Partners Group has raised $850 million for a corporate senior secured loan programme which has deployed all its capital already, the firm announced.
The capital was raised via PMCS 2014, the fourth in a series of Partners Group Private Markets Credit Strategies, and a number of separate client mandates.
More than half the $850 million was raised from existing investors, a spokesperson for Partners Group, told PDI. The fund was launched last year and closed in January 2015, after nine months of fundraising including a first close. Some of the mandates raised in parallel took a bit longer to close, hence the delay in announcing the close, she said.
Predecessor PMC funds are all performing in line with their original target returns without incurring any credit losses, Partners Group said.
The strategy of this programme is to invest in senior secured loans with a focus on the mid-market. The PMCS funds have a six-year life versus a typical 10 to 12 year limited partnership, the spokesperson said. “We created these structures on the back of client demand for a shorter duration structure for senior debt investment,” she said.
Juri Jenkner, partner and co-head private debt at the Partners Group, commented in a statement: “The current market environment is still characterized by the high availability of debt and aggressive pricing in the large-cap space, but we continue to see attractive opportunities for flexible and innovative capital providers like us in the middle market, where we focus our investment activities. As a result of continued strong deal flow, we were able to screen 1,050 transactions and invest in over 60 credits during the 12 months until the end of March 2015 on behalf of our clients.”
As of 30 April 2015, PMCS 2014 was fully drawn and committed to 36 credits in Europe, the US and Asia across a wide range of industry sectors, including Busy Bees Childcare, a chain of nursery schools with operations in the UK and Southeast Asia, the statement said.
Partners Group Private Markets Credit Strategies 2013 raised $800 million for senior secured leveraged loan-focused and private debt mandates, as announced in November 2013.
Since 2003, Partners Group has invested $6 billion in about 300 private market credits and has roughly €4 billion under management. The firm, headquartered in Zug, Switzerland, has €37 billion in investment programmes under management in private equity, private real estate, private infrastructure and private debt.