Partners Group Private Equity Fund Prorates Buyback After $2.2B in Tender Requests Hit 5% Cap
Accepted units were paid for with promissory notes held by State Street on members’ behalf, and early repurchase fees trimmed the payout.
October 29, 2026
Partners Group Private Equity Fund, LLC received tenders for units with an aggregate net asset value of about $2.21 billion in its latest repurchase offer, well above the amount it had offered to buy. The fund capped the offer at 5% of its net asset value as of the September 30 valuation date and accepted $728.4 million of units, allocating purchases among tendering members pro rata based on the number of units each submitted.
The offer opened July 30, and members had until 11:59 p.m. Eastern Time on August 26 to tender. That deadline fell more than a month before the valuation date, so members committed to selling before the price applied to their units was set. The dollar size of the offer was also open until then, because the 5% limit was measured against net asset value on September 30.
How Proration Works in Tender-Offer Funds
Registered tender-offer funds such as this one provide liquidity only through periodic repurchase offers approved by the board, and those offers are generally limited to a small share of net assets. When requests exceed the limit, each tendering investor receives a partial fill and the balance of the units stays in the fund. Investors who want to exit the remaining units generally have to tender again in a later offer. The fund applied the same 5% limit in its tender offer last fall, which priced accepted units as of December 31, 2025.
The limits exist to keep a fund from selling illiquid private holdings on short notice to meet withdrawals, which would shift costs onto the investors who stay.
Payment in Promissory Notes
The fund paid for the accepted units with promissory notes issued to the members whose tenders were accepted. State Street Bank and Trust Company, the fund's administrator, held the notes on behalf of those members.
Total payments came to $728.26 million, reflecting the net asset value of the accepted units as of September 30 less applicable early repurchase fees, which tender-offer funds typically charge on units held for less than a set period after purchase.
The results were reported under the fund's current name. It previously operated as Partners Group Private Equity (Master Fund), LLC. Robert M. Collins, the fund's president, signed the final report on the offer, dated October 29.
