Key Takeaways
- • Partners Group exits dual-class investment in Gong cha following TA Associates' sale of the global tea chain to Bain Capital in August 2026, realizing returns on both its private credit and minority equity positions.
- • USD 200+ million in original financing provided by Partners Group as sole lender for TA's 2019 acquisition of Gong cha, demonstrating the firm's capacity to structure large sponsor-backed credit solutions in Asia-Pacific markets.
- • Significant operational expansion during hold period: Gong cha grew from approximately 1,000 to nearly 2,200 stores and expanded geographic presence from 17 to 33 markets, with introduction of a proprietary "Digital Kitchen" model and strategic U.S. M&A activity.
- • Exit validates Partners Group's Asian private credit positioning as a leading direct lender in consumer and growth-focused sectors, reinforcing track record in high-performing regional opportunities.
- • Bain Capital assumes full ownership and financing obligations, taking on the acquired tea brand alongside its expanded operational and strategic responsibilities.
Summary
Partners Group has agreed to fully exit its private credit and minority equity investment in Gong cha, a fast-growing global tea brand, following TA Associates' sale of the company to Bain Capital. The transaction, completed in August 2026, crystallizes Partners Group's investment returns across both its debt and equity positions in the Taiwanese bubble-tea operator.
Partners Group originally provided more than USD 200 million in financing as the sole lender supporting TA Associates' 2019 acquisition of Gong cha. This substantial capital commitment underscores the firm's capability to structure sizeable sponsor-backed credit solutions targeting Asia-Pacific private equity transactions. The exit represents a successful realization of both the lending and equity components of Partners Group's original investment thesis.
During the investment hold period, Gong cha achieved substantial operational and geographic growth. The company expanded its store footprint from approximately 1,000 locations to nearly 2,200 stores and extended its market presence from 17 to 33 geographic markets. The brand also implemented a "Digital Kitchen" operating model and completed strategic mergers and acquisitions in the United States, positioning it as a more technologically advanced and diversified consumer platform.
Partners Group's successful exit, combined with Gong cha's operational performance metrics, reinforces the firm's positioning as a leading direct lender in Asia's consumer and growth-focused sectors. The transaction exemplifies Partners Group's private credit track record in the region and its ability to generate value through sponsor-backed financing of consumer-oriented businesses with expansion potential.
Partners Group originally provided more than USD 200 million in financing as the sole lender supporting TA Associates' 2019 acquisition of Gong cha. This substantial capital commitment underscores the firm's capability to structure sizeable sponsor-backed credit solutions targeting Asia-Pacific private equity transactions. The exit represents a successful realization of both the lending and equity components of Partners Group's original investment thesis.
During the investment hold period, Gong cha achieved substantial operational and geographic growth. The company expanded its store footprint from approximately 1,000 locations to nearly 2,200 stores and extended its market presence from 17 to 33 geographic markets. The brand also implemented a "Digital Kitchen" operating model and completed strategic mergers and acquisitions in the United States, positioning it as a more technologically advanced and diversified consumer platform.
Partners Group's successful exit, combined with Gong cha's operational performance metrics, reinforces the firm's positioning as a leading direct lender in Asia's consumer and growth-focused sectors. The transaction exemplifies Partners Group's private credit track record in the region and its ability to generate value through sponsor-backed financing of consumer-oriented businesses with expansion potential.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.