Partners Group update to likely delay US alt asset managers' recovery into 2027, TD Cowen says

Partners Holding AG

04/06/2026 11:08

** The recent disclosure by Swiss-based Partners Group PGHN.S on surging withdrawal requests from an $8.6 billion private equity fund will likely delay recovery of U.S. alternative asset manager stocks into 2027, as investors have another watch point, TD Cowen analyst Bill Katz says
** Brokerage says investors worry about retail redemptions is now likely to widen out and they will likely want to see that pressures are not broadly spilling over to private equity vehicles across U.S. asset managers
** Katz thinks U.S. alts may now remain range-bound through 2026 versus prior "post Labor Day" expectation, barring a sustained market updraft
** "There seem to be some idiosyncratic dynamics at play for Partners Group, suggesting the spill-over risks to the US-based alts may prove more limited, but we do not anticipate investors will afford a "benefit of the doubt" given already fragile sentiment," Katz says 
** The headlines comes as Q2 redemption windows for non-listed U.S. private credit funds started closing past Friday, with results expected to trickle in the coming weeks


Alts stock performance so far this year https://www.reuters.com/graphics/ALTS-STOCKS/movaoeewova/chart.png
 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))