Partners Group is proposing to divide its €6.6 billion Global Value SICAV into two portfolios, giving shareholders different ways to receive or reinvest value as the fund’s private assets are realized. The company reported the latest net asset value on Oct. 2 and said the proposal requires shareholder approval.
Under the plan, the distributing portfolio would offer returns through portfolio realizations, while the compounding portfolio would target long-term value growth. Both would have the same management team but draw on different investment vintages. Investors could retain their current exposure, convert shares from the distributing portfolio to the compounding portfolio, or redeem shares in one or both portfolios, subject to the applicable liquidity terms.
Partners Group said June 4 that requests for the second-quarter 2026 redemption period amounted to about 9.8% of net asset value as of March 31. The company said the fund would apply its 5% quarterly limit. Requests above the allowance mean some investors may have to wait for access to part of their money.
For most share classes, the prospectus limits net redemptions each calendar quarter to 5% of the previous quarter’s ending net asset value. It allows directors to waive that cap and, for specified new share classes, reduce it to 2.5% for up to two years.
Partners Group says the liquidity limits are intended to protect investors who stay in the fund and keep short-term withdrawal flows from shaping decisions about private assets. CEO David Layton said the features are designed to “protect long-term investors.” Separately, private-wealth investors account for about 20% of the firm’s assets under management; that companywide figure does not describe this fund’s investor mix.
The company has not said how existing assets would be divided between the proposed portfolios or how large any pending redemption queue is. Its Oct. 2 announcement said shareholder approval was required but did not give a vote date.
