Partners Group collects $735m for direct investments

The firm's prior direct investment fund collected $443 million in 2006.

Partners Group has closed on at least $734.6m for its latest direct investment fund, according to a recent SEC filing. It is unknown whether the fund – Partners Group Direct Investments 2009 – will continue raising capital or if the amount listed in the filing represents a final close. Scott Higbee was not immediately available for comment.

The fund’s predecessor, Partners Group Direct Investments 2006, was a global mezzanine fund that closed on $447 million in 2007.

On Thursday, the firm announced the completion of an investment in Grupo Santillana de Ediciones, a publisher of educational text books in Latin America and Spain. Partners stated in May that it would join an investor group led by DLJ South American Partners in a $370 million investment for a 25 percent stake in Santillana.

Last month, Partners closed its largest direct private debt vehicle, a European mezzanine “programme”, collecting $553 million in commitments, surpassing its original $500 million target. In 2005, the firm raised €265 million for another European mezzanine fund. Partners has made 15 European mezzanine investments since launching the strategy.

Other recent investments include two secondary buyouts agreed to at the end of 2009: German academic publisher Springer, which Candover and Cinven sold to EQT and GIC, and UK retailer Pets at Home, which Kohlberg Kravis Roberts purchased from Bridgepoint.