Partners Group's Capital Recycling Machine: From ?abka Exit to Data Center Power Plays

Swiss investor closes $5.5B infrastructure fund, buys AVK Power and Aroma-Zone, exits ?abka, but shares lag 26%.

The Swiss private-markets investor has spent the past week assembling a deal pipeline that spans two continents and three distinct industries, yet the share price tells a more cautious story than the headlines suggest.

At the heart of the current activity is a familiar private-equity rhythm: raise capital, harvest mature positions, and redeploy into faster-growing segments. Partners Group closed its infrastructure secondaries programme at the end of July with more than $5.5 billion in final commitments, having wrapped up fundraising for its fourth direct infrastructure vehicle with over $15 billion just days earlier on 20 July. That war chest is now being put to work.

A Week of Multi-Billion Moves

The most consequential announcement came on Thursday, when Partners Group confirmed it would acquire a majority stake in AVK Power Solutions, a European supplier of power infrastructure for data centers. The initial equity investment is slated to exceed $1 billion, targeting a market propelled by the relentless expansion of computing capacity and the corresponding demand for reliable electricity.

That same day, reports emerged that the investor had entered exclusive negotiations with Eurazeo to take a majority position in Aroma-Zone, the French natural cosmetics brand. The Financial Times had flagged the potential deal the day before, citing a price tag in the region of €2 billion. Eurazeo is expected to retain a minority interest following any transaction.

The consumer bet sits alongside more industrial holdings in a portfolio that now spans heating and cooling systems, insurance brokerage, and data center infrastructure. On Monday morning, Partners Group highlighted how its US HVAC portfolio companies DiversiTech and PremiStar were benefiting from weather-driven demand for cooling equipment and energy-efficiency retrofits — a reminder that operational gains can come from climate patterns as much as from acquisition strategy.

Operational Wins and a Notable Exit

Earlier in August, the firm pointed to an efficiency milestone within its existing portfolio: a collaboration between insurance broker Foundation Risk Partners and technology firm Version 1, leveraging artificial intelligence, had generated an EBITDA improvement of 120 basis points, equivalent to roughly $10 million. Such productivity gains inside current holdings are becoming an increasingly important value driver alongside new acquisitions.

The same period brought a significant divestment. At the end of July, Partners Group sold its stake in Polish convenience retailer ?abka to Couche-Tard, crystallising a return from a mature investment. The exit fits a broader pattern of capital rotation — recycling proceeds from established positions into newer growth areas like data center power and consumer brands.

The Share Price Gap

Despite the flurry of activity, the market's response has been muted. The stock traded at €783.40 on Monday, down 0.66 percent on the day, leaving it 26.16 percent lower since the start of the year. That year-to-date decline underscores how operational news flow has failed to offset broader valuation concerns during 2025.

There are signs of short-term stabilisation, however. The shares closed Monday at €785.80, having gained 4.38 percent over the past month. They now trade 4.58 percent above their 50-day moving average of €749.11, suggesting some recovery from recent lows. Still, the stock sits 36.63 percent below its 52-week high reached last September.

Lingering Questions From the Spring

The operational momentum arrives against a backdrop that is not entirely settled. In late April, short-seller Grizzly Reports published a critique of Partners Group's valuation practices. The company dismissed the allegations as "frivolous, defamatory and highly misleading" and has been exploring legal action over potential market manipulation. While the controversy has faded from the immediate news cycle, it remains an unresolved factor until the legal questions are put to rest.

An analyst downgrade to "Hold" at the end of July reflected a cautious stance that may look increasingly outdated given the subsequent acquisition activity, though the share price performance suggests investors are not yet fully convinced.

What Comes Next

Investors now have a clear date on the calendar: 1 September, when Partners Group publishes its next quarterly update. The results should reveal how recent acquisitions and operational improvements are translating into the numbers — and whether the company can finally move past the valuation debate that overshadowed the spring.

For now, the picture is one of a manager executing confidently across multiple fronts — raising billions, exiting mature bets, and placing fresh capital into infrastructure and consumer niches — while the market waits for the financials to catch up with the dealmaking.