KKR has overtaken Partners Group as Europe's largest manager of open private-market evergreen funds, according to industry data released this week.
In the first quarter, the US private-equity firm rose to the top position measured by assets under management on its European evergreen platforms, reaching 13.6 billion euros. Partners Group, the Swiss asset manager, held 13.4 billion euros at the end of Q1, an increase of 0.4 billion euros compared with year-end 2025, still leaving it just behind.
"We recently became the largest manager of evergreen funds for private-market investments in Europe. Previously, a Swiss company held the top spot," said Markus Egloff, managing director and head of Global Wealth Solutions International at KKR, speaking in Zurich and citing data from industry analyst Novantigo.
Egloff noted that KKR has been active in the segment for three years, since launching its first European-domiciled evergreen fund for private wealth clients in May 2023. "This shows we have clearly gained significant market share, at least in the private-wealth area," he said.
Private-equity firms are increasingly targeting wealthy retail investors as a capital source as institutional investors face allocation limits in private-market strategies. Several rivals have opened Zurich offices to partner with private banks and court individual investors through evergreen fund structures.
The shift in leadership comes amid rising redemption pressure across the segment. Private-credit funds — including some managed by KKR — faced investor withdrawal requests this year, triggered by broader concerns about credit quality and the impact of artificial intelligence on software companies within private-equity portfolios.
Partners Group, the second-largest publicly traded private-equity firm in Europe, drew particular attention as redemptions surged. The company placed limits on withdrawal options for its flagship 14.5-billion-US-dollar evergreen fund after request volumes spiked sharply.
The episode highlighted systemic challenges facing evergreen funds in private markets: well-publicized asset-liability mismatches and liquidity shortfalls have intensified regulatory scrutiny and forced managers to fundamentally restructure the exit process for retail investors.
Despite the turbulence, Egloff suggested the environment could present an opportunity. "Many of our competitors — both alternative-asset managers and traditional asset managers — are also trying to enter this space. The number of evergreen funds and access points has therefore increased significantly," he said.
Shares of both companies have declined this year. KKR's stock has fallen 24 percent, while Partners Group's shares have dropped 37 percent, trading near their lowest level in nearly eight years.
