Swiss private equity firm Partners Group is preparing to cap withdrawals at its flagship US private equity fund for wealthy individuals, the Financial Times has reported.

Citing two people familiar with the matter, the paper reported that the company intends to impose the restrictions on its $16 billion Private Equity Master Fund in the coming weeks after a surge in redemption requests.

Partners Group reported on Thursday that investors attempted to pull six per cent of the net asset value out of the fund in the second quarter of 2026, slightly above its five per cent threshold.

The company has also capped withdrawals on its $8.6 billion Luxembourg-domiciled Global Value SICAV, with redemption requests of 9.8 per cent over the same period, it said. The company said in its Thursday statement that it is has consistently communicated its five per cent limit to investors and added that it was “prepared to enact” this cap across other funds.

This move, which caused its share price to fall by over 20 per cent, reflects ongoing concerns from investors around evergreen semi-liquid funds, the company said. Partners Group added that the volatility in private credit vehicles had “recently spilled over” to private equity funds.

Private credit withdrawal requests have spiked in 2026 as fears over the sector’s lending habits have grown, leading firms including Morgan Stanley and Cliffwater to impose similar caps.

David Layton, Partners Group’s chief executive officer, said: “Liquidity features are designed to protect long-term investors, and to ensure that returns continue to be driven by the quality of the underlying private assets rather than by short-term flow dynamics.”

“We have a strong underlying portfolio of high-quality companies currently undergoing significant value creation initiatives with substantial upside potential. We believe the opportunity set for our transformational investing approach in the coming periods will offer compelling investment outcomes. Since inception, our most established programs have returned more than five times the initial investments for clients.”

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