Partners Group Offers $811M Buyback

The tender offer allows limited partners to cash out up to 5% of fund assets, with payouts tied to year-end valuations.

October 30, 2025

Partners Group Private Equity Fund Launches Liquidity Option via Tender Offer

Partners Group is opening a new liquidity window for investors in its Private Equity (Master Fund), LLC. The fund has launched a tender offer to repurchase up to 5% of its net assets—roughly $810.8 million based on recent valuations—as part of its regular redemption program. Investors have until 11:59 p.m. Eastern Time on November 26, 2025, to submit a request to redeem their Units.

Accepted tenders will be valued as of December 31, 2025. If the offer is extended, the Fund may adjust the valuation date accordingly. Investors who participate will receive a non-transferable promissory note entitling them to receive cash payments in two stages. The first, an initial payment of at least 95% of the unaudited NAV, will be made within 65 days of the notice due date. The second, a post-audit payment reflecting any adjustments, will follow once the Fund’s audit wraps up—likely by the end of May 2026.

Repurchases will be funded using one or more of the following sources:

• Cash on hand


• Proceeds from sales of securities


• Withdrawals from underlying investment funds


• Borrowings, if needed

The Fund will handle all payments in cash. There’s a 2% early repurchase fee for investors exiting within 12 months of purchase. Tendered Units are processed on a first-in-first-out basis, so the oldest purchases are repurchased first.

The offer is open to all existing investors. Members can redeem all or part of their holdings, but if the remaining balance drops below required minimums— $25,000 for Class A and S, or $100,000 for Class I —the Fund may either redeem the full position or reduce the accepted amount to preserve eligibility.

Redemption Process and Timing

Clients can withdraw a submitted tender any time before the deadline. If the Fund hasn’t accepted an investor’s request by December 26, 2025, the investor gains an additional right to withdraw. Re-tendering is allowed, as long as the new submission is received before the offer closes.

As of August 31, 2025, the Fund managed $16.2 billion in assets with 369.6 million Units outstanding. These Units don’t trade on public markets and are subject to transfer restrictions. The Fund runs as a closed-end, non-diversified investment vehicle and continues to accept new subscriptions monthly at its discretion.

Fund Operations and Tax Considerations

This is the Fund’s sixtieth repurchase event since inception in 2009. While large redemptions could increase the relative ownership percentage—and cost exposure—for investors who stay in, the Fund doesn’t anticipate material changes in operations or strategy as a result of the offer.

From a tax standpoint, repurchases may trigger capital gains or losses. Payments made under the offer will be reported to the IRS, and investors should consult their advisors to determine the specific tax impact. The Fund uses the average cost method by default but offers flexibility for those who wish to elect another approach.