Partners Group is exploring a continuation vehicle of about €800 million for loans in five of its own credit funds, Bloomberg reported on Friday. Blackstone, meanwhile, is lining up buyers for investors who want out of an $11 billion property fund. Ardian, for its part, has registered a fund that sells infrastructure secondaries at $25,000 a ticket. So the manager now sits on both sides of its investors' exit.

The tape

• Korea Investment Corp has hired PJT Partners to sell more than $1 billion of private equity interests, Bloomberg reported on Monday. The assets and the structure are still open.
• Apollo is discussing raising its NAV loan to SoftBank's Vision Fund 2 from $5.4 billion to $9 billion, Bloomberg reported on Thursday. The loan backs SoftBank's $64.6 billion commitment to OpenAI.
• Morgan Stanley's North Haven Private Income Fund received redemption requests for 11.4% of its shares this quarter against a 5% cap, Reuters reported on Monday.
• Oakley Capital Investments said on its results call on 10 September that selling "a strip of existing fund commitments in the secondary market" is being actively evaluated. The shares stood at a 33% discount.
• LACERA's trustees listed "greater focus on approaches such as co-investments and secondary transactions" among their priorities at the pension's offsite on 15 September. Its book shows 24 secondaries funds at 1.38x and a 15.4% net IRR.
• Wenova Asset Management, a Paris manager, launched Wenova Kairos Secondary on 10 September to buy stakes in European small and mid-cap buyout funds for private investors.
• Kohlberg & Co. filed on Friday for Kohlberg Investors VIII CV, a continuation vehicle for its 2016 fund of $2.2 billion, with Lazard placing it and nothing raised yet. Its first vehicle, in 2021, raised $1.1 billion for Fund VII.
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Partners Group wants to hold its own loans for longer

Partners Group is preparing a continuation vehicle for loans that sit in five of its own funds. It would be the month's third credit vehicle and the first a manager builds for itself. Bloomberg reported on Friday evening, and Private Equity Wire relayed on Monday, that the Swiss manager is exploring a vehicle of about €800 million. Those loans would come from its Private Markets Credit Strategies funds of 2018 and 2020 and from Multi-Asset Credit V, VI and VII. Investors in those funds could then roll into the new vehicle or take cash.

A credit fund runs out of life before its loans run out of borrowers, because a sponsor that cannot sell a company asks its lender for more time. So a 2018 fund at the end of its term holds loans that were extended rather than repaid. The manager then sells them at a discount or finds new money to hold them. A continuation vehicle brings that money, and the buyer pays close to face value because a performing loan has a coupon and a repayment date. Pantheon led two such vehicles this month, €1.2 billion of Bridgepoint Credit's 2017 fund and PennantPark's $745 million. In both an outside buyer set the price.

Source: Private Equity Wire, 8 and 21 September 2026; Alternatives Watch, 9 September 2026; Bloomberg, 18 September 2026.

The investor in the 2018 credit fund will get its election from a manager whose own clients are already queuing for cash. Partners Group capped withdrawals from its Global Value SICAV at 5% of net assets a quarter in June, after requests of about 9.8%. The buyer, meanwhile, has money for this trade. HarbourVest said on 11 September it had $2.4 billion for credit secondaries and about $500 million deployed across five deals.

Blackstone finds buyers for its own fund's investors

Blackstone is arranging a secondary sale for investors who want to leave Blackstone Property Partners, its open-ended core-plus property fund in the United States. So the sponsor is doing the work an LP usually does alone. Bloomberg reported on Wednesday, relayed by briefs.co, that the firm has spoken to prospective buyers. The fund has a net asset value of about $11 billion, and some of its investors would sell their stakes to them.

An open-ended property fund pays redemptions out of asset sales or new subscriptions, so when neither comes the queue grows. A secondary sale moves the stake to a new investor at a price the buyer sets, and the fund sells nothing. Invesco's $12.7 billion Core Real Estate-USA fund carried a $2.2 billion redemption queue in August, Bisnow reported on 21 August. So Invesco cut fees by 20% for investors who stayed and offered a tender at 95% of net asset value, funded through its affiliate IDR. Blackstone is also raising the fund that buys such stakes, because Strategic Partners filed on Thursday for Real Estate IX, whose predecessor closed on $2.6 billion in 2023.

Ardian sells infrastructure secondaries at $25,000 a ticket

Ardian has registered a US fund that sells its infrastructure secondaries strategy to wealth clients at $25,000 a ticket. Ardian Access Secondary Infrastructure Fund is a closed-end tender-offer fund. Its registration took effect on 4 August. It will keep at least 80% of its assets in secondary purchases of infrastructure fund interests. After its first full year it expects to offer to buy back about 5% of net assets a quarter, the cap Partners Group applied in June. The application of 10 September asks for relief from a rule that limits a fund to one capital-gains distribution a year, so that it can pay monthly.

The wealth fund sits next to a flagship that is still raising. Ardian's ninth infrastructure secondaries fund had collected more than $5 billion by February against the $7.5 billion target in New Jersey's memo of January. New Jersey committed $150 million to the fund and $150 million to a co-investment sleeve. Its memo says the fund "focuses on acquiring seasoned infrastructure assets" to soften the J-curve and speed up distributions.

Source: New Jersey Division of Investment, Investment Policy Committee report on ASF IX Infrastructure B, 28 January 2026, p.4.

New Jersey's table puts the 2021 fund at 10.7% net and 0.1x distributed at 30 June 2025.

On the radar

• Tuesday 22 September, London. Informa's Global Secondaries Summit takes single-asset GP-leds at 10:10 and credit secondaries at 16:15. Ardian's Marie-Victoire Rozé and Partners Group's Carl Rodrigues are on the speaker list.
• Wednesday 23 September, West Sacramento. The CalSTRS Investment Committee takes Meketa's private equity report in open session, then an investment decision in closed session.
• Monday 28 September to Thursday 1 October, Singapore. SuperReturn Asia has its secondaries session on the Tuesday at 12:25, the first regional conference since KIC's sale became public.
• Tuesday 29 and Wednesday 30 September. ILPA's Continuation Vehicles for the Limited Partner course meets in New York on Tuesday, and Wednesday is the quarter-end mark every autumn LP sale is priced on. Wednesday at 1pm is also the deadline for Partners Group Private Equity's shareholders to elect realisation shares. The EGM follows on 7 October.
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