Key Takeaways
- • Partners Group is refinancing roughly EUR 6 billion of debt across Emeria SASU, Ammega Group BV and Breitling AG, all maturing in 2028, according to a Bloomberg report.
- • The Swiss asset manager is working to keep hedge funds out of the lender group for these loans, a defensive move to preserve control over the creditor structure against activist secondary-market buyers.
- • Partners Group has cut or redeployed roles across its private equity unit, a division of more than 200 staff, with positions shifted into infrastructure and royalties.
- • The firm proposed converting its EUR 6.6 billion Global Value SICAV into an umbrella structure with two sub-portfolios, while shareholders of London-listed Partners Group Private Equity Limited voted to liquidate the fund company.
- • Partners Group shares closed Friday at EUR 655.20, down 38% year to date and only slightly above their 52-week low of EUR 623.00.
Summary
Partners Group is pursuing two parallel changes: tightening its creditor base behind three portfolio companies and restructuring the vehicles through which it holds and returns investor capital. According to a Bloomberg report, the Swiss asset manager is refinancing roughly EUR 6 billion of debt across Emeria SASU, Ammega Group BV and Breitling AG. All three borrowings mature in 2028. Partners Group is seeking to keep hedge funds out of the lender group, a defensive step aimed at preserving control over the creditor structure. Activist funds commonly buy loans on the secondary market ahead of maturities to gain leverage in restructurings, and restrictive covenants are the manager's response.
The debt negotiations accompany a broader reshuffle within the firm. Bloomberg reported that Partners Group has cut or redeployed roles across its private equity unit, which employs more than 200 staff, with positions moved into infrastructure and royalties, and that several hierarchy levels were affected. The firm states that team sizes remain within their long-term average and says the aim is sharper performance as investors scrutinise private markets more closely.
On the fund side, Partners Group has proposed converting its Global Value SICAV, with net asset value of EUR 6.6 billion, into an umbrella structure containing two sub-portfolios: one targeting long-term capital appreciation and the other designed to realise gains already accrued. Separately, shareholders of London-listed Partners Group Private Equity Limited voted to liquidate the fund company in favour of an orderly sale of the entire portfolio, shelving a planned restructuring. The decision applies only to the listed fund and not to Partners Group Holding AG. New vehicles include a global multi-sector private credit income strategy launched as an open-ended evergreen fund for institutions and private wealth clients, and an extended evergreen private equity strategy offering investors more flexibility.
Deal activity continues. The firm co-led a USD 180 million financing round for technology provider Scanntech alongside lead investor L Catterton, under its private equity growth strategy. Its in-house private credit platform refinanced DELABO.group through a unitranche structure. Middle River Power, part of an infrastructure business Partners Group acquired for clients in 2025, completed its purchase of the 427-megawatt, fully contracted Panoche Energy Center in California from a fund of Ares Infrastructure Equity on 6 October.
Partners Group shares closed Friday at EUR 655.20, a 38% decline since the start of the year, though they stabilised modestly into the weekend and sit slightly above a 52-week low of EUR 623.00. Whether the handling of creditors at its largest holdings restores investor confidence will depend on the terms of the final loan agreements.
The debt negotiations accompany a broader reshuffle within the firm. Bloomberg reported that Partners Group has cut or redeployed roles across its private equity unit, which employs more than 200 staff, with positions moved into infrastructure and royalties, and that several hierarchy levels were affected. The firm states that team sizes remain within their long-term average and says the aim is sharper performance as investors scrutinise private markets more closely.
On the fund side, Partners Group has proposed converting its Global Value SICAV, with net asset value of EUR 6.6 billion, into an umbrella structure containing two sub-portfolios: one targeting long-term capital appreciation and the other designed to realise gains already accrued. Separately, shareholders of London-listed Partners Group Private Equity Limited voted to liquidate the fund company in favour of an orderly sale of the entire portfolio, shelving a planned restructuring. The decision applies only to the listed fund and not to Partners Group Holding AG. New vehicles include a global multi-sector private credit income strategy launched as an open-ended evergreen fund for institutions and private wealth clients, and an extended evergreen private equity strategy offering investors more flexibility.
Deal activity continues. The firm co-led a USD 180 million financing round for technology provider Scanntech alongside lead investor L Catterton, under its private equity growth strategy. Its in-house private credit platform refinanced DELABO.group through a unitranche structure. Middle River Power, part of an infrastructure business Partners Group acquired for clients in 2025, completed its purchase of the 427-megawatt, fully contracted Panoche Energy Center in California from a fund of Ares Infrastructure Equity on 6 October.
Partners Group shares closed Friday at EUR 655.20, a 38% decline since the start of the year, though they stabilised modestly into the weekend and sit slightly above a 52-week low of EUR 623.00. Whether the handling of creditors at its largest holdings restores investor confidence will depend on the terms of the final loan agreements.
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