Partners Group closes secondary fund at €2.5bn

According to Partners, the fund has invested throughout the market crisis, purchasing a number of assets at “historic lows”. Acquisitions include a portfolio of assets from a bank at an estimated discount of 70 per cent to net asset value at the start of the year, for which the firm forecasts an IRR of over 20 per cent.

Another windfall of the downturn was a set of assets from a distressed vendor seeking immediate liquidity, which Partners managed to acquire on an exclusive basis. The assets, which the firm claims are in stable sectors with a high degree of sector and regional diversification, and were acquired at a 50 per cent discount. The transaction is expected to achieve a two times multiple and an IRR of over 20 per cent, according to Partners.

Stefan Näf, partner and co-head of investment solutions for Partners, said, “We are delighted with the successful close of Partners Group Secondary 2008 and have seen substantial demand from investors around the globe despite a generally challenging fundraising environment. We are very comfortable with the portfolio we have built for our clients and have a substantial amount of dry powder remaining to invest in the upcoming attractive secondary vintage years.”

Headquartered in Zug, Switzerland, Partners has more than CHF24bn (€15.8bn) in investment programmes under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. In July, the firm was selected to manage a private equity secondary mandate by sovereign wealth fund Korea Investment Corporation.

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