Partners Group raises more than $5.5bn for infrastructure secondaries strategy
Partners Group has raised more than $5.5bn for its latest infrastructure secondaries programme – a $1.7bn closed-ended fund, alongside bespoke mandates and co-investment vehicles – making it one of the largest dedicated fundraises in the sector to date.
More than 70% of the committed capital to the fund has come from new clients, with investors spanning Europe, the Americas, the Middle East and Asia-Pacific.
The fundraising highlights growing institutional demand for infrastructure secondaries as investors seek liquidity from existing private-market holdings and general partners increasingly use continuation vehicles to hold assets for longer.
Partners Group has invested approximately $2bn through its infrastructure secondaries strategy over the past 12 months. The new programme is already more than 25% committed across 20 seed investments, covering GP-led transactions, LP-led portfolios and complex secondary situations.
Recent investments include a lead position in a continuation vehicle holding a global commercial aircraft leasing portfolio comprising 69 assets across a diversified customer base.
The firm has also co-led an investment in a continuation vehicle backed by a UK rolling stock leasing platform covering the country’s core rail network.
Partners Group said its infrastructure secondaries strategy has completed more than 70 investments globally since 2006 and has generated fully realised returns of 18% net internal rate of return since inception.
The firm uses a direct-style underwriting approach, which it says allows it to assess underlying infrastructure assets rather than relying primarily on fund-level exposure.
The latest fundraising follows the closing of Partners Group’s fourth direct infrastructure programme at more than $15bn. Together, the two latest programmes have generated more than $20bn of commitments for the firm’s infrastructure direct and secondary strategies.
Partners Group previously offered infrastructure secondaries exposure through its global infrastructure fund series and bespoke mandates.