Partners Group Exits Gong cha as Bain Capital Takes Control of Bubble-Tea Chain

Swiss asset manager unwinds debt and equity in bubble-tea chain as Bain Capital acquires, showcasing private credit portfolio liquidity.

The Swiss asset manager's seven-year run as the financial backbone of one of Asia's best-known bubble-tea brands has come to an end. Partners Group confirmed its complete departure from Gong cha on Tuesday, unwinding both its debt position and minority equity stake in the Taiwanese chain as TA Associates sells the business to Bain Capital.

The exit closes a chapter that began in 2019, when Partners Group acted as sole lender on the original acquisition with a credit facility exceeding $200 million. At that point, Gong cha operated roughly 1,000 outlets. The company has since expanded to 2,200 locations across 33 markets, selling 150 million drinks annually by its own count.

A Credit Book in Motion

For Partners Group, the transaction serves as a tangible demonstration of how it manages its private credit portfolio — realizing positions when buyers emerge for portfolio companies rather than holding them indefinitely. The firm says it now oversees $186 billion in assets across this business line, with consumer-sector buyouts representing a meaningful slice of that activity.

The Gong cha disposal is hardly an isolated move. Just last week, the company closed a $1 billion mandate for Asian private credit, which Reuters identified as the largest deal of its kind in the region this year. An Asian institutional investor will deploy the capital across senior and junior direct lending through the structure.

August has also brought a string of other portfolio developments. Partners Group's planned majority acquisition of data-center power solutions provider AVK was disclosed earlier in the month, while the firm has been in exclusive talks regarding a stake in Aroma-Zone at a reported $2.3 billion valuation. At portfolio company Emeria, the group is deploying so-called agentic AI to drive transformation across property management. Even weather patterns have played a role: HVAC holdings in the US portfolio have benefited from extreme temperatures and the resulting demand for cooling systems.

What the Exit Signals to Investors

The significance of the Gong cha departure extends beyond the transaction itself. For limited partners watching the ongoing debate around redemptions from evergreen funds, it offers evidence that the credit strategy can generate liquidity — a consideration that has grown increasingly salient as discussions about withdrawal requests persist.

The market's response, however, was muted. The stock traded at €770.00 on Tuesday, essentially flat on the day, having gained 6.1 percent over the preceding 30 days. The secondary article's figures show a Monday close of €769.20 with a 6.0 percent 30-day advance — minor discrepancies reflecting different reporting timestamps.

The Harder Numbers

The longer-term picture remains challenging. The shares sit roughly 38 percent below the 52-week high of €1,240.00 reached in September of last year. Year-to-date, the stock is down 28 percent, and over a twelve-month horizon the decline stretches to 36 percent. The price currently trades below its 200-day moving average but above the 50-day average — a configuration that technical analysts often read as a stabilization phase still in progress. The relative strength index sits near 53, indicating neither overbought nor oversold conditions.

Deutsche Bank downgraded the stock from "Buy" to "Hold" on August 11, trimming its price target from 840 to 785 Swiss francs — a call that has aged reasonably well given the subsequent price action.

The Calendar Ahead

Investors now have two dates circled. On August 27, PGPE Ltd — for which Partners Group acts as investment manager — will host an investor update based on unaudited figures through June 30. Then on September 1, Partners Group releases its second-quarter 2026 results, where the market will scrutinize whether exits like Gong cha show up in the credit segment's numbers.

Attention will also fall on the dividend outlook. Management has guided to a payout of 45.73 Swiss francs per share for 2026, a slight reduction from the prior year's distribution of 46.00 francs.

Until those catalysts arrive, the stock appears likely to remain rangebound — supported by individual transactions like the Gong cha sale, yet lacking a decisive new driver to break the pattern.