Swiss Partners Group exits bubble tea investment

Returns on the Gong cha investment have not been disclosed Copyright 2018 The Associated Press. All Rights Reserved.

Swiss private equity firm Partners Group will exit its private credit investment in Gong cha after Bain Capital bought the Taiwanese bubble tea brand from TA Associates this month.

The Swiss-based company said it has entered an agreement to be fully repaid, according to a document seen by Bloomberg. Partners Group in 2019 had provided a financing package of more than $200 million to support TA Associates’ acquisition of Gong cha and also took a minority equity stake.

The returns on the investment were not disclosed.

While private credit is growing in Asia Pacific, the region that still makes up only a small portion of the global $1.8 trillion market. Its immediate outlook also faces a number of challenges. Economic uncertainty, geopolitical tensions, and elevated interest rates are set to slow growth in private credit fundraising in the region as investors become more wary of illiquid assets, Moody’s Ratings said in a report last month.

While exiting its Gong cha position, Partners Group is seeking further investment opportunities in Asia, as its customers look to diversify away from the United States, global head of private debt Andrew Bellis said in an interview last week.

‘Real economy’ targets

The asset manager has already deployed several billion dollars in Asia across more than 50 private credit investments over the past 15 years, with most of those in the past five to seven years, he said.

“What we’re seeing is more clients looking to make dedicated allocations to Asia private credit,” Bellis said.

Partners Group recently closed a $1 billion private credit mandate with a major institutional investor in Asia, including a discretionary tranche that it will manage as well as co-investment capital, it announced last week. The company currently oversees about $6 billion in private credit assets in the region.

Partners currently favors high-performing, defensive or less cyclical companies, and is steering away from some of the hottest areas of Asian financing, Bellis said.

Data centre and GPU financing – which refers to financing to enable companies to acquire advanced technology – is less of a focus, he said, with Partners Group instead targeting “real economy” businesses. Recent investments have included education and corporate services companies.

Partners Group’s investments in Asian private credit opportunities have so far been undertaken via its global fund pool or specific mandates, though it continues to consider starting an Asia-dedicated fund, Bellis said.

(Updates to add consideration for Asia-dedicated fund in last paragraph)

©2026 Bloomberg L.P.