Key Takeaways
- • Partners Group exits dual debt and equity positions in Gong Cha bubble-tea chain following Bain Capital's acquisition of the business from TA Associates in August 2026, realizing returns on a $200+ million financing commitment made in 2019.
- • Gong Cha more than doubled its store footprint from approximately 1,000 locations in 2019 to nearly 2,200 stores across 33 markets, while increasing annual beverage sales to over 150 million units during Partners Group's investment period.
- • The company expanded through strategic acquisitions including master franchise rights covering 170 U.S. stores and implemented operational efficiency improvements via its "Digital Kitchen" automated beverage dispensing technology platform.
- • Zongwen Tan, head of direct lending Asia at Partners Group, attributed the investment success to Gong Cha's strong competitive positioning and experienced management team, reinforcing the firm's thesis on financing quality operators in consumer-facing businesses.
- • The exit strengthens Partners Group's track record in Asian private credit markets, where it has deployed capital across senior and junior direct lending structures for 15 years.
Summary
Partners Group has realized its investment in Gong Cha, the Taiwanese bubble-tea operator, following Bain Capital's completion of its acquisition from TA Associates in August 2026. The private markets firm provided more than $200 million in direct lending as the sole lender supporting TA's initial acquisition of Gong Cha in 2019, while simultaneously securing a minority equity stake in the business. The dual-position structure—combining senior debt and equity exposure—has now been monetized through the sale.
The seven-year holding period demonstrates significant value creation within the portfolio company. During this timeframe, Gong Cha expanded its store network by more than 100 percent, growing from approximately 1,000 locations in 2019 to nearly 2,200 stores operating across 33 geographic markets as of 2026. Annual beverage volume increased substantially to over 150 million units sold, underscoring strong organic growth and market penetration. The company also pursued targeted acquisitions to accelerate its U.S. expansion, securing master franchise rights covering 170 stores.
Operationally, Gong Cha invested in technology infrastructure to support its enlarged footprint. The company introduced its "Digital Kitchen" concept, which deploys automated beverage dispensing systems to enhance production efficiency and consistency across its expanding store base. This operational modernization complements the brand's geographic diversification strategy.
Zongwen Tan, head of direct lending Asia at Partners Group, characterized the investment as aligned with the firm's disciplined approach to private credit. He noted that Gong Cha demonstrated the hallmark traits Partners Group targets: strong competitive positioning within the bubble-tea category and experienced management leadership capable of executing growth initiatives. The successful exit reinforces Partners Group's institutional credibility in Asian direct lending, where it has invested across senior and junior tranches for 15 years.
The seven-year holding period demonstrates significant value creation within the portfolio company. During this timeframe, Gong Cha expanded its store network by more than 100 percent, growing from approximately 1,000 locations in 2019 to nearly 2,200 stores operating across 33 geographic markets as of 2026. Annual beverage volume increased substantially to over 150 million units sold, underscoring strong organic growth and market penetration. The company also pursued targeted acquisitions to accelerate its U.S. expansion, securing master franchise rights covering 170 stores.
Operationally, Gong Cha invested in technology infrastructure to support its enlarged footprint. The company introduced its "Digital Kitchen" concept, which deploys automated beverage dispensing systems to enhance production efficiency and consistency across its expanding store base. This operational modernization complements the brand's geographic diversification strategy.
Zongwen Tan, head of direct lending Asia at Partners Group, characterized the investment as aligned with the firm's disciplined approach to private credit. He noted that Gong Cha demonstrated the hallmark traits Partners Group targets: strong competitive positioning within the bubble-tea category and experienced management leadership capable of executing growth initiatives. The successful exit reinforces Partners Group's institutional credibility in Asian direct lending, where it has invested across senior and junior tranches for 15 years.
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