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Matthias Knab, Opalesque: Short-seller Grizzly Research LLC published a detailed investigative report on April 29, 2026, alleging that Partners Group Holding AG (SIX: PGHN), one of Europe's largest alternative asset managers with approximately $184.9 billion in AUM, has accumulated a portfolio of severely mismarked assets inside its flagship evergreen fund vehicles, which together account for an estimated 46.7% of the firm's total revenues.
The report, which Grizzly says draws on thousands of pages of Luxembourg, Swedish, Dutch, and Hong Kong filings, SEC schedules of investments, interviews with former Partners Group employees, independent valuation experts, and finance professors, concludes that close to 40% of the Western European equity portfolio in the Master Fund carries valuations that cannot be reconciled with the underlying operating companies' reported financial performance.
About Partners Group and Its Evergreen Programs
Partners Group is credited with pioneering evergreen investment vehicles for private equity and private credit, giving retail and wealth-management investors permanent access to asset classes previously restricted to institutional mandates. Its flagship US vehicle, the Partners Group Private Equity (Master Fund), LLC, carries approximately $15.9 billion in net asset value out of a total $56 billion across all evergreen programs. The firm generated $3.1 billion in total revenues for the year ended December 31, 2025....................... To view our full article Click here
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