Partners Group has confirmed plans to launch its third impact fund, seeking to raise capital from wealth management clients. “We’re going to be bringing out an evergreen companion to” the Life impact fund “in the relatively near future”, chief executive David Layton said in its H1 results call this week.
New Private Markets broke the news of PG Life Evergreen in May. It will be a multi-asset-class fund, with 80 percent allocated to private equity and infrastructure and a smaller allocation to private debt and a target net IRR of between 8 and 12 percent, we reported.
This fund will specifically target Partners Group’s wealth clients. “Our wealth clients should have the same range of solutions and products that our institutional clients have had historically,” said Layton.
Speaking about wealth clients’ appetite for evergreen private funds more generally, Layton said: “As the institutional market has become crowded and slowed this year, a tremendous amount of attention has shifted to wealth. And within the wealth, evergreens will be the predominant investment type. An individual investor is not going to hassle with the drawdowns and distributions that have been typical with LPs. They want products that have some structure to them… that provide a reasonable amount of liquidity during good times.
“We’re launching a suite of six new evergreen solutions that should launch within the next six-to-12 months that meet the specific needs of distribution partners in this space.”