Partners Group Builds Out Private Credit Income Range While Winding Down London Trust

Partners Group launched a Multi-Sector Private Credit Income strategy and proposed splitting its €6.6 billion evergreen as UK trust votes to wind down.

Partners Group is pressing ahead with a twin-track reshaping of its fund range, pairing the launch of a new global private credit strategy with the orderly liquidation of a listed British vehicle and a proposed overhaul of its €6.6 billion flagship.

The Swiss asset manager unveiled its Multi-Sector Private Credit Income strategy on Friday. Structured as an open-ended evergreen vehicle, the product is aimed at both institutional investors and private wealth clients hunting for predictable cash flows, and it is designed to generate total returns in the high single-digit to low double-digit percentage range, with the bulk of that coming from running income rather than capital appreciation.

To hit that target, the portfolio will spread its bets across a range of credit segments. Direct lending sits alongside credit secondaries and fund financings, while the mandate also allows for royalty investments and opportunistic credit positions. The breadth is deliberate: diversification across sub-sectors is meant to smooth the income stream that anchors the strategy's appeal.

Evergreen Formats Take Centre Stage

The credit launch slots into a broader push by Partners Group into evergreen structures, which the firm markets as a more flexible alternative to fixed-life fund terms. Investors gain easier access to private credit markets that have drawn growing interest from wealthy clients in the current rate environment.

That push extends to existing products. Roughly two weeks ago, the company proposed splitting its Global Value SICAV — a private equity evergreen with a net asset value of €6.6 billion — into an umbrella fund with two separate sub-portfolios. One sleeve would target long-term compounding for investors willing to lock up capital, while the other would pool distributions from portfolio realisations. Shareholders have yet to sign off on the restructuring.

London Trust Opts for Wind-Down

Not every vehicle in the group's orbit is being retooled. On Wednesday, shareholders of Partners Group Private Equity Limited, an investment company managed by the asset manager, voted to bring the British fund to an end. According to Reuters, 74.1% of shareholders backed the liquidity option, after which 99.9% approved an orderly wind-down.

The liquidation applies solely to the closed-ended UK investment trust and leaves the listed parent company's operations untouched. Payouts to investors are scheduled to begin on 31 March 2027 and will be distributed in half-yearly tranches as assets are realised.

Analysts Hold Fire as Shares Steady

Sell-side positioning has been muted. Goldman Sachs raised its price target on the stock on 1 October but kept its rating at "Hold".

Partners Group shares closed Friday at €640.80, a gain of 1.9% on the day. The advance does little to offset a bruising year: the stock is down 40% since the start of January. Against that backdrop, the firm is leaning on fresh product launches and steady fee-generating income streams to rebuild confidence among investors.