Partners Group has closed its second rated feeder vehicle of 2026 for its private credit evergreen strategy, raising $510 million from U.S.-based insurance companies.
The latest closing brings total capital raised through rated feeders this year to $875 million. Partners Group previously raised $365 million in January through a separate financing partnership tied to the same broader strategy.
The new vehicle attracted commitments across investment-grade notes, junior notes, and equity. Some participating insurance companies invested in more than one part of the capital structure.
Partners Group said the rated feeder structure is designed to help insurers access private markets investments while achieving capital efficiency. Because the underlying evergreen strategy is fully funded, the structure can provide immediate exposure while also helping reduce regulatory capital charges compared with other forms of private market investment.
The feeder vehicles connect institutional investors with Partners Group’s private credit evergreen strategy, which focuses primarily on senior direct lending opportunities across developed markets.
The strategy targets non-cyclical industries and is designed to provide investors with exposure to a diversified global portfolio of private credit investments. Partners Group launched the evergreen private credit strategy in 2016, giving it one of the longer operating track records among private credit evergreen vehicles.
Rated feeder structures have become an increasingly important tool for insurance companies seeking access to private credit while managing regulatory capital requirements. By issuing different classes of rated notes alongside equity, the structures can provide investors with exposure tailored to different risk, return, and capital treatment objectives.
For Partners Group, the latest transaction expands its insurance solutions platform and provides another channel for deploying institutional capital into its global private credit portfolio.
The firm said it is continuing to develop additional investment structures designed to combine capital efficiency with private markets return opportunities.
Partners Group’s broader private credit platform has an investment track record spanning more than 20 years. The firm manages more than $186 billion in assets globally across private equity, private credit, infrastructure, real estate, royalties, and special opportunities.
Partners Group has approximately 2,000 professionals worldwide and operates a range of investment programs and customized mandates for institutional and private wealth investors.
KEY QUOTES:
“Our insurance solutions continue to deliver meaningful benefits for our clients. We’re excited about the near-term opportunity as we progress the creation of additional vehicles aiming to achieve the dual objectives of capital efficiency and investment returns.”
Nicholas Hegarty, Co-Head Client Solutions Americas At Partners Group
“These financings are a testament to the strength of our global private credit platform, which has an investment track spanning over 20 years. Our evergreen strategy enables our clients to gain immediate exposure to a highly diversified global portfolio of private credit.”
Andrew Bellis, Global Head, Private Credit At Partners Group
