Partners Group pulled in $16 billion of new client demand in the first half of 2026, ahead of Bank Vontobel’s $14.5 billion forecast, taking assets under management to $186 billion.
The beat steadies nerves weeks after the Swiss asset manager capped withdrawals from an open-ended fund, triggering its worst-ever one-day stock drop on June 3. Shares are down about a third this year.
Full-year guidance stands: $26 billion to $32 billion in gross new client demand for 2026.
“We are pleased to report record client demand as our differentiated offering and track record continues to attract new and existing clients,” said CEO David Layton. “Within our portfolio, we see mostly solid performance, though with some challenges concentrated amongst select assets and vintages.”
Net flows were only modestly positive. Redemptions reached $3.8 billion, in line with forecasts, 79% of it from three mature evergreen strategies. Evergreen funds made up 26% of new client commitments in the half.
The firm expects redemption pressure to run for a few more quarters, shaving 1% to 2% off net AUM growth over the next 18 months. In a negative scenario, medium-term outflows from these funds could hit $10 billion to $20 billion, offset by growth across the wider evergreen platform.
On the dividend, Layton said the firm is targeting stability and long-term growth. “One note is that I do expect a debate in our next board meeting around share buyback versus dividend,” he added.