Partners Group closes fourth PE programme on USD 15bn

Following the structure of its predecessor funds, Partners Group Direct Equity 2019 will invest in parallel with Partners Group's client solutions and private markets programme.

The GP held a final close in July 2017 for its third direct equity fund, Partners Group Direct Equity 2016, on EUR 3bn, surpassing its EUR 2bn target. The fund currently has a net IRR of 22% and a net total value to paid in multiple of 1.95x, the GP said in a statement. The fund was 94% deployed as of June 2020, according to Unquote Data.

Partners Group is headquartered in Baar-Zug, Switzerland, and is listed on the Six Swiss Stock Exchange. The firm has 20 offices in total, with regional headquarters in Denver in the US and in Singapore.

The GP manages private markets strategies in credit, secondaries and real estate, as well as private equity direct and fund-of-funds programmes. The GP also manages PG Life, an impact investing programme.

Investors
LPs in the programme include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments and foundations. Existing investors have committed more than the total raised by the previous vehicle, according to a statement.

According to Unquote Data, LPs in the fund include UK-based public pension fund Gwynedd Pension Fund, as well as private pension funds from Iceland, Switzerland and Norway.

Partners Group's founders, partners and other employees have also committed to the fund.

Investments
Partners Group's buyout programme invests in mid-market companies in Europe, the US and Asia with enterprise values of USD 250m-2bn. The fund has four areas of focus: goods and products; health and life; services; and technology. The GP aims to invest in line with three core themes: digitalisation and automation; new living; and decarbonisation.

The fund and its linked programme have made 17 investments to date and expects to make 25-30 in total.

The fund's recent deals include the EUR 1.6bn acquisition of generic pharmaceuticals business Pharmathen, which the GP acquired from BC Partners in July 2021.

Portugal-based agricultural chemicals producer Rovensa is also a portfolio company of the fund; the GP acquired a majority stake in the business from Bridgepoint in July 2020.

The GP's recent exit activity includes the sale of its stake in France-based Cerba HealthCare in a EUR 4.5bn SBO to EQT in March 2021, ending a four-year investment period.

People
Partners Group – David Layton (CEO, head of private equity); Todd Miller (managing director); Sarah Brewer (partner, co-head of client solutions).

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