Partners Group has raised a fresh $510 million from United States’ insurers for a private credit investment vehicle as the Swiss private markets manager explores new ways to manage liquidity pressures across its business.
The fundraising, structured through a rated feeder vehicle linked to the firm’s private credit evergreen strategy, brings the total amount Partners Group has raised through such structures this year to $875 million. The insurers invested in the vehicle’s investment grade and junior notes, with some also investing in the equity.
The capital raising comes weeks after the $186 billion asset manager announced a leadership reshuffle following a period in which investor withdrawal requests affected some of its flagship evergreen private equity funds and weighed on its share price.
Under the changes, David Layton, who has been sole chief executive since 2021 and shared the role for two years before that, will step down in January to become chief investment officer and chair of the firm’s global investment committee.
Roberto Cagnati, who most recently served as its head of portfolio solutions and chief risk officer, and Juri Jenkner, its current group’s president and head of business development, will succeed Layton as co-chief executives.
Partners Group’s private credit evergreen strategy focuses on senior direct lending opportunities across non‑cyclical industries in developed markets globally.
The structure is designed to provide insurers with exposure to private credit while improving capital efficiency and reducing regulatory capital charges.
“Our insurance solutions continue to deliver meaningful benefits for our clients,” Nicholas Hegarty, Co-Head Client Solutions Americas, Partners Group, said.
“We’re excited about the near-term opportunity as we progress the creation of additional vehicles aiming to achieve the dual objectives of capital efficiency and investment returns.”
Andrew Bellis, Global Head of Private Credit at Partners Group, added that these financings are a “testament to the strength of our global private credit platform, which has an investment track spanning over 20 years”.