Partners Group Piles Into Power Deals as It Prepares for a Pivotal September Report

Partners Group invests $1B+ in AVK Power, expands energy capacity, and exits Gong cha, while facing redemption overhang ahead of H1 results.

The Zug-based private markets investor is making a forceful case that its deal machine remains in full working order, even as the noise around its open-ended funds refuses to fade. A flurry of transactions across power infrastructure and consumer brands has given the firm a more upbeat narrative to carry into its upcoming half-year results.

At the heart of the latest push is a majority stake in AVK Power Solutions, a European supplier of power delivery systems for data centers and artificial intelligence infrastructure. Partners Group confirmed in early August that its equity investment in the company exceeds $1 billion, marking another bet on the energy infrastructure that underpins the AI buildout — a theme the firm has circled repeatedly in recent months.

The infrastructure drive extends beyond that single deal. The platforms Middle River Power and PowerTransitions, both acquired in 2025, have now doubled their operating capacity to 4.8 gigawatts, with EBITDA climbing more than 60 percent. The strategy centers on retrofitting battery storage at existing U.S. gas-fired plants, a niche that stands to benefit directly from surging electricity demand from the data center sector.

Consumer Deals and a Long-Awaited Exit

The firm has not confined itself to energy. On August 6, Partners Group announced exclusive negotiations to acquire Aroma-Zone, one of Europe's fastest-growing natural beauty and wellness brands, from Eurazeo, which is expected to retain a significant minority stake after the transaction closes.

In a separate development, the investor is unwinding its involvement with Gong cha, the Taiwanese bubble-tea chain. Bain Capital is taking over the company, replacing TA Associates as the lead owner, and Partners Group will exit both its private credit position and its minority equity stake as part of the broader transaction. The firm pointed to the chain's expansion from roughly 1,000 to nearly 2,200 locations across 33 countries during its seven-year holding period as evidence that its consumer growth bets can pay off.

Fresh Capital Flows In

The credit side of the business is also showing signs of life. About ten days ago, Partners Group closed a new $1 billion private credit mandate with an Asian institutional investor, structured to include both discretionary tranches and co-investments. The mandate underscores continued demand from international allocators for direct access to private credit markets, even as retail investors have been pulling back from the firm's evergreen vehicles.

That tension remains the central issue for the stock. Elevated redemption requests across several open-ended funds weighed on the share price through the summer, with retail investors citing geopolitical uncertainty as a reason to withdraw capital. Partners Group has pushed back against short-seller Grizzly Research's claims that its evergreen fund valuations are too high, and in June it limited redemptions from one private equity fund.

Deutsche Bank Cuts, But the Stock Creeps Higher

The skepticism has been reflected on the sell side. Deutsche Bank downgraded the shares from Buy to Hold roughly two weeks ago, trimming its price target from CHF 840 to CHF 785 on the view that a recovery in the evergreen business would take longer than initially expected.

Since that call, the stock has managed a modest rebound of about 1.5 percent. On Thursday, shares traded at €796.60, up 2.2 percent on the day and 4.0 percent higher on the week. The stock remains far from its 52-week high of €1,240.00, set in early September of last year, and is still down roughly 26 percent year-to-date. It has, however, lifted off its low of €686.80 and now sits about 4 percent above its 50-day moving average, a sign that short-term momentum has stabilized somewhat.

What the Market Is Watching

All eyes are now on the half-year numbers. Partners Group has scheduled the release of its interim results for 2026 — the primary article cites September 1, while the secondary article points to September 8 — with a press release due at 7 a.m. Central European Time. The company has maintained its guidance for new money inflows of $26 billion to $32 billion for the full year.

The question investors will be asking is whether the recent run of deal activity can shift the conversation away from the evergreen redemption overhang. Between now and the results, the shares are likely to oscillate between the optimism generated by operational wins and the structural doubts that have yet to fully clear.