Partners Group is weighing whether to shift roughly €800 million of private credit loans into a continuation vehicle, according to Bloomberg, which cited people familiar with the matter on Friday. The structure would let the Swiss asset manager hold the debt positions beyond the original fund terms, a maneuver that has become increasingly common across private markets as refinancing and exits grow harder to execute.
The loans in question sit in older vintages — Private Markets Credit Strategies 2018 and 2020, plus the fifth, sixth and seventh Multi-Asset Credit funds. Bundling them into a new company would typically give investors the choice of cashing out or rolling their exposure into the assets.
A broader rethink of capital structures
The credit review is part of a wider recalibration of how Partners Group manages legacy portfolios. On September 8, the London-listed Partners Group Private Equity Ltd., which the firm manages, proposed a dual-share-class structure to its shareholders. Investors would be able to stay in the existing strategy or move into a so-called realisation category designed to return capital to shareholders in stages. Should demand for the realisation shares cross a 40% threshold, the board intends to seek owner approval for an orderly wind-down of the entire portfolio.
Growth initiatives have continued in parallel. Partners Group opened a Stockholm office on September 10, led by Carina Spitzkopf, Head of Direct Lending DACH & Nordics, to expand investments across the Nordic region. Five days later, on September 15, the firm announced a partnership with sports talent agency SEG, becoming the largest external shareholder and pledging further expansion capital on behalf of its clients.
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Success fees undershoot the target corridor
Sentiment, however, has been weighed down by half-year results published roughly three weeks ago. Performance income came in at CHF 216 million for the first half. Management expects that line to account for 20% to 25% of total revenues for the full year — a range that sits below the firm’s medium- to long-term target of 25% to 40%.
Personnel changes have added another layer. CEO David Layton will step down from the executive committee on January 1, 2027, and move into the Chief Investment Officer role, with Roberto Cagnati and Juri Jenkner taking over as co-CEOs.
Shares hover near a 52-week low
The market has yet to shake off its caution. Partners Group stock closed Friday at €648.60, having touched a fresh 52-week low of €646.00 during the session. Year to date, the shares have shed 39%.
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