Partners Group explores €800M deal to shift private credit loans into continuation vehicle
The Swiss private markets giant is looking to extend the life of credit assets from older funds, reflecting a broader boom in private credit secondaries.
Partners Group, the Swiss firm managing $186 billion in assets, is weighing a plan to move roughly €800 million ($917 million) of private credit loans into a continuation vehicle. The transaction would pull loans out of several older funds and park them in a new structure designed to hold the assets longer than the original fund terms allowed.
For the limited partners currently sitting in those funds, it’s a choose-your-own-adventure moment: roll your commitment into the new vehicle, or cash out through a secondary sale.
What’s actually happening here
The loans in question come from Partners Group’s 2018/2020 Private Markets Credit Strategies funds and multiple Multi-Asset Credit funds. These are funds with finite lifespans, and the underlying loans don’t always mature on a schedule that lines up neatly with when a fund is supposed to wind down.
Partners Group would create a new fund that buys the loans from the old ones. The firm keeps managing assets it knows well. LPs who want liquidity get an exit. LPs who are happy with the returns can stay in the game.
Private credit secondaries are having a moment
The market for credit secondaries has exploded. In the first half of 2026, credit secondary volume topped $20 billion, more than double the same period in 2025.
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Private debt now accounts for 17% of continuation vehicles by 2026 vintage.
Partners Group’s private credit book stands at $40.5 billion as of June 30, 2026. The €800 million under consideration represents a relatively small fraction of that total, roughly 2%.
The broader strategic play
This isn’t Partners Group’s only move to extend the shelf life of its credit strategies. In August 2026, the firm closed a $1 billion private credit mandate in Asia with an institutional investor, structured as an evergreen vehicle. Evergreen funds, unlike traditional closed-end funds, have no fixed termination date.
Critics of continuation vehicles have long pointed out that they create a potential conflict of interest. The fund manager is essentially on both sides of the transaction, selling assets from a fund it manages to another fund it also manages. Pricing transparency and independent valuations become critical safeguards.