Partners Group, the Swiss asset manager managing $186 billion, is weighing a plan to move about €800 million ($917 million) of private credit loans from older funds into a new continuation vehicle. The loans come from the firm’s 2018 and 2020 Private Markets Credit Strategies funds and multiple Multi-Asset Credit funds. Investors could either roll their commitments into the new vehicle or exit through a secondary sale. The proposal comes as private credit secondary transactions expand: volume exceeded $20 billion in the first half of 2026, more than double the comparable period in 2025, while private debt represented 17% of continuation vehicles by 2026 vintage. Partners Group’s private credit assets totaled $40.5 billion as of June 30, 2026, making the proposed transfer roughly 2% of the portfolio. The firm also closed a $1 billion evergreen private credit mandate in Asia with an institutional investor in August 2026. Because the manager would oversee both the selling funds and the continuation vehicle, pricing transparency and independent valuations remain important safeguards.