Partners Group Bets Big on Infrastructure as Short-Seller Storm Clouds Gather

The Swiss private markets giant is on an aggressive spending spree, pouring $2 billion into transport infrastructure over the past twelve months — double the pace of the prior year. Yet that operational firepower has done little to slow a stock rout that has erased nearly a third of the company’s market value since January. The disconnect between deal-making and share-price performance sets the stage for a critical test on July 15, when the firm updates investors on its assets under management.

Rail and Aviation Deals Lead the Charge

Partners Group has been snapping up long-duration, contractually protected assets. In the UK, it committed £260 million as co-lead investor in a rolling-stock leasing platform that recently raised around £800 million. The vehicle, a continuation fund from Aberdeen Investments and Rock Rail, aims to modernize Britain’s train fleet. Just weeks earlier, the firm deployed $250 million into an aviation portfolio from Avenue Capital Group, acquiring stakes in nearly 70 aircraft projects with carriers across Asia, Europe and North America. The total size of that vehicle is roughly $360 million.

The infrastructure push has accelerated sharply. Over the previous twelve months, the strategy absorbed $1.2 billion; that jumped to $2 billion in the latest period. Management is banking on predictable cash flows from these transport assets to offset weakness in other parts of the fund complex.

Stock Sits Near the Floor Despite a Faint Bounce

None of that capital deployment has arrested the slide in Partners Group’s equity. At €744.80 (or €747.60, depending on the session), the stock trades just 8.4% above its 52-week low of €686.80 — a level touched in late June. The year-to-date decline stands at roughly 32%, and the 12-month loss is 33.4%. The share price is now 38.6% below its 52-week high of €1,213.50. On the plus side, a modest recovery has emerged from the June trough, with a weekly gain of about 4%. But the 200-day moving average still sits 25% above the current price, and the 50-day line is 13% higher.

Two Fronts of Trouble

The stock’s malaise stems from twin pressures that emerged this spring. In late April, U.S. short seller Grizzly Research published a report challenging the valuation of Partners Group’s evergreen funds, claiming that up to 40% of investments could be materially mispriced. A professor cited by Grizzly compared the situation to Wirecard. Partners Group hit back immediately, calling the report “frivolous, defamatory, and highly misleading” in an ad-hoc announcement, and said it was considering legal action including a potential market-manipulation complaint to regulators. Regarding the disputed holding China Zenith Longitude, the company clarified that it is a holding entity for logistics firm Apex Logistics, which Grizzly misinterpreted.

Should investors sell immediately? Or is it worth buying Partners Group?

At the same time, redemption requests have risen in the retail-oriented evergreen funds. For the Partners Group Global Value SICAV, a Luxembourg-domiciled vehicle, redemption requests reached roughly 9.8% of net asset value in the second quarter. A Delaware-based fund is expected to see requests of about 6% — both above the 5% threshold that draws attention. Management has acknowledged that the evergreen platform could drag net asset growth by 1 to 2 percentage points in the second half of the year and again in 2027.

July 15: The First Hard Data Point

The firm’s next official AuM update, covering June 30, lands on July 15. That release will show whether the moderate drag management forecast is holding or whether the erosion is more severe. If the numbers confirm the expected slowdown without a sharp contraction in the overall asset base, analysts expect the market to treat it as a sign of stability. Any sharper decline would likely reignite doubts about the resilience of the business model. The RSI sits at 40.1, offering no clear directional signal.

Some structural buffers exist. Around 80% of total assets under management come from institutional investors, where redemptions have been stable. Only 20% resides with private wealth clients — precisely the segment where the redemption stresses are concentrated. Separately, the board of the London-listed investment trust is planning to restructure into two share classes, giving investors a choice between a long-term strategy and a liquidation vehicle. A shareholder vote is scheduled for the fourth quarter.

What Could Change the Narrative?

The billion-dollar infrastructure commitments demonstrate that Partners Group remains confident in its ability to generate long-term returns from tangible assets. The steady flow of rail and aviation deals provides a counterpoint to the redemptions in the evergreen funds. But the core accusation from Grizzly — that fund valuations are inflated — has not been resolved by any court ruling or independent audit. Until that cloud lifts, the stock is likely to oscillate between technical bounces and lingering valuation doubts.

The next catalyst is the July 15 update, which will show if the institutionally dominated AuM base holds firm. The half-year report is due on September 1 and will offer further granularity, but it will not address the short-seller allegations. Until then, Partners Group’s shares remain caught between a determined infrastructure offensive and an unresolved battle over trust.