Partners Group Locks Out Distressed Buyers on EUR 6 Billion Refinancing as Insiders Counter Market Gloom
Published on 10/18/2026 at 09:50 | Editorial boerse-global.de
Partners Group is moving to keep aggressive credit investors off the register of three portfolio companies ahead of refinancing talks covering roughly EUR 6 billion of debt, while senior figures at the Swiss asset manager have been buying up shares to steady sentiment.
The firm is invoking specific clauses in loan agreements to bar hedge funds from purchasing the debt of watchmaker Breitling AG, property services provider Emeria SASU and conveyor-belt and drive specialist Ammega Group BV, Bloomberg reported on Friday. The loans in question mature in 2028. By restricting access to that paper, management keeps distressed-debt specialists from building blocking positions and gains room to manoeuvre in the upcoming refinancing rounds.
Buyout Ranks Thinned as Credit Push Accelerates
The defensive plumbing around the loan book comes amid wider organisational change. Bloomberg reported that Partners Group has cut or shifted dozens of roles within its global private equity division, with some staff redeployed to areas such as infrastructure and royalties. The company said team headcount remains in line with its long-term average and described the moves as part of a routine performance review, pointing to the expansion of operational leadership capacity over the past year.
On the product side, the group launched a global, multi-sector private credit income strategy roughly a week ago, run through an open-ended evergreen vehicle. The offering is aimed at institutional investors as well as private clients and targets returns in the high single-digit to low double-digit percentage range, generated predominantly from running income.
Should investors sell immediately? Or is it worth buying Partners Group?
Shares Under Pressure From Several Quarters
Investor appetite has nonetheless been tested. The stock is down 38% since the start of the year and closed at EUR 655.20 on Friday, leaving it just 5.2% above its 52-week low of EUR 623.00. The slide reflects a mix of redemption requests at evergreen funds, an attack by short sellers and little in the way of support from the announced change at the top of the company.
Brokerage Jefferies trimmed its price target for Partners Group to CHF 605 from CHF 710 on 29 September, keeping a "Hold" rating, and cut its earnings-per-share estimates for 2026 and 2027 by 10% and 11% respectively. The analysts cited a delayed recovery in assets under management caused by the persistent troubles in the evergreen fund business, and said they see little prospect of a sustained upturn before 2028.
Directors and Managers Open Their Wallets
Against that grim backdrop, board members and executives have been putting their own money to work. According to media reports, they bought Partners Group shares privately between 6 and 8 October worth around CHF 21 million. Combined with earlier purchases, insider buying since the start of September adds up to almost CHF 39 million — a clear signal that leadership expects the operating side of the portfolio to hold up despite volatile markets and the reshaping of individual business lines.
Whether those seven-figure wagers are enough to turn the mood around is a question the coming months will have to answer.
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Partners Group Stock: New Analysis - 18 October
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
