HedgeCo.Net — Partners Group has closed a $510 million rated feeder vehicle for its private credit evergreen strategy, its second such financing this year. The capital came from a group of U.S.-based insurance companies that bought the vehicle’s investment-grade and junior notes, with some also investing in the equity. Combined with $365 million raised in January through a separate financing partnership, the Swiss firm has now raised $875 million through rated feeders in 2026.
A rated feeder sits between investors and a fund. The vehicle issues tranches of rated debt and equity and invests the proceeds in the underlying strategy, allowing insurers to hold private credit exposure in a form that can carry lower capital charges than a direct fund interest. Partners Group said the structure gives insurers immediate capital efficiency because evergreen funds are fully paid in, so capital is invested from day one rather than drawn down over several years.
The underlying strategy focuses on senior direct lending to companies in non-cyclical industries across developed markets. Launched in 2016, it has one of the longer track records among private credit evergreen funds. Nicholas Hegarty, co-head of client solutions for the Americas, said the firm is working on additional vehicles aimed at both capital efficiency and returns, while global head of private credit Andrew Bellis pointed to the platform’s more than 20-year investment record.
The financing lands at a delicate moment for evergreen credit. Partners Group reported $4.2 billion of evergreen demand across its strategies in the first half of the year, but has also warned that redemption uncertainty in the wider industry could slow net growth. Several retail-facing private credit vehicles have faced elevated withdrawal requests this year, putting a premium on capital sources that are less likely to redeem.
Insurance balance sheets are one such source. By packaging an evergreen credit fund into rated notes, managers can reach a large pool of long-duration capital that values ratings treatment as much as yield. Partners Group, which manages more than $186 billion, said it is working on more of these vehicles, a sign of insurers becoming a more important source of funding for evergreen private markets products.