Partners Group's gated evergreen will put about €5.2 billion, 77% of its value, into a run-off fund that pays out at most 2.5% a quarter. Its queue of exit requests is cancelled on the day of the split. Both rules are in the documents sent to shareholders on 9 October, three weeks ago, the Sunday read before a vote expected in the week of 9 November.

€5.2bn goes into run-off at 2.5% a quarter

Partners Group's investors are voting on a split that puts about €5.2 billion, 77% of their gated fund, into a run-off portfolio. That portfolio pays out at most 2.5% of its value a quarter. The same split cancels every exit request still waiting in the queue on the day it takes effect. Both rules are in the investor letter and the meeting notice that Partners Group sent to shareholders on 9 October, three weeks ago. That vote is expected in the week of 9 November.

The fund is Partners Group Global Value SICAV, a Luxembourg evergreen with €6.6 billion of net assets at the end of August. Since June it has paid out no more than 5% of its value a quarter, because its investors asked for more. The letter divides that fund by vintage. Its compounding fund takes the investments made from 2023 onwards, about €1.5 billion in more than 150 companies, and it alone is open to new money. Its distributing fund takes everything bought in 2022 and earlier, about €5.2 billion in more than 350 companies, and it pays out as those companies are sold. Both funds go to every shareholder in proportion to today's holding, and the letter says "No action is required." The letter also cuts the distributing fund's fee by 25 basis points for three years. Money moved into the compounding fund gets up to 75 basis points off until 2030.

Three quarters of the fund goes into the distributing fund, €5.2 billion of companies bought in 2022 and earlier

The two sub-funds Partners Group proposes for Global Value SICAV, indicative day-one allocation

Source: Partners Group, investor letter to the shareholders of Global Value SICAV, 9 October 2026, p.3.

The payout rule is where the two funds differ most. The distributing fund "will continue to apply the reduced net redemption threshold into 2027", the 2.5% in force since 30 October. The compounding fund aims to return to 5% early next year. For instance, a 2.5% cap on €5.2 billion pays out about €130 million a quarter. In the second quarter investors asked for 9.8% of the fund's value, and a queue of that size would take about five quarters to clear at that pace. The queue itself does not carry over, because requests deferred as of 30 November "will be cancelled and will not be automatically carried forward". So an investor who still wants out must file again by 21 December for the 31 December dealing day.

The vote has its own rule. The first meeting, on 19 October, needed half of the share capital present and two thirds of the votes cast. If that quorum was missed, the board reconvenes a second meeting, which decides "regardless of the proportion of share capital present or represented". The two-thirds majority still applies. The fund changed its articles that way in the spring, finews reported on Friday. Its meeting on 17 March missed its quorum, and a second one on 1 April passed the change. Its October meeting's outcome has not been announced by Partners Group, and Bloomberg put the vote in the week of 9 November on 20 October.

A yes means the split takes effect around 30 November, and no later than 31 March 2027. Some of the distributing fund's assets stay with the compounding fund until about the end of December. That list most probably includes the UK fund stakes that moved into a vehicle named Partners Group GVD Access in October, as read on 19 October. A no leaves one fund of €6.6 billion with its 5% cap and the deferred requests in its queue.

Since Friday

• LP  University of Illinois Foundation's 22 October audit marks the fund stakes it sold in 2025 at a $136.6 million bid, a $119.8 million write-down.
• DATA  Hamilton Lane's Keith Brittain told Calcalist on Sunday that his team buys venture fund stakes at an average discount of 20% to 25%.
• FILING  LGT Capital Partners named a new chief Thursday and registered a Crown Global Secondaries VII feeder Saturday, two years after the sixth's $7 billion close.
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On the radar, the week of 2 November

• Monday 2 November, 3pm, London. HarbourVest Global Private Equity holds a private markets update for shareholders, two weeks before they vote on its $400 million tender at 10% below the 30 September net asset value. The trust paid for its last tender with a sale of fund stakes at 94% of value.
• Tuesday 3 November, New York. Apollo reports its third quarter at 8:30am, with the quarter of its S3 secondaries unit, and Hamilton Lane its fiscal second quarter at 11am, with its evergreens' flows. At 5pm Cox Capital's bids for Blackstone Private Credit Fund and HPS Corporate Lending Fund shares expire, the first two of its six.
• Thursday 5 November, 8:30am New York, then London. Carlyle reports its third quarter, the quarter in which AlpInvest agreed to buy Oakley Capital Investments' fund stakes at 94.25% of value. The same day NB Private Equity holds its capital markets day, on the companies it says could be sold in the next six to twelve months.
• Friday 6 November, 10am, New York. Brookfield Asset Management reports its third quarter, its first call since the co-founder and the head of its real estate secondaries unit left for LaSalle and Pretium in October.
• Monday 9 November, 10am New York, then Luxembourg. KKR reports its third quarter, its first call since its credit continuation vehicle closed. The same week the shareholders of Partners Group Global Value SICAV vote on the split read above, at two thirds of the votes cast.
• Tuesday 17 and Wednesday 18 November, New York. SuperReturn Secondaries North America meets at Convene on Madison Avenue, with Coller, HarbourVest and New York State Common on stage. The Secondary Brief has negotiated 15% off for its readers: book with the discount link, or use the VIP code FKR3675SECBRIEF.
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