Partners Group's private credit strategy to exit Gong cha, one of the world’s fastest-growing global tea brands

Bain Capital Private Equity has entered into a definitive agreement to acquire Gong cha, a Taiwan-born bubble tea brand recognized as one of the world's fastest-growing global tea beverage franchises, from TA Associates and co-investors including Partners Group. The transaction is scheduled to close in the fourth quarter of 2026, subject to customary closing conditions. Nomura Securities served as financial advisor on the transaction.

This acquisition marks a significant exit event for Partners Group, which held exposure to Gong cha through both private credit instruments and minority equity positions. The transaction crystallizes Partners Group's exit across its dual investment structures in the company, enabling capital redeployment across its alternative investment portfolio.

Bain Capital's strategic rationale centers on accelerating Gong cha's U.S. market penetration and unit growth while concurrently strengthening operational infrastructure, including supply chain capabilities. The brand's distinctive positioning as a pan-Asian tea beverage franchise with established operations across multiple Asian markets provides a platform for continued geographic expansion and operational leverage. Gong cha's rapid growth trajectory and established consumer brand recognition in key Asian markets align with Bain Capital's operational improvement strategy typical of the firm's private equity acquisition model.

The transaction represents a notable capital event in the competitive bubble tea and specialty beverage franchise sector, where rapid unit expansion and consumer demand for Asian-inspired beverages have driven significant valuations and competitive M&A activity. The involvement of institutional investors at both entry and exit phases underscores the commercial viability and investment-grade characteristics of the global tea brand category.