Partners Group Weighs €800 Million Credit Vehicle as Parmaco Exit Talks and AVK Clearance Reshape the Story
Published on 10/01/2026 at 03:01 | Editorial boerse-global.de
Partners Group is simultaneously exploring an exit from one infrastructure holding and pressing ahead with a major acquisition in another, a dual-track posture that underscores how the Swiss asset manager is navigating a stubbornly sluggish market for corporate disposals.
At the center of the exit speculation sits Parmaco, the Finnish modular building specialist. According to Bloomberg, which cited people familiar with the matter, Partners Group is weighing a sale and has mandated Bank of America to run the process. The asset could command roughly EUR 1.5 billion, or about USD 1.7 billion, though discussions remain at an early stage and no deal is assured — the firm could just as easily retain the business. Should an agreement materialize, completion would likely land in 2027.
Partners Group acquired Parmaco in 2021 from a consortium led by Terra Firma; the purchase price at the time was never disclosed. The company operates in Finland as well as Denmark, Sweden and Germany, employs around 300 people and generates annual revenue of roughly EUR 100 million.
Brussels Gives AVK Deal the Green Light
On the buy side, the group cleared a significant regulatory hurdle. The European Commission today granted merger clearance for Partners Group's acquisition of control over British firm AVK Power Solutions. Antitrust officials in Brussels found no competition concerns, noting that the companies involved operate neither in the same markets nor in vertically linked ones.
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Partners Group announced the transaction in early August. The Swiss firm plans to commit more than USD 1 billion in equity, supplemented by debt financing, while AVK's management will retain a minority stake. AVK designs, installs and maintains backup power and energy supply systems for data centers, with an installed base totaling around 3.5 gigawatts.
A New Structure for Stressed Credit Portfolios
Beyond the deal flow, Partners Group is reportedly preparing a continuation vehicle of approximately EUR 800 million, again per Bloomberg. The structure would pool loans from five of the firm's own private credit funds, giving invested clients the choice of rolling their holdings into the new vehicle or cashing out.
The move comes as the firm confronts a challenging operating backdrop. Analyst Nemes pointed to noticeable delays in divesting portfolio companies, which in turn slows the realization of performance fees and the return of capital to investors. Rising costs are adding to the pressure, with currency hedging in particular having become more expensive and weighing on margins. That combination — drawn-out sales and pricier hedges — makes a near-term recovery in profitability difficult.
Those headwinds prompted a reduction in earnings estimates, driven not only by lower profit projections but above all by more cautious assumptions about return development. The stock finished yesterday's session at EUR 634.80.
Governance Appointment and Selective New Commitments
In a separate development, Switzerland's financial regulator FINMA has elected Partners Group CFO Joris Gröflin to the Swiss Takeover Board. He assumes the role on January 1, 2027, succeeding Beat Fellmann.
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Even with portfolio restructuring stuck in low gear, the firm continues to pursue direct transactions selectively. Recent projects include an investment in international sports talent agency SEG and a financing package of more than EUR 300 million extended to MDT technologies.
Investors, however, are keeping their attention fixed on the transaction climate in the core market. Until the window for lucrative corporate exits opens in a sustained way, analyst estimates are likely to remain under pressure.
The shares changed hands at EUR 633.60 today, up 0.7%, as the market weighed the prospect of liquidity returning in 2027 against the capital outlays required for AVK. The stock is attempting to find a floor after losing 40% since the start of the year.
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