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Swiss Partners Group exits bubble tea investment

Swiss private equity firm Partners Group will exit its private credit investment in Gong cha after Bain Capital bought the Taiwanese bubble tea brand from TA Associates this month. The Swiss-based company said it has entered an agreement to be fully repaid, according to a document seen by Bloomberg. Partners Group in 2019 had provided a financing package of more than $200 million to support TA Associates’ acquisition of Gong cha and also took a minority equity stake. The returns on the investment were not disclosed. While private credit is growing in Asia Pacific, the region that still makes up only a small portion of the global $1.8 trillion market. Its immediate outlook also faces a number of challenges. Economic uncertainty, geopolitical tensions, and elevated interest rates are set to slow growth in private credit fundraising in the region as investors become more wary of illiquid assets, Moody’s Ratings said in a report last month. While exiting its Gong cha position, Partners ... Full story here Are you the author?
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