@bmo.com (347) 640-1044

This week, we learned that the evergreen redemption season is likely to evolve vs. 1Q, David Giunta Associate

with increased risk of redemptions migrating to equity vehicles (below for details). This david.giunta@bmo.com (332) 257-0570

was generally viewed as a risk to the Alternative Asset Managers (Alt AM) group and Josh Brechtel, CFA Associate

could delay a recovery in the stocks. To help investors prepare for the upcoming news josh.brechtel@bmo.com (332) 274-9887

flow, we laid out the 1Q timeline for large BDCs and our estimate for 2Q timing. Also, Legal Entity: BMO Capital Markets Corp.

we flagged the typical timing for filing of secondary equity vehicles. Importantly, as we

learned in 1Q, that timing often is accelerated due to the materiality of the disclosure for

public investors, so those announcements may be accelerated, especially if redemption

limits are hit.

Key Points

Equity vehicles see redemptions pick up. Last Tuesday, Cliffwater’s Cascade Private

Capital Fund (CPEFX) saw redemptions increase to an estimated 3.8% of NAV. This is a

PE secondary and co-investment evergreen fund with semi-annual liquidity. Then on

Wednesday, Partners Group’s Global Value SICAV reported redemption requests of 9.8%

of NAV, which were 5% subject to the 5% cap. The next day, Partners Group equivalent

US fund reported redemption requests of 6%, also capped at 5%. Importantly, Partners