Key Takeaways
- • Partners Group raised a fresh $510 million from US insurers for a private credit investment vehicle, bringing its year-to-date total through such rated feeder structures to $875 million.
- • The capital was routed through a rated feeder vehicle linked to the firm's private credit evergreen strategy, with insurers investing in investment grade and junior notes, and some also taking equity.
- • The raise follows a leadership reshuffle at the $186 billion Swiss manager after investor redemption requests hit some flagship evergreen private equity funds and weighed on its share price.
- • David Layton will step down in January to become chief investment officer and chair of the global investment committee, with Roberto Cagnati and Juri Jenkner succeeding him as co-chief executives.
Summary
Partners Group has raised $510 million from United States insurers for a private credit investment vehicle, according to Financial Newswire, as the Swiss private markets manager explores new ways to manage liquidity pressures across its business. The fundraising was structured through a rated feeder vehicle linked to the firm's private credit evergreen strategy. The total raised through such structures this year now stands at $875 million. Insurers invested in the vehicle's investment grade and junior notes, with some also investing in the equity.
The structure is designed to give insurers exposure to private credit while improving capital efficiency and reducing regulatory capital charges. The firm's private credit evergreen strategy focuses on senior direct lending across non-cyclical industries in developed markets globally.
The capital raising comes weeks after the $186 billion asset manager announced a leadership reshuffle, following a period in which investor withdrawal requests affected some of its flagship evergreen private equity funds and weighed on its share price. David Layton, sole chief executive since 2021 and co-chief executive for two years before that, will step down in January to become chief investment officer and chair of the firm's global investment committee. Roberto Cagnati, most recently head of portfolio solutions and chief risk officer, and Juri Jenkner, the group's president and head of business development, will succeed Layton as co-chief executives.
Nicholas Hegarty, Co-Head Client Solutions Americas, said the insurance solutions "continue to deliver meaningful benefits for our clients" and that the firm is progressing the creation of additional vehicles aimed at capital efficiency and investment returns. Andrew Bellis, Global Head of Private Credit, described the financings as a "testament to the strength of our global private credit platform, which has an investment track spanning over 20 years."
The structure is designed to give insurers exposure to private credit while improving capital efficiency and reducing regulatory capital charges. The firm's private credit evergreen strategy focuses on senior direct lending across non-cyclical industries in developed markets globally.
The capital raising comes weeks after the $186 billion asset manager announced a leadership reshuffle, following a period in which investor withdrawal requests affected some of its flagship evergreen private equity funds and weighed on its share price. David Layton, sole chief executive since 2021 and co-chief executive for two years before that, will step down in January to become chief investment officer and chair of the firm's global investment committee. Roberto Cagnati, most recently head of portfolio solutions and chief risk officer, and Juri Jenkner, the group's president and head of business development, will succeed Layton as co-chief executives.
Nicholas Hegarty, Co-Head Client Solutions Americas, said the insurance solutions "continue to deliver meaningful benefits for our clients" and that the firm is progressing the creation of additional vehicles aimed at capital efficiency and investment returns. Andrew Bellis, Global Head of Private Credit, described the financings as a "testament to the strength of our global private credit platform, which has an investment track spanning over 20 years."
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