Partners Group Explores €800 Million Private Credit Transfer as Earnings Pressure Mounts

Partners Group is considering moving about €800 million of corporate loans into a continuation vehicle, per a Bloomberg report.

Partners Group is weighing a plan to move roughly €800 million of corporate loans into a continuation vehicle, according to a Bloomberg report citing people familiar with the matter. The Swiss asset manager would shift private credit holdings out of older fund vintages and into a standalone structure, giving existing backers a choice between cashing out and rolling their exposure forward.

Loans from the Private Markets Credit Strategies 2018 and 2020 programs are said to be affected, along with credit from the fifth, sixth and seventh Multi-Asset Credit funds. The arrangement is designed to bring order to legacy portfolios rather than force sales into a difficult market.

A Liquidity Menu for Investors

Continuation vehicles have become a fixture of private debt as managers seek to hold quality credit beyond a fund's normal lifespan. For investors in the affected funds, the structure offers two paths: stay invested through the new vehicle, or sell and pull capital out. The model also speaks to institutional demand for earlier distributions in a shifting rate environment, while letting the manager avoid rushed exits at unattractive prices.

The move underscores how refinancing and exit conditions in private credit have grown more demanding. It also fits a broader pattern of capital-structure tinkering at Partners Group. On September 8, the London-listed Partners Group Private Equity Ltd., which the firm manages, proposed a two-share-class structure to its shareholders. Investors would choose between remaining in the existing strategy and switching into a so-called realisation category designed to return paid-in capital to holders 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 Push in the Nordics and Sports

Alongside portfolio housekeeping, the firm is pursuing selective expansion. On September 10 it opened a Stockholm office, led by Carina Spitzkopf, Head of Direct Lending DACH & Nordics, to deepen its Nordic investment reach. Five days later it announced a partnership with sports talent agency SEG, becoming the largest external shareholder on behalf of its clients and pledging further expansion capital.

Sentiment, however, has been weighed down by half-year results published just over three weeks ago. Net profit fell 13% to CHF 502 million in the first six months of the year. Performance income came in at CHF 216 million, or 19% of total revenues, trailing earlier peaks. For the full year 2026, management guides to a 20% to 25% share of performance income in total revenues — below the long-term target range of 25% to 40%. Gross new client demand is projected at $26 billion to $32 billion.

Leadership Handover Adds Another Variable

A management transition announced roughly two weeks ago has added further moving parts. Group CEO David Layton will step down from the executive team on January 1, 2027, and move into the Chief Investment Officer role to keep steering the firm's investment strategy. Roberto Cagnati and Juri Jenkner will take over as co-CEOs.

The stock has reflected the mixed backdrop. Shares of Partners Group rose 1.3% today to €656.00, a modest recovery after closing Friday at €648.60.