Goldman Sachs turns more cautious on European private markets, downgrades Partners Group and Tikehau Capital

Goldman Sachs has taken a more cautious view of parts of Europe’s private markets industry, cutting its ratings on two alternative asset managers, Partners Group and Tikehau Capital, according to a market report published by Yahoo Finance on Nov. 12, 2026.

The bank downgraded Partners Group to Sell from Neutral and downgraded Tikehau Capital to Sell from Neutral, the report said. The changes reflect what Goldman described as a more selective stance toward European managers amid a mixed outlook for the segment.

The rationale, as characterized in the report, ties to the idea that the sector’s recent rebound has been uneven. Goldman’s note suggested that while parts of private markets have improved from earlier stress, the environment remains difficult enough that not every manager will benefit equally.

Goldman’s moves target established firms focused on deal origination, private credit, and buyout or growth strategies, business models that tend to be sensitive to fundraising cycles, exit conditions, and credit availability. Private markets managers typically earn fees tied to assets under management and transaction activity, so performance in fundraising and realizations can materially influence investor expectations.

Sector context matters for these ratings. European private markets have been working through shifting interest-rate expectations and changing investor risk appetite. Even after a rebound, analysts often watch whether new capital formation is strong enough to sustain growth and whether portfolio companies are finding exits or refinancing opportunities.

In the Yahoo Finance report, Goldman did not provide additional public detail such as specific price targets, estimated earnings impacts, or a breakdown of which operating metrics it is most concerned about for each company. The downgrade therefore indicates a directional change in sentiment rather than a fully quantified forecast in the material described.

For investors in alternative asset managers, Sell ratings typically indicate that the broker sees less favorable risk-reward versus peers or the broader market over the near to medium term. Still, without further disclosures in the cited post, it is not possible to determine whether Goldman’s concern is more centered on fundraising durability, fee-related expectations, valuation, or the credit environment across strategies.