PARTNERS GROUP (=) : Partners Group Legacy Evergreen Troubles Deepen

研报英文原文证据摘录

PARTNERS GROUP (=) : Partners Group Legacy Evergreen Troubles Deepen

EQUITIES

DIVERSIFIED FINANCIALS

PARTNERS GROUP NEUTRALPRICE* CHF710.8  TARGET PRICE CHF840 (UPSIDE 18%) TARGET -10%PRICE EPS-1%26e EPS-4%27e

Partners Group Legacy Evergreen Troubles Deepen

Two of Partners Evergreen (EG) funds have seen redemption requests exceed the maximum 5%8 JUNE 2026

Securities Research Report threshold in Q2: Global Value has seen 9.8% redemption requests and Master Fund is at 6%. Three

Production time: 05:20* (London time)

other mature EG products with AUM of $9.7bn are expected to see redemptions rise to 3.5-5%.

Research Analysts & Publishing Entities

Arnaud Giblat Legacy Evergreen Funds continue to be structurally challenged, which is not new

BNP Paribas London Branch As we have pointed to for some time, PGHN’s legacy evergreen funds have been in a tough position,

(+44) 203 430 8513

arnaud.giblat@uk.bnpparibas.com challenged by (i) poor performance since COVID (c.5% ann. for Master Fund / Global Value since

Jan-22) and (ii) a significant increase in competition as all the key players in the industry have

Tyler Kenyon

launched products, with strong initial track records, branding and significant distribution power. ThisBNP Paribas London Branch

(+44) 203 430 8601 has led to a material slowdown in inflows in mature products over the past Qs and outflows jumping.

tyler.kenyon@uk.bnpparibas.com

We cut PGHN gross inflows and increase redemptions given the recent developments

PGHN is one of the most exposed Alts to private wealth with c.20% AUM. In this note we incorporate

max redemptions for the legacy products until mid 2027 + lower inflows which translates to 1% / 4%

/ 5% downgrades to EBIT in 2026-28. PGHN reiterated $26-32bn of gross fundraising in 2026 but