Partners Group Raises $15 Billion for New Infrastructure Vehicle
(Bloomberg) — Partners Group Holding AG raised more than $15 billion of new commitments for its direct infrastructure strategy, a win for the Swiss firm as it’s grappled with heightened redemption requests across some funds in recent months.
The latest vehicle is 50% larger than its predecessor and seeks making controlling investments in a range of assets from next-generation energy to utility to other infrastructure platforms, according to an emailed statement.
Roughly 40% of the $15 billion has already been deployed across 11 companies, including US mobile power generation provider Life Cycle Power or Singapore-based data center platform Digital Halo, which helped seed the vehicle.
“It’s an asset class that I think in this more volatile world really has an increasingly essential place in investor portfolios,” Esther Peiner, Partners Group’s global head of infrastructure, said in an interview.
The Baar, Switzerland-based asset manager has come under investor scrutiny after capping withdrawals from one of its evergreen funds. Shares of the firm, which manages about $186 billion of assets across private equity, private credit, infrastructure and real estate, have dropped about 30% year-to-date.
Infrastructure has grown increasingly popular with investors because of its steady return profiles and because such assets are considered to be more immune from inflationary pressures. Funds dedicated to the sector generally provide more stable distributions to investors, which has become a key concern in other areas of private markets.
Assets such as toll roads, wind farms or fiber-optic cables typically operate on long-term contracts with inflation-linked leases and operating agreements. That can prove particularly appealing to money managers at a time when significant geopolitical shifts are causing heightened volatility across other asset classes.
Peiner said Partners Group is looking to fully commit the vehicle by the end of 2027 or early 2028, with about 20 to 25 investments.
The hefty volume of cash funneling into artificial-intelligence-related infrastructure may lead to opportunities elsewhere within the sector, according to Peiner.
“The concentration of capital towards the AI buildout is leading to an increasing scarcity of capital in certain more traditional infrastructure sectors,” Peiner said. “We like that — it opens opportunity for us as an investor.”
Peiner said the latest program is comprised of a closed-end fund, customized solutions for its largest clients, as well as a smaller chunk that’s put into an evergreen structure, open to smaller institutional investors and private-wealth investors.
The vehicle roughly matches the size of the company’s fourth and fifth direct private equity programs, which closed 2021 and 2024, respectively. Fundraising for a sixth private equity program with a similar target is currently underway.
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