Bloomberg：Partners Group 动用贷款白名单阻击不良基金买入 Emeria、Ammega、Breitling 三家困境组合公司约 €60 亿债务

Swiss private equity firm Partners Group Holding AG is stopping hedge funds from disrupting its efforts to refinance around €6 billion ($6.7 billion) of debt owed by some of its most troubled companies, even at the risk of shrinking the pool of buyers as their loan prices fall.

The Zug-based alternative manager is leaning on parts of its loan documentation to block opportunistic funds from buying up the debt of three of its portfolio firms: Emeria SASU, Ammega Group BV and Breitling AG. All have billions of euros of debt coming due in 2028.

The Swiss firm has been refusing requests from hedge funds and others specialist investors to join Emeria’s approved lender list as restructuring talks have ramped up, the people said. Still, hedge funds could participate in the debt through its bonds, which aren’t covered by the approved list.

Hedge funds and distressed debt investors will often look to enter the capital structure of struggling companies by buying up the debt on the cheap and then leading talks with the company and its owner, either with the view to negotiate a creditor friendly outcome or to take control of the business.

To fend them off, private equity firms are increasingly turning to approved lender lists — commonly known as “white lists” — that private equity firms have used to control who they borrow from since the financial crisis. Forming part of a company’s loan documentation, these lists outline which fund managers are allowed to own the debt. If an investor’s name isn’t on the list they must seek the sponsor’s permission before buying into the loan.

They’re becoming a bigger priority for private equity firms concerned that hedge funds are amassing positions in their troubled companies as a way to gain control, and are starting to kick in for Partners Group.

The restrictions on leveraged loans issued by French property management business Emeria and Dutch conveyor belt maker Ammega are among the market’s most stringent, according to people familiar with the documents. The limits have long been in place, but are drawing fresh attention as the companies’ loans fall into distress and force some existing lenders to sell.

Read More: Hedge Funds Start to Join Secret Lenders’ Clubs for Buyout Deals

Emeria, formerly known as Foncia, is currently in negotiations with creditors to rework its €3.6 billion debt pile. Partners will likely have to inject cash into the business to get a deal over the line.

Partners Group has also barred distressed credit investors from accessing Ammega’s financials or buying into the debt, the people added.

A spokesperson for Partners Group noted that the firm has refinanced, raised or repriced more than $49 billion across its private equity portfolio since 2024.

The firm has cut or reassigned dozens of positions in its private equity unit to boost performance under investor scrutiny.

Exits Blocked

In the case of Emeria, Ammega and Breitling, their loans are predominantly owned by collateralized loan obligations and other investors that do not specialize in distressed companies and restructuring negotiations, the people said.

For these investors, exits are complicated by the approved lender lists. Emeria’s term loan due in March 2028 is marked at 70 cents on the euro while Ammega’s term loan maturing in December 2028 is quoted at 79 cents, according to prices compiled by Bloomberg. Breitling’s loan due in October 2028 is marked at 82 cents.

Read More: Distressed Funds Blocked From Buying Debt No One Else Wants

The liquidity problems created by white lists came into focus on KKR & Co.-owned GenesisCare. The company had a restrictive approved lender list that cut off demand from distressed debt funds and exacerbated a liquidity crunch.

Two lenders described the restrictions as a double-edged sword. Keeping hedge and distressed debt funds out can shield existing creditors from tactics such as uptiering, where selected lenders gain higher-ranking claims on a borrower’s assets.

Hedge funds can sometimes get around transfer restrictions through sub-participations, where a third-party, usually a bank, holds the loan while passing its economic exposure to the fund, the people said. The fund benefits from price gains and interest payments but has no direct seat at the table in a restructuring.

Even that route can be difficult for loans backing Partners Group companies. The documents allow borrowers to identify who ultimately holds the economic exposure, and in some cases, force a trade to be cancelled, some of the people said.