Partners Group’s private credit evergreen fund has reached EUR 2bn ($2.31bn) in size, as investor interest in this type of product continues to grow, according to statement by Partners Group.
The fund, which is open to institutional and private wealth investors, is one of the largest Luxembourg-domiciled private credit evergreen funds.
It follows a global direct lending strategy with investments sourced through Partners Group’s private credit platform, which provides access to proprietary transactions across markets in the US, Europe, and Asia Pacific.
Christopher Bone, head of private credit Europe & Asia, Partners Group, commented: “Our private credit evergreen fund offers exposure to a diversified global portfolio that targets senior direct loans to companies with strong cash flows in resilient industries. We follow a thematic approach to identify growing companies and then act as a long-term partner to support future business transformation.”
The fund’s portfolio comprises around 140 primarily senior secured direct loans, with the most recent investments including Elk, a leading property maintenance services provider in the Netherlands; Santiane, one of the largest health insurance brokers in France; and Cobalt, an access security provider in the US with a highly diversified customer base.
Launched in 2016, the fund is available to investors in Asia, Europe and the Middle East. It is unlevered, and returned 9% net last year and around 8% annualised (in euros) during the past five years, according to the firm.
Reto Munz, managing director, private credit portfolio management, Partners Group, added: “The fund has always been popular amongst institutions, and we have been seeing growing interest from the private wealth segment. Our pro rata allocation policy means that the Fund has access to the same transactions as our traditional closed-end products.”
