Partners Group Exits Gong cha Investment After Bain Capital Acquisition

Partners Group will exit its private credit investment in the Taiwanese bubble-tea brand Gong cha after Bain Capital acquired the company from TA Associates this month. The Swiss-based asset manager had provided a financing package exceeding $200 million and held a minority equity stake to support the 2019 purchase of the brand by TA Associates.

Partners Group has entered an agreement to be fully repaid for the investment, although the firm did not disclose specific returns. The exit occurs as the asset manager continues to grow its footprint in Asia, where it currently oversees approximately $6 billion in private credit assets.

The firm recently closed a $1 billion private credit mandate with a major institutional investor. Partners Group is now targeting real economy businesses, including corporate services and education, while explicitly avoiding financing for GPUs and data centers.