Partners Group Restricts Access to €6 Billion of Loans

Partners Group is restricting hedge funds and distressed-debt investors from buying loans issued by Emeria, Ammega and Breitling, three portfolio companies with about €6 billion of debt maturing in 2028. The limits are affecting creditor preparations for refinancing and restructuring discussions.

The Swiss private-equity firm maintains approved-lender lists for French property manager Emeria, Dutch industrial manufacturer Ammega and Swiss watchmaker Breitling. People familiar with the matter said Partners Group has rejected requests from hedge funds seeking to join Emeria’s list.

Emeria is negotiating with creditors over about €3.6 billion of debt. Partners Group may need to provide additional capital to help reach an agreement with lenders. The company’s March 2028 term loan was quoted at about 70 cents on the euro.

Ammega’s December 2028 loan was trading at about 79 cents on the euro, while Breitling’s October 2028 loan was quoted at about 82 cents. The prices reflect the loans’ discounts to face value.

The restrictions limit the number of potential buyers for existing lenders seeking to sell their positions in the secondary market. Those lenders include collateralized loan obligations, or CLOs, and other institutional investors.

Emeria’s bonds remain available to distressed-debt investors, while access to its loans is restricted. Distressed investors have also been denied access to Ammega’s financial information, limiting their ability to assess the company’s debt.

Loan documents used by Partners Group restrict sub-participation arrangements. Under these arrangements, an investor receives the economic interest in a loan without becoming the recorded lender. The provisions allow borrowers to identify the final economic holders of their debt and, in some cases, cancel transactions.

Partners Group has refinanced, raised or repriced more than $49 billion of debt across its private-equity portfolio since 2024. The firm’s restrictions come as private-credit and leveraged-loan borrowers face large debt maturities and lenders assess refinancing options.