The stock of Swiss private-equity manager Partners Group fell further on Tuesday, dropping over 3% after the open to around 621 CHF — the lowest closing level since the turn of 2018/2019.
The decline followed Monday's 0.9% fall to 641.40 CHF and marks a continued erosion of investor confidence in the asset manager. The stock, which traded near 1,400 CHF in February 2025 and above 1,000 CHF at the start of the year, has been battered by large-scale redemption requests from clients across several in-house funds and sustained attacks from short-seller Grizzly Research.
Broader macro headwinds are compounding the pressure. Persistently higher long-term interest rates and speculation over further U.S. rate increases are weighing on the private-equity sector generally, as elevated borrowing costs make leveraged acquisitions more expensive and dampen deal economics.
Partners Group's half-year results, released earlier this month, came in line with consensus estimates but missed the optimistic expectations of some investors, triggering a sharp 7% single-day drop. The firm has also announced a leadership transition at the top, with Roberto Cagnati and Juri Jenkner — both veterans of more than two decades at the company — set to assume operational co-leadership from David Layton by the end of the year. The move has not yet restored investor trust.
Analysts have steadily cut their price targets over recent weeks and months, though the average target of 780 CHF remains well above the current share price. Of 18 analysts covered by Bloomberg, only one recommends selling the stock, and none set a target below today's level.
