Partners Group blocks hedge funds from refinancing €6B in debt

by@business

Summary

Swiss private equity firm Partners Group is taking measures to prevent hedge funds from interfering with its efforts to refinance approximately €6 billion of debt owed by some of its struggling companies. This decision comes as Partners Group is actively restructuring certain evergreen funds to offer investors more flexibility and has also introduced a new global private credit income strategy that includes direct lending and opportunistic credit, aiming to enhance its product offerings.

Analysis

Partners Group: Partners Group is a Swiss alternative asset manager focused on private equity, private credit, infrastructure, and royalties. It oversees a range of closed-end and evergreen funds for institutional and private clients worldwide. In this development, the firm is using provisions in loan documentation to restrict hedge fund participation in debt of its portfolio companies, aiming to facilitate smoother refinancing processes. FundAdaptation: Partners Group is restructuring select evergreen funds to provide investors with greater flexibility in allocating between long-term compounding and liquidity-focused portfolios. CreditExpansion: The firm recently launched a new global private credit income strategy spanning direct lending, secondaries, and opportunistic credit to broaden its product offerings.

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