Partners Group is blocking hedge funds and distressed debt investors from acquiring loans issued by three portfolio companies facing approximately €6bn in debt maturities, according to a report by Bloomberg.

The Swiss private equity firm is enforcing approved lender lists covering French property manager Emeria, Dutch industrial manufacturer Ammega and Swiss watchmaker Breitling, all of which face significant maturities in 2028.

Partners Group has reportedly rejected requests from hedge funds to join Emeria's approved lender list as restructuring negotiations intensify. The restrictions governing Emeria and Ammega are among the most stringent in the leveraged loan market, although Emeria's bonds remain accessible to distressed investors.

Emeria is negotiating with creditors over its €3.6bn debt burden, with Partners Group potentially required to inject additional capital to secure an agreement. Distressed investors have also been denied access to Ammega's financial information.

The companies' loans are trading at substantial discounts. Emeria's March 2028 term loan is quoted at 70 cents on the euro, compared with 79 cents for Ammega's December 2028 loan and 82 cents for Breitling's October 2028 loan, according to Bloomberg data.

The restrictions are complicating exits for existing creditors, predominantly collateralised loan obligations (CLOs) and other institutional lenders, by limiting secondary-market demand.

Partners Group's loan documentation also restricts sub-participation arrangements, allowing borrowers to identify ultimate economic holders and, in certain circumstances, cancel transactions.

The firm said it has refinanced, raised or repriced more than $49bn of debt across its private equity portfolio since 2024.