Partners Group Becomes Worst Performer Among Europe Financials

Partners Group Holding AG became the worst performing stock in MSCI’s sector index for European financial companies this year, signaling investor concern over redemptions from its popular evergreen funds.

Partners Group has a price return of -24.8% since the start of the year, according to the MSCI Europe Financials index, below Dutch fintech firm Adyen NV. Adyen, the index’s previous laggard, surged on Thursday after it raised its revenue outlook.

Read More: Adyen Soars Most in Year After Acquisitions Boost Sales Outlook

In July Partners Group, one of Europe’s largest alternative asset managers, limited withdrawals from its largest private equity master fund after investors sought to redeem roughly 6% of their shares.

Partners Group capped withdrawals at another of its evergreen private equity funds in June, Bloomberg previously reported, which led to shares in the asset manager tumbling as much as 18.2% in one day. Investor anxiety that gripped private credit vehicles earlier this year was seen as spilling over into other asset classes.

The firm has said that the evergreen platform could slow growth in assets under management by 1% to 2% this year and next and that it is considering paring back the overall sizes of those funds for wealthy investors.

Evergreen funds have no fixed end date and allow periodic redemptions. Partners Group managed about $56 billion in evergreen funds as of year-end, compared with $185 billion in total assets under management.

Read More: Partners Caps Evergreen Fund Redemptions as Requests Rise