Partners Group explores €800M deal to shift private credit loans into continuation vehicle

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, cre...