This content was published on
June 9, 2026 - 10:12
3 minutes
(Bloomberg) — Partners Group Holding AG is weighing an injection of fresh funds into Emeria SASU, a major portfolio company currently struggling with a heavy debt load.The Swiss private equity firm, which holds a majority stake in Emeria, is working on a plan to provide €200 million ($231 million) of new cash alongside minority shareholder TA Associates LP, according to people familiar with the matter, who asked not to be identified discussing private details.The addition of liquidity will potentially help stabilize the French real estate services provider as it deals with a drop in earnings and the management of a €3.5 billion debt pile accumulated in a period focused on funding expansion. Creditors have organized with advisers ahead of debt talks, Bloomberg reported earlier.Partners Group, and Emeria declined to comment on the funding. TA didn’t respond to a request for comment.Last week, Fitch Ratings cut Emeria’s credit score by one notch to seven steps below investment grade. Its analysts flagged heightened refinancing risk and subdued operational performance as reasons for the downgrade. Moody’s Ratings had already carried out a similar move around a year ago.Chief Financial Officer Laurent Carozzi wrote to reassure Emeria’s employees after the downgrade, saying that “a company like Emeria will always have access to financing,” according to an email seen by Bloomberg.The bulk of Emeria’s liabilities, which come due from 2027 onwards, is made up of secured debt split between bonds, term loans and a revolving credit facility. The pile also includes €250 million of unsecured notes issued by vehicle Flamingo Lux II SCA, according to data compiled by Bloomberg.Swiss BusinessEmeria’s management is also carrying out a strategic review of its Swiss unit, with all options being considered, according to a presentation seen by Bloomberg.Emeria reported a 25% decline in revenue for its Swiss activities in the first quarter from a year earlier, according to a report published in May. Client churn in the local market was cited as driver for the decline in overall group performance.Emeria was founded in France in 1972 and provides real estate services and technologies, operating across Europe, according to its website. Since investing in the company in 2021, Partners Group has focused on turning Emeria into a fully digital organization and improving its customer service offering.Partners Group has been under pressure in recent weeks amid doubts over the valuation of its portfolio companies. A short seller attack in April and the decision to cap withdrawals from a major fund last week have contributed to a sustained share-price drop. The stock is down almost 30% this year.©2026 Bloomberg L.P.
