Partners Group, one of the largest firms in the global private markets industry, has held the final close of its fourth direct infrastructure program at over USD 15bn, according to a press release. The Program, which includes a closed-ended fund as well as bespoke solutions that invest alongside, is more than 50% larger than the previous vintage.

Partners Group’s direct infrastructure strategy is top quartile and has one of the strongest realized track records in the industry, delivering returns of 2.2x nTVPI and 20.8% nIRR across 21 exits since inception.

Partners Group’s direct infrastructure strategy focuses on building next-generation energy, utility, and other infrastructure platforms. The strategy has a disciplined focus on the mid-market segment, where there is a broader opportunity to invest in resilient, high-quality companies with value creation potential, as well as deeper transaction markets to secure exits. These dynamics support the creation of highly diversified infrastructure portfolios that can deliver outperformance over the long term.

The Program is over 40% committed and has a seed portfolio of 11 assets that reflect Partners Group’s current thematic focus areas, including power generation, the AI infrastructure build-out, and energy security and independence. The seed assets include:

• Life Cycle Power, a leading US provider of mobile power generation that bridges acute grid constraints for data centers and industrial users
• Digital Halo, a Singapore-based data center platform serving regional cloud and AI demand across key markets in Asia
• green flexibility, a developer of large-scale battery storage systems in Germany that is supporting grid flexibility amidst the rise of intermittent renewable sources

Investors in the Program are a mix of new and existing clients, including public and corporate pension plans, sovereign wealth funds, insurance companies, endowment funds, foundations, GPs, consultants, and banks. The commitments to the Program came from investors across North America, Europe, the Middle East, and Asia Pacific.

The program is a similar size to both Partners Group’s fourth and fifth direct private equity programs, which closed at over USD 15 billion in 2021 and 2024 respectively. Partners Group is currently raising its sixth direct private equity program with a similar target.