Partners Group, a Switzerland-based alternative assets manager, has closed Partners Group Secondary 2008 at its hard cap of EUR2.5bn.
The programme saw strong demand from existing and new investors and closed significantly above its target size of EUR2.0bn.
Capitalising on the attractive investment opportunities available over the past quarters, the fund has selectively invested throughout the market crisis, purchasing a number of assets at prices that can now be seen as among the historic lows.
For instance, Partners Group acquired a portfolio of assets from a bank at a discount of over 70 per cent to net asset value at the beginning of 2009. The transaction is expected to achieve an IRR of above 20 per cent.
A further transaction recently completed was the purchase of a group of high quality assets from a distressed vendor seeking immediate liquidity. Partners Group was able to negotiate this transaction on an exclusive basis and to select attractive assets out of the seller’s portfolio. This secondary transaction is expected to achieve a multiple of 2.0x and an IRR of over 20 per cent.
Stefan Näf, partner and co-¬head investment solutions, says: "We are delighted with the successful close of Partners Group Secondary 2008 and have seen substantial demand from investors around the globe despite a generally challenging fundraising environment. We are very comfortable with the portfolio we have built for our clients and have a substantial amount of dry powder remaining to invest in the upcoming attractive secondary vintage years. Thanks to our global presence, investment expertise and integrated approach, which form a solid base for originating and valuing transactions, we are confident of being able to access highly interesting opportunities currently in the market for the benefit of the investors in the fund."
Among the limited partners participating in the programme are corporate and public pension plans, insurance companies, family offices and endowments from around the world.
