Partners Group Preps EUR 6 Billion Refinancing While Reshaping Buyout Team and Overhauling Fund Terms

Partners Group is laying the groundwork to refinance roughly EUR 6 billion of debt held by portfolio companies, with the borrowings tied to three holdings falling due in 2028. The effort runs alongside a separate push to restructure one of its flagship evergreen funds — and comes as the firm reshapes staffing in its global private equity arm.

Three Holdings in the Frame

Bloomberg reported that Emeria SASU, Ammega Group BV and Breitling AG are the companies involved. The sum reflects obligations at the portfolio-company level, not a liability of Partners Group itself, and no refinancing has yet been completed. The 2028 maturity is the reference point; what matters for investors is the terms the companies ultimately secure, not the mere fact that talks are under way.

Fund Structure and Fees

On the fund side, Partners Group plans to convert the Global Value SICAV into an umbrella fund with two sub-funds, with a vote scheduled for the week starting November 9. Fee relief is already on the table: investors in the distributing sub-fund are set to pay at least 25 basis points less for three years, while the accumulating sub-fund is slated for relief of up to 75 basis points through January 1, 2030. A temporary reduction in the redemption cap for certain share classes is also planned — a change that affects fund investors' ability to exit but is distinct from the refinancing of company debt.

Buyout Staffing Under Review

Bloomberg reported Friday that dozens of positions in the global private equity division are being cut or reassigned internally. The report pointed to a performance review and sustained investor criticism, with weaker legacy portfolios and redemption requests on evergreen products weighing on the firm. Partners Group said in a Bloomberg report on Thursday that team size remains within its long-term average — a statement that tempers the scale of the changes but does not address how the affected portfolios are performing. The distinction between cuts and internal transfers matters: the report describes both, and neither amounts to an exit from private equity.

New Products, Old Problems

Two weeks ago the firm launched a global multi-sector private credit income strategy, an open-ended evergreen vehicle aimed at institutional and private wealth investors, targeting high-single-digit to low-double-digit returns, mostly from running income. Those are targets, not results. Cheaper fees and fresh products can support a fund's appeal, but they are separate from how existing investments perform — and it is the latter that the staffing changes bring into focus.