Partners Group, headquartered in Baar, has cut dozens of jobs in its private equity division or moved employees to other business areas. That is according to the news service «Bloomberg», citing people familiar with the matter.

The employees affected were reportedly at various hierarchy levels worldwide. Some employees left the company, while others moved to areas including infrastructure and royalties.

The measures would affect the division led by Wolf-Henning Scheider, which has more than 200 employees. They were carried out following one of the company’s regular performance reviews, the sources said.

The Zug-based asset manager is under pressure to improve the results of its private equity business. In particular, older investment portfolios are said to be performing more weakly than those of some competitors, the article says. This has also intensified clawbacks at the evergreen products, which allow ongoing investments without being tied to a traditional fund term.

According to its own statements, Partners Group manages assets of around 186 billion dollars and is one of Europe’s largest private markets providers. The company is trying to regain investor confidence after a turbulent period. More recently, the firm also came under scrutiny from a short seller over its valuations.

Company Points to Operational Expertise

Partners Group told the news agency that the size of the private equity team remained within the long-term average. At the same time, the company significantly expanded its operational expertise at management level over the past year.

Partners Group shares have lost around 40 percent in value since the start of the year.