Partners Group, a Swiss alternative assets fund of funds manager, has launched a €400 million ($508 million) publicly-listed fund, expected to list on the London Stock Exchange’s Alternative Investment Market in the next few weeks.
A spokesperson for Partners Group said that Partners Group Global Opportunities Limited will list on AIM, with Credit Suisse, Merrill Lynch and Bear Stearns managing the listing.
The spokesperson declined to comment on how much could be raised if investor demand is high, but a source close to the firm said that a hard cap of approximately €750 million has been set.
The fund, which will also trade on the Channel Islands Stock Exchange, will invest in private equity and debt investments in Europe, North America and Asia. “The majority of it will be in direct investments, with part in funds investments and secondary investments,” said the spokesperson. “There will also be an allocation for opportunistic investments and collateralised debt obligation funds and collateralised loan obligation funds.”
Partners Group Global Opportunities Limited will also pay a dividend to investors. “We will target a dividend of eight percent on net asset value,” said the spokesperson.
Kohlberg Kravis Roberts and Apollo Management have both listed private equity funds on Euronext Amsterdam this year. The Partners Group spokesperson said that the KKR and Apollo funds had “increased the visibility of these vehicles to investors” but said that they had not prompted the decision to list on AIM: “We’ve been very successful in fundraising this year and this now gives us a vehicle that provides access for investors who would or could not have previously invested in the asset class.”
Partners Group share price since listing in March
Partners Group, which itself floated on the Swiss Exchange
with a market capitalisation of CHF2.24 billion (€1.41 billion) in March, has closed four other funds this year, most recently a €282 million global mezzanine fund in July. Partners Group shares have surged since its initial public issue price of CHF63 per share. At 10am BST today, the shares were trading at CHF97.85.