瑞士另类资产管理公司Partners Group Holding AG正在对一只此前曾限制赎回的关键欧洲永续私募股权基金进行改造，旨在满足投资者在经历一波赎回潮后的不同需求。
Group Holding AG is revamping a key European evergreen private equity fund it gated earlier, as the alternative asset manager seeks to address the different needs of investors following a spate of redemptions.
根据周五发布的一份声明，该公司计划将其规模达66亿欧元（约合74亿美元）的Global Value SICAV策略转型为一只包含两个子投资组合的伞形基金。
The Swiss firm looks to turn its €6.6 billion ($7.4 billion) Global Value SICAV strategy into an umbrella fund with two sub-portfolios, according to a statement on Friday.
这两个拟设立的子投资组合将分别代表一只以长期价值积累为目标的复利型基金，以及一只为投资者提供“通过投资组合变现收获回报”选项的分红型基金。该资管公司表示：“我们正在简化投资组合的构建与管理，使投资者能够在不妥协的情况下，根据其流动性需求和回报目标配置资本。”
The two planned sub-portfolios will represent a compounding fund targeting long-term value accretion, and a distributing fund offering investors the option to “harvest returns through portfolio realizations.”“We are simplifying portfolio construction and management, enabling investors to align capital with their liquidity needs and return objectives without compromise,” the money manager said.
声明补充称，公司计划“从其资产负债表中向复利型基金追加一笔大额承诺，并与新的机构客户共同投资”。作为欧洲最大的私募资本管理公司之一，Partners Group于6月决定限制Global Value SICAV策略的赎回，此前困扰私募信贷工具的投资者焦虑情绪开始蔓延至其他资产类别。该公司管理着约1860亿美元的资产，其中29%为永续基金。
It added that it planned to make “an additional material commitment to the compounding fund from its balance sheet alongside new institutional clients.”Partners Group, one of Europe’s largest private capital managers moved to cap withdrawals from the Global Value SICAV strategy in June, as investor anxiety that gripped private credit vehicles earlier this year began to spill over into other asset classes. The firm has about $186 billion in assets under management, of which 29% are in evergreen vehicles.
总部位于瑞士巴尔的该公司是永续基金的先驱。此类基金无固定存续期，通常允许投资者按季度赎回至少一部分投资，而非将资金锁定一段设定期限。据彭博新闻报道，该公司在五大资产类别下拥有超过30只此类基金。
The Baar, Switzerland-based company is a pioneer of evergreen funds, which operate indefinitely and typically allow investors to withdraw at least a portion of their investments quarter-by-quarter rather than locking up the capital for a set period. It has more than 30 such funds across five asset classes, Bloomberg News has reported.
周五的声明中，公司表示这两个子投资组合将基于不同投资年份的资产池组建。
In Friday’s statement, the firm said the two sub-portfolios will be formed based on different pools of investment vintages.
投资者可选择继续维持对全球价值SICAV策略的现有敞口，将份额从派息基金转换至复利基金，或赎回一个或两个子投资组合的份额。新投资者将能够投资复利基金，该基金“经过适当调整，以支持高效的投资组合管理和投资部署”。该公司表示，此次常青策略的调整符合Partners Group就其管理资产规模提出的指导意见。拟议中的伞形基金架构调整须经股东批准。
Investors will have the option to retain their current exposure to the Global Value SICAV strategy, convert shares from the distributing fund to the compounding fund, or redeem shares in one or both sub-portfolios. New investors will be able to to the compounding fund, which is “rightsized to support efficient portfolio management and investment deployment.”The revamp of the evergreen strategy is in line with the guidance Partners Group gave for its assets under management, it said. The proposed move to an umbrella fund is subject to shareholder approval.
Roberto Cagnati表示：“在准备此次策略升级的过程中，我们与分销合作伙伴进行了密切合作，他们对此表示支持。”他将出任该公司合伙人兼候任首席执行官。
“We have worked closely with our distribution partners as we prepared for this evolution, and they are supportive,” said Roberto Cagnati, partner and incoming chief executive officer.