Partners Group closes credit fund on €1bn

The fund has a broad mandate, investing globally across corporates, real estate and infrastructure.

Partners Group has closed its latest Multi-Asset Credit Fund (MAC III) on €1 billion, PERE's sister publication, Private Debt Investor, reported Tuesday.

The firm previously held a first close for the fund in July 2016.

The offering is able to invest across corporate, infrastructure and real estate credit. It has a global investment mandate.

This has allowed the fund to reach its final close relatively quickly, Christopher Bone, managing director at Partners Group, told PDI. “That allows us to build a portfolio pretty quickly,” he said.

The fund has deployed capital into 30 investments to date. Bone says this represents about three-quarters of the investments the fund is likely to make in total.

While the fund has a broad and global focus, Bone did say there were certain areas, particularly on the corporate side, which are of interest to Partners Group.

“We like healthcare and business services quite a lot,” he said. “In general, we like businesses or assets with recurring revenue characteristics.” Bone also noted about 40 percent of the fund’s portfolio would be invested in US-domiciled credits.

Partners Group launched its first multi-asset credit fund in 2014, according to PDI data. The fund raised $700 million at its final close.