Partners Group is facing refinancing pressure on roughly $7 billion (€6 billion) of debt across Emeria SASU, Ammega Group BV and Breitling AG, with billions of euros at each company maturing in 2028. The Swiss private-markets manager oversees about $185 billion in assets and has faced rising withdrawals amid wider concerns about private credit. Debt issued by all three companies has traded at significant discounts to face value, while their credit ratings have fallen to junk status. Partners Group has marked down Ammega and Emeria valuations, citing softer market conditions and weaker operating results. Emeria, a French property-management company, carries about $4.1 billion of debt, or roughly €3.5 billion, and Partners Group has considered injecting about $200 million. Some bondholders estimate the company needs $585 million to $702 million to reduce leverage to a more sustainable level. The firm is scheduled to hold its earnings call on Sept. 1. Partners Group previously imposed a 5% quarterly redemption cap on its $8.6 billion Global Value SICAV after second-quarter 2026 requests reached 9.8% of net asset value, while it raised $16 billion in new commitments during the first half of 2026.