Partners Group exits bubble-tea brand Gong Cha after Bain buyout

Partners Group will exit its investment in Gong Cha bubble-tea brand after Bain Capital acquired the company from TA Associates in August. The Swiss private asset manager announced it has reached an agreement to be fully repaid, according to Bloomberg. In 2019, Partners Group provided a financing package of over US$200 million to TA Associates' acquisition of Gong Cha and also held a minority equity stake.

The returns on this investment were not disclosed. Although private credit is expanding in Asia Pacific, the region accounts for only a small portion of the global US$1.8 trillion private credit market. Private credit growth in the region is expected to slow due to economic uncertainty, geopolitical tensions, and high interest rates, according to a July 2026 report by Moody’s Ratings.

While Partners Group is exiting its Gong Cha position, the company is seeking additional investment opportunities in Asia as its clients aim to diversify away from the US market. The asset manager has already invested billions in Asia across over 50 private credit deals over the past 15 years, with most of those in the last five to seven years.

Partners Group recently signed a US$1 billion private credit mandate with an Asian institutional investor, including a discretionary tranche and co-investment capital. The company currently manages around $6 billion in private credit assets in the region and prefers high-performing, defensive or less cyclical companies, steering away from some of the hottest areas of Asian financing. Recent investments have included education and corporate services companies.