Swiss private‑market manager Partners Group is under pressure to refinance about €6 billion of debt linked to three of its portfolio companies – French real‑estate manager Emeria SASU, industrial group Ammega and luxury‑watchmaker Breitling. The obligations mature between 2027 and 2028 and are currently trading at significant discounts to face value, prompting a downgrade of their credit ratings to the lowest junk tier.
Partners Group is scheduled to present its first‑half 2026 results on 1 September. Investors will be looking for details on performance fees, which were cut to under 20 % of total revenue in July, and on the firm’s capital‑raising activity – client commitments reached $16 billion in the first half of 2026, up from $12.2 billion a year earlier. Despite a wave of client redemptions estimated at $26‑32 billion, the firm kept its growth outlook unchanged in June.
The refinancing need adds to a turbulent period for the Zug‑based manager, which has seen a sharp share‑price decline, a short‑seller attack and a surge in client outflows. Partners Group recently lowered its valuations of Emeria and Ammega, citing weaker market conditions and operational performance. Alfred Gantner, a co‑founder of Partners Group, serves as chair of Breitling’s board, where the watchmaker is grappling with softer luxury demand and recent layoffs.
Creditors of the three companies have expressed frustration over what they describe as inadequate communication from Partners Group. While the firm’s managing director for private equity, Ben McLean, said the firms are not in a “distressed” situation, lenders are seeking clarity on the group’s capacity to support all three entities simultaneously and on any prioritisation of funding.
The debt of the three firms is largely held by managers of collateralised loan obligations (CLOs), which are the biggest buyers of leveraged loans. CLO managers face limits on exposure to CCC‑rated bonds and may be forced to sell the debt at steep discounts if refinancing proves difficult. Emeria alone carries roughly €3.5 billion of debt, with an additional €2 billion tranche due in 2028. Partners Group is reportedly considering a €200 million cash injection for Emeria, but creditors have indicated that €500‑600 million would be needed to bring the leverage to a sustainable level. By the end of 2025, Emeria’s debt‑to‑EBITDA ratio exceeded 11 times.
Ammega also faces elevated refinancing risk, according to Fitch, while Breitling, co‑owned with CVC Capital Partners, continues to contend with weaker demand for luxury watches. The broader situation could weigh on Europe’s leveraged‑loan market, as CLO managers reassess exposure to high‑risk assets.
Partners Group, which oversees more than $185 billion across private equity, private credit, infrastructure and real estate, declined to comment further on the refinancing plans or on discussions with investors. No statements were received from Emeria, Ammega or Breitling at the time of publication.
