Key Takeaways
- • Partners Group is restricting hedge funds from buying certain loans during the refinancing of roughly EUR 6 billion of obligations, using special credit agreement clauses covering Emeria SASU, Ammega Group BV and Breitling AG, according to Bloomberg.
- • The Swiss asset manager launched a global multi-sector private credit income strategy in an open evergreen vehicle about two weeks before the story date, targeting high single-digit to low double-digit returns mainly from running income.
- • Management has proposed splitting the EUR 6.6 billion Global Value SICAV into two standalone sub-portfolios, separating legacy holdings from newer commitments.
- • Dozens of private equity positions have been cut or shifted within the group, which the firm attributes to a regular performance review, with team size said to remain within its long-term average.
- • Shares closed Friday at EUR 655.20 and were at EUR 652.80 in the latest reading, down 38% year to date and 5.2% above their 52-week low.
Summary
Partners Group is changing how outside capital interacts with its portfolio companies, while also reworking its fund range and trimming its buyout team. The moves respond to tougher private market conditions, including weaker returns on older portfolios and rising redemption requests from investors in open-ended evergreen vehicles.
The most notable change is in debt management. According to Bloomberg, the Swiss asset manager is excluding hedge funds from buying certain loans as it refinances obligations totaling roughly EUR 6 billion. The restrictions are embedded in special credit agreement clauses and cover borrowings at portfolio companies Emeria SASU, Ammega Group BV and Breitling AG. The aim is to control who holds these companies' debt during refinancing and to prevent specific market participants from gaining uncontrolled influence over liabilities.
Product development is proceeding in parallel. About two weeks before the story date, the firm launched a global multi-sector private credit income strategy through an open evergreen vehicle, aimed at both institutional investors and the private wealth segment. Partners Group is targeting high single-digit to low double-digit returns, predominantly from running income. The launch was accompanied by a chartbook published October 6 titled "Higher-for-Longer," which frames the strategy against a changed interest-rate environment.
Existing large structures are also being reworked. For the Global Value SICAV, which holds EUR 6.6 billion in total, management has put forward a realignment concept reported in the media that would split the fund into two standalone sub-portfolios: legacy holdings in one vehicle and newer commitments in the other. Separately, shareholders of Partners Group Private Equity Limited, a London-listed entity managed by Partners Group Holding AG, approved an orderly wind-down of its portfolio. The holding company itself is not being wound down.
Internally, Bloomberg reported that dozens of private equity positions have been cut or moved elsewhere in the group. A company spokesperson described the departures as the result of a regular performance review and said team size remains within its long-term average. Bloomberg linked the adjustments to weaker returns on older portfolios and growing investor appetite for exits from open evergreen vehicles.
Equity markets have been cautious. The stock closed Friday at EUR 655.20 and stood at EUR 652.80 in the latest reading, down 0.4% on the day. Year to date, shares have fallen 38%, and they trade 5.2% above their 52-week low. By expanding private credit, the firm aims to build more dependable earnings and offset pressure on its other segments.
The most notable change is in debt management. According to Bloomberg, the Swiss asset manager is excluding hedge funds from buying certain loans as it refinances obligations totaling roughly EUR 6 billion. The restrictions are embedded in special credit agreement clauses and cover borrowings at portfolio companies Emeria SASU, Ammega Group BV and Breitling AG. The aim is to control who holds these companies' debt during refinancing and to prevent specific market participants from gaining uncontrolled influence over liabilities.
Product development is proceeding in parallel. About two weeks before the story date, the firm launched a global multi-sector private credit income strategy through an open evergreen vehicle, aimed at both institutional investors and the private wealth segment. Partners Group is targeting high single-digit to low double-digit returns, predominantly from running income. The launch was accompanied by a chartbook published October 6 titled "Higher-for-Longer," which frames the strategy against a changed interest-rate environment.
Existing large structures are also being reworked. For the Global Value SICAV, which holds EUR 6.6 billion in total, management has put forward a realignment concept reported in the media that would split the fund into two standalone sub-portfolios: legacy holdings in one vehicle and newer commitments in the other. Separately, shareholders of Partners Group Private Equity Limited, a London-listed entity managed by Partners Group Holding AG, approved an orderly wind-down of its portfolio. The holding company itself is not being wound down.
Internally, Bloomberg reported that dozens of private equity positions have been cut or moved elsewhere in the group. A company spokesperson described the departures as the result of a regular performance review and said team size remains within its long-term average. Bloomberg linked the adjustments to weaker returns on older portfolios and growing investor appetite for exits from open evergreen vehicles.
Equity markets have been cautious. The stock closed Friday at EUR 655.20 and stood at EUR 652.80 in the latest reading, down 0.4% on the day. Year to date, shares have fallen 38%, and they trade 5.2% above their 52-week low. By expanding private credit, the firm aims to build more dependable earnings and offset pressure on its other segments.
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