What Partners Group is considering
People familiar with the discussions say Partners Group is exploring a transaction that would transfer roughly €800 million, or $917 million, of private credit loans into a fresh continuation vehicle. The package would include holdings sourced out of the Private Markets Credit Strategies funds raised in 2018 and 2020, along with stakes tied to the Multi-Asset Credit strategy's fifth, sixth, and seventh funds.
Why this structure is on the rise
The idea is simple: the continuation vehicle would purchase loans held by Partners Group's own funds, allowing the manager to hang on to those assets beyond the original fund timelines, while giving current investors the option to roll or exit. With private equity sellers taking longer to move assets in recent years, lenders have been waiting more time to get repaid. That slowdown has also meant private credit funds return cash to their investors at a more measured pace.
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Secondaries are doing the heavy lifting
Against that backdrop, asset managers have leaned more on the secondaries market to hand liquidity back to investors sooner. Among the most recent deals: Cresent Capital offloaded $3.2 billion of interests to Pantheon Ventures, while Coller Capital led a $2.3 billion transaction that financed a continuation vehicle managed by Benefit Street Partners.
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