Partners Group gives credit for KKR Oz deal

The investment firm has provided unitranche debt financing for the acquisition of a cosmetic treatment firm.

Partners Group has backed the second transaction from KKR’s $9.3 billion Asian Fund III via a unitranche debt structure, the former has confirmed today.

KKR announced on September 1 that it will acquire a majority stake in Australia-based cosmetic treatments specialist, Laser Clinics Australia, according to a statement from the firm.

The terms of the private credit facility were not disclosed.

It is not clear where the financing was committed from for this deal. Partners Group is currently investing via its Multi-Asset Credit Strategy Fund III dedicated to senior debt origination, according to the firm.

Christopher Bone, managing director of Partners Group, told PDI in July that the firm has seen its commitments to private debt strategies grow by €3.8 billion in the last 12 months, as reported here.

Partners Group had raised $2.2 billion for its private debt strategy as of end-June, which marks it as the firm’s fastest-growing asset class, according to a source from Partners Group.

The firm allocates 17 percent of its assets under management to private debt, according to the H2 report filing.

KKR did not return requests for comment.