Partners Group's decision to cap redemptions at 5% of NAV in its $8.6 billion Global Value SICAV fund marks the first documented instance of gating in a private equity evergreen vehicle, extending redemption stress previously concentrated in private credit. Primary documents, including the firm's investor letter, attribute the surge to macroeconomic shifts and geopolitical conflicts that have amplified volatility across illiquid asset classes, with redemptions reaching 9.8% in Q2 versus available liquidity of 15% plus a 15% credit facility. This action contrasts with the firm's April statements on positive fundraising momentum, highlighting internal inconsistencies in forward guidance. Multiple perspectives emerge from the record: institutional investors emphasize long-term capital preservation, while private wealth clients—comprising a fifth of AUM and driving much of the Asia-Pacific outflows—prioritize near-term liquidity amid skittish sentiment. Mainstream coverage has underweighted these dynamics by focusing on private credit debt quality concerns, such as software sector exposures, while sidelining equity fund spillovers. Synthesis of the Partners Group letter with Federal Reserve reports on non-bank financial intermediation (e.g., 2023 Financial Stability Oversight Council assessments of liquidity mismatches) and S&P Global analyses of alternative asset flows shows patterns of accelerating outflows post-2022 rate hikes, patterns not isolated to credit. Regulatory documents from the SEC on interval fund reforms further indicate that evergreen structures lack standardized stress testing, a gap the gating exposes without addressing root policy questions of investor protection versus market stability. Geopolitical tensions, including supply chain disruptions from ongoing conflicts, compound these flows but receive limited primary sourcing in secondary reports.