Partners Group is set to exit its private credit investment in bubble-tea chain Gong Cha following Bain Capital’s acquisition of the Taiwanese brand from TA Associates earlier this month.
The private markets investor provided more than $200m in financing as sole lender to support TA’s acquisition of Gong cha in 2019, alongside taking a minority equity stake in the business.
TA agreed to sell the company to Bain Capital in August 2026, allowing Partners Group to realise its investment across both the debt and equity positions.
Gong cha has significantly expanded its international footprint since Partners Group’s investment. The business now operates nearly 2,200 stores across 33 markets and serves more than 150 million beverages annually.
Its store network has more than doubled from around 1,000 locations in 2019. During that period, Gong cha has also expanded through strategic acquisitions, including securing master franchise rights covering 170 US stores.
The company has simultaneously invested in its operating model, introducing its “Digital Kitchen” concept, which uses automated beverage dispensing technology to improve efficiency and support its growing store network.
Zongwen Tan, head of direct lending Asia at Partners Group, said Gong cha had capitalised on several growth opportunities during the investment period and fitted the firm’s strategy of providing financing solutions to companies with strong competitive positions and experienced management teams.
The Gong cha exit adds to Partners Group’s track record in Asian private credit, where the firm has invested for 15 years across senior and junior direct lending.
