Partners Group puts €40m to work

Partners Group, a Swiss alternative asset manager, has invested €40m ($51 million) from its €400m fund Partners Group Global Opportunities, following months of rampant activity.

Partners Group Global Opportunities, a €400 million fund, has funded two new direct equity investments and two new direct mezzanine investments, amounting to €23.5 million.

The investments represent financing for buyout transactions led by Candover, Charterhouse Group, Ripplewood and Silver Lake Partners, with a $1 billion average deal size.

Meanwhile, the company has also made new primary fund commitments to Terra Firma Capital Partners III, L.P. and Thomas H. Lee Parallel Fund VI, L.P, totaling about €17.9 million.

The fund’s direct equity investments are in US construction equipment rental company Ripplewood’s acquisition of RSC Equipment Rental and Silverlake’s acquisition of NXP, a Dutch semiconductor supplier, formerly a division of its founder, electronics company Philips.  The mezzanine investments were Charterhouse’s acquisition of French contract and concession caterer Elior and Candover’s acquisition of Swedish sports utility transportation company, Thule Group.

Last month Partners Group Global Opportunities completed its first deal through a €104 million mezzanine portfolio transaction arranged by Merrill Lynch and Credit Suisse.

In October Partners Group held the final closing for the second vehicle in its twin-fund European buyout programme, raising a total of €647 million.

Partners Group European Buyout 2005 (A) closed on €368 million.  Partners Group European Buyout 2005 (B) closed in June this year at €279 million.

In the first six months of 2006 the group raised €1.6 billion for investment in private equity.

Partners Group Global Opportunities trades on the AIM, as well as the Channel Islands Stock Exchange.