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October 30, 2026 10:31 am
|Carolyn Essid
An article published by Finews on 30 October 2026 examines the liquidity challenges facing Partners Group’s flagship Global Value SICAV and the implications of its proposed restructuring, drawing on analysis by Evan Clark, Senior Private Market Analyst at EDHEC Infrastructure & Private Assets Research Institute (EIPA):
Evan Clark of the EDHEC Infrastructure & Private Assets Research Institute estimates that 75 percent of the assets will be allocated to the distributing fund and 25 percent to the growth fund. Partners Group has not confirmed this split. […]
Evan Clark of the EDHEC institute warned in early October of a self-reinforcing downward spiral: a visible queue of investors asking for their money back can deter new investors. Sale proceeds then have to be used to meet redemption requests, while open capital commitments to the underlying funds still have to be honored.
According to Clark, the Global Value SICAV had more than two billion euros in undrawn capital commitments at the end of 2025. […]
The key question is whether the existing assets can be sold at prices close to their stated valuations. Clark points to valuations of around 17.5 times enterprise value to EBITDA at a U.S. sister fund.
He also notes that the listed Partners Group Private Equity Ltd trades at a discount of more than 40 percent to NAV, even though six of its ten largest holdings are also included in the Global Value SICAV. That raises questions about the actually realizable value of the assets.
📖 Read the full article on Finews.
📥Download the EIPA research publication “Evergreens: The Tree That Never Sheds – A Closer Look at Performance, Risk, and Valuation Practices in Private Equity Evergreens“.
