Partners Group Refreshes Private Credit Push With Evergreen Fund, SICAV Overhaul and London Trust Wind-Down
Published on 10/12/2026 at 18:31 | Editorial boerse-global.de
Partners Group is broadening its footprint in private credit with a newly launched global multi-sector income strategy, unveiled on a Friday as an open-ended evergreen vehicle. The Swiss asset manager designed the fund for both institutional investors and private-wealth clients, a structure that permits continuous subscriptions and redemptions and gives backers more flexible liquidity management than traditional closed-end formats.
Management is targeting returns in the high single-digit to low double-digit percentage range, with earnings expected to flow mainly from ongoing distributions. The mandate spans direct lending, secondary loan transactions, fund financing, royalties, and opportunistic as well as liquid credit, spread across Europe, North America and Asia-Pacific. The firm is responding to noticeably stronger demand for fixed-income alternatives, particularly in the Asia-Pacific region.
A Strategy Built to Flex Across Credit Segments
Partners Group is counting on natural offsetting effects between the various market segments. Should new direct-lending deals slow because of softer takeover activity, the company expects more opportunities in secondaries or NAV financing, as fund investors and managers seek alternative liquidity during such phases. The firm already runs a global private credit platform with USD 40 billion in assets.
The credit business is taking on growing strategic weight. Alongside the fund launch, Partners Group's credit platform acted as senior lender in the refinancing of dental company DELABO.group, structured as a unitranche and super-senior facility.
Fund Line-Up Adjustments and a London Wind-Down
The product rollout comes amid broader changes to the firm's fund range. Roughly two weeks earlier, Partners Group said it would develop the Global Value SICAV into an umbrella fund with two sub-portfolios — a compounding vehicle for long-term capital growth and a distributing portfolio for income realization. The shares have slipped 0.8% since that announcement. The move still requires formal shareholder approval.
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At the same time, another managed portfolio is heading for liquidation. At Partners Group Private Equity Limited, the standalone vehicle managed by Partners Group Holding AG, 99.89% of votes cast backed an orderly realization of the entire investment portfolio. Before that, 74.12% of issued shares had already opted for the wind-down. Payouts to shareholders are expected to be made semi-annually, starting on 31 March 2027. According to media reports, the decision may have deepened general concerns about redemptions and investor confidence in the private markets segment.
Leadership Transition and First-Half Performance
The product offensive lands at a demanding juncture for the Swiss manager, which oversees a total of USD 186 billion. At the start of 2027, the top of the company changes hands: Roberto Cagnati and Juri Jenkner are set to take over as co-CEOs, while David Layton assumes the chief investment officer role.
Operationally, the business held up in the first half of 2026. The EBITDA margin reached 63%, and management income rose 12% in currency-adjusted terms, even as performance fees tied to carried interest fell noticeably.
Market Pressure and a Push to Rebuild Trust
Even so, the turbulence of the current year has weighed on investor confidence. After a short-seller attack in February and uncertainty across the private credit landscape, the stock lost substantial ground. The shares currently trade at EUR 643.40, down 39% since the start of the year, leaving the paper just 3.3% above its 52-week low.
In a bid to win back trust, co-founder Fredy Gantner has returned to personally meeting major investors. He held around 40 conversations in New York, London and Zurich.
Whether the credit strategy expansion is enough to stabilize the valuation over the longer term now hinges above all on new business in the second half. A detailed picture of client money flows and earnings will not arrive until next year: Partners Group will publish assets under management as of 31 December 2026 on 13 January 2027, with full-year financial results following on 16 March 2027.
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