Key Takeaways
- • Partners Group closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising $510 million from U.S.-based insurance companies.
- • Year-to-date capital raised through rated feeders reached $875 million, following a $365 million raise in January through a separate financing partnership tied to the same strategy.
- • The vehicle drew commitments across investment-grade notes, junior notes, and equity, with some insurers investing in more than one part of the capital structure.
- • Partners Group says the structure lets insurers gain immediate exposure to a fully funded evergreen portfolio while reducing regulatory capital charges relative to other private market investments.
- • The firm manages more than $186 billion in assets globally and has a private credit track record spanning over 20 years, with the evergreen strategy launched in 2016.
Summary
Partners Group has closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising $510 million from U.S.-based insurance companies, according to the firm's announcement. The latest closing brings total capital raised through rated feeders this year to $875 million. Partners Group had previously raised $365 million in January through a separate financing partnership tied to the same broader strategy.
The new vehicle attracted commitments across investment-grade notes, junior notes, and equity. Some participating insurance companies invested in more than one part of the capital structure. Partners Group said the rated feeder structure is designed to help insurers access private markets investments while achieving capital efficiency. Because the underlying evergreen strategy is fully funded, the structure can provide immediate exposure while also helping reduce regulatory capital charges compared with other forms of private market investment.
The feeder vehicles connect institutional investors with the firm's private credit evergreen strategy, which focuses primarily on senior direct lending across developed markets. The strategy targets non-cyclical industries and seeks to give investors exposure to a diversified global portfolio of private credit investments. Partners Group launched the evergreen private credit strategy in 2016, giving it one of the longer operating track records among private credit evergreen vehicles.
Rated feeder structures have become an increasingly important tool for insurers seeking private credit exposure while managing regulatory capital requirements. By issuing different classes of rated notes alongside equity, the structures can offer tailored risk, return, and capital treatment profiles. Partners Group said the transaction expands its insurance solutions platform and that it is continuing to develop additional structures combining capital efficiency with private markets returns.
Partners Group manages more than $186 billion in assets globally across private equity, private credit, infrastructure, real estate, royalties, and special opportunities, and employs approximately 2,000 professionals worldwide. Nicholas Hegarty, Co-Head Client Solutions Americas at Partners Group, said the firm's insurance solutions "continue to deliver meaningful benefits for our clients." Andrew Bellis, Global Head, Private Credit at Partners Group, said the financings reflect "the strength of our global private credit platform, which has an investment track spanning over 20 years."
The new vehicle attracted commitments across investment-grade notes, junior notes, and equity. Some participating insurance companies invested in more than one part of the capital structure. Partners Group said the rated feeder structure is designed to help insurers access private markets investments while achieving capital efficiency. Because the underlying evergreen strategy is fully funded, the structure can provide immediate exposure while also helping reduce regulatory capital charges compared with other forms of private market investment.
The feeder vehicles connect institutional investors with the firm's private credit evergreen strategy, which focuses primarily on senior direct lending across developed markets. The strategy targets non-cyclical industries and seeks to give investors exposure to a diversified global portfolio of private credit investments. Partners Group launched the evergreen private credit strategy in 2016, giving it one of the longer operating track records among private credit evergreen vehicles.
Rated feeder structures have become an increasingly important tool for insurers seeking private credit exposure while managing regulatory capital requirements. By issuing different classes of rated notes alongside equity, the structures can offer tailored risk, return, and capital treatment profiles. Partners Group said the transaction expands its insurance solutions platform and that it is continuing to develop additional structures combining capital efficiency with private markets returns.
Partners Group manages more than $186 billion in assets globally across private equity, private credit, infrastructure, real estate, royalties, and special opportunities, and employs approximately 2,000 professionals worldwide. Nicholas Hegarty, Co-Head Client Solutions Americas at Partners Group, said the firm's insurance solutions "continue to deliver meaningful benefits for our clients." Andrew Bellis, Global Head, Private Credit at Partners Group, said the financings reflect "the strength of our global private credit platform, which has an investment track spanning over 20 years."
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