Partners Group Seeks to Reassure on AI, Private Credit Exposure
(Bloomberg) — Partners Group Holding AG sought to send a calming message about its investments after the stocks of other alternative asset managers suffered in recent weeks over their exposures to private credit and to industries potentially affected by artificial intelligence.
“There have been material negative stock price movements across several listed private markets firms in the last few weeks due to concerns over certain investment exposures, especially in private credit, and the impact on their businesses in the coming years,” the Swiss firm, which is one of Europe’s largest alternative asset managers, said in a statement on Friday.
The company “has intentionally limited and down-sized its direct exposure to technology companies, focusing on differentiating between companies that will more likely benefit from AI adoption relative to those that may face pressures,” it said.
Blue Owl Capital Inc. shares fell on Thursday after it decided to restrict withdrawals from one of its private credit funds. Broader concern over private credit have also pushed shares in Ares Management Corp., Apollo Global Management Inc. and other firms lower.
Various industries including the software sector faced market upheaval earlier this year over concerns that AI will lead to disruption. For credit investors, risks are not only limited to losses on loans to companies whose revenues are stressed or even obliterated by advances in technology. Even the perception of future disruption to issuers could make it more difficult to refinance their loans, or count on the support of the private equity sponsor.
Some experts are pointing “to a potential bubble in the technology sector overall, which could also have an impact on private markets, especially private credit where allocations to technology have been largest,” Partners Group said in the statement on Friday. “These issues and the related share price developments have been compounded by concerns about increasing redemptions from select open-ended private credit funds, as retail investors try to withdraw capital in the face of the concerns flagged above.”
The Swiss company said it has reduced its software exposure to “less than half the industry average,” without saying how big its exposure is or what level it considers as industry average. It cited an 2023 exit from Civica, a cloud software solutions provider, as an example of its positioning.
Partners Group said only three of its more than 30 evergreen vehicles focus on private credit, representing less than 3% of its $185 billion in assets under management. “None of these funds have seen net redemptions in 2025 or 2026 to-date,” it said.
The firm is valued at close to 25 billion Swiss francs ($32 billion)
–With assistance from Meg Short.
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