Partners Group has raised $2 billion in an initial close of its Partners Group Direct Infrastructure 2020 fund.
The fund is targeting $5 billion and is expected to be the firm’s largest fund dedicated to infrastructure.
Partners Group’s infrastructure platform employs a relative value approach to focus on opportunities with potential for value creation through platform expansion, building core assets, and operational improvements of brownfield assets targeting gross mid-teen returns.
In a call last week, co-CEO David Layton said the firm’s private infrastructure portfolio has significantly outperformed its public infrastructure benchmark and is expected to continue to perform relatively well compared to other private infrastructure portfolios.
“It is instead characterized by a heavy overweight in long-term, take-or-pay arrangements with creditworthy counterparties, broad diversification across subsectors, and a concentration on essential services
