
The Partners Group Private Loans S.A., SICAV-SIF - SUB-FUND I is an alternative investment fund (AIF) focused on private debt investments. It primarily invests in senior secured and subordinated loans, as well as other debt instruments, aiming to generate risk-adjusted returns over the medium to long term. The fund is structured as an evergreen investment with no fixed maturity date. It offers limited liquidity, with redemptions subject to specific conditions and restrictions. The investment carries a medium-high risk level, meaning its value may fluctuate significantly based on market conditions, and there is no guarantee of capital protection or returns. The fund is designed for institutional and professional investors with a long-term investment horizon and a high-risk tolerance. Retail investors must meet specific eligibility criteria and demonstrate experience in private markets. Costs associated with the fund include ongoing management and transaction fees, along with potential performance-based fees. Investors should be aware of potential currency risks and market volatility.
Fund Size
€1,900M
Target Return
6.4%
Realized annualized return since inception
4.6%
Launch Year
2007
Min. Investment
€100,000
Liquidity Level
High (<1 year)
Liquidity Options
Monthly subscriptions; quarterly redemption
Structure
SICAV
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Management Fee
0.65%
Carry
10%
High Water Mark
No
Availability
Open through selected distributors
Currencies
EUR, USD, GBP
ISIN
LU1911733092

View manager profile
KID Risk Indicator
5 out of 7
Annual returns (KID)
Stressed
-10.7%
Moderate
3.5%
Favorable
6.4%
Average total cost level (KID)
1.4%
Performance: 2016-01-01 to 2025-06-01
| Share Class | Ticker | Last year | Five year annualized | Twelve months |
|---|---|---|---|---|
| Private Credit Evergreen Fund (EUR) | — | 9.0% | 8.0% | — |
| Sub-Fund I EUR | — | — | — | 5.97% |
| Sub-Fund I CHF | — | — | — | 3.84% |
Partners Group Private Loans enables institutional and high-net-worth investors to access European direct lending excellence through its private credit platform.
The private credit platform of Partners Group Private Loans enables institutional and high-net-worth investors to access senior secured loans in Europe through a established private credit platform which provides immediate portfolio diversification during market volatility.
The private credit market has reached $1.5 trillion in size and experts predict it will reach $2.6 trillion by 2029 while Partners Group Private Loans operates as a mature European private credit solution. The Fund established itself as one of Europe's first open-ended private credit funds when it launched in 2016 and achieved 9% net returns during the previous year and 8% annualized returns throughout the last five years in EUR. The fund maintains a competitive position in European private credit markets because institutional investors seek established managers who demonstrate proven expertise.
The fund invests 85% of its assets in direct lending because this approach represents the leading investment method in the current market which experts consider highly beneficial for direct lending operations in 2025. The Fund invests through Partners Group's private credit platform to access proprietary deals across the US, Europe and Asia Pacific markets through its global direct lending strategy. The Fund maintains a portfolio of more than 140 senior secured direct loans which make up its total assets. The investment strategy matches current market conditions because private equity sponsors will use favorable deal conditions to execute consolidation plans which will create more direct lending opportunities.
The fund distributes its investments between Europe and North America at 60% and 40% respectively to achieve worldwide market exposure while reducing investment risk through diversification.
The private markets industry leader Partners Group operates with 1,800 staff members who manage USD 174 billion in assets while maintaining its position as one of the largest firms in the sector. The company operates multiple investment programs and custom mandates which focus on private equity and private credit and infrastructure and real estate and royalties. The company's large size enables it to execute big-ticket investments of $400 million and above which matches the current market trend of increasing deal sizes.
Partners Group has dedicated more than USD 244 billion to private markets investments since its establishment in 1996 for clients worldwide. The company maintains USD 31 billion in private credit assets which proves its strong commitment to this investment class. The company uses its transformational investment strategy and industrial approach to "Main Street rather than Wall Street" to handle complex middle-market lending operations.
The fund operates as an evergreen SICAV structure which fulfills a fundamental requirement of the market. The Fund benefits from growing investor interest in evergreen structures because these vehicles provide immediate access to portfolios and fully paid-in shares with no future capital requirements and restricted liquidity options. The number of private wealth investors who invest in the Fund has grown because more people understand the benefits of these investment products. The fund structure suits the current market trend of private credit accessibility expansion in 2025.
The fund provides investors with defensive private credit exposure through its stable asset class which generates regular cash distributions during market uncertainty. The fund provides investors with defensive private credit exposure through its stable asset class which generates regular cash distributions during market uncertainty.

The current market conditions make the fund an excellent investment choice. Direct Lending succeeds because it produces steady compounding income that investors can depend on for the long term. Private credit investments deliver their intended purpose by generating solid floating-rate returns while protecting investors from market instability. The direct lending market expects rate increases of 50 basis points to boost returns while private equity sponsors will benefit from lower base rates which could lead to increased M&A activity.The floating rate loan structure benefits from current interest rate conditions which maintain elevated rates for extended periods.
The fund provides investors with institutional-level due diligence and portfolio management through its 0.65% management fee and €100,000 minimum investment requirement. The Fund operates as one of the biggest Luxembourg-based private credit evergreen funds which enables it to perform better in deal acquisition and execution. The Luxembourg-based fund provides investors with both regulatory stability and tax benefits for their European and international investments.
The fund provides investors with an excellent way to access private credit investments because borrowers prefer private credit solutions for their speed and certainty and adaptability. The investment opportunity becomes more appealing because Partners Group operates an established platform and the fund demonstrates success and market conditions remain favorable for investors who want to expand their investment portfolio beyond traditional fixed income.
Fund Launch
2007
Current AUM
€2+ Billion
Portfolio Companies
140+ Loans
Track Record
8%+ Annualized (5yr)
Investment Focus
Senior Secured Loans
Fund Structure
Evergreen SICAV
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