Zug-based Partners Group hoovered up billions from institutional investors in the first half. The company is grappling with the search for new targets as the scramble for private investments heats up.

Partners Group took in 6.2 billion euros ($7.3 billion) in new funds in the first six months, the Swiss asset manager said in a statement on Thursday. Total assets under management climbed to 67.1 billion euros – an 8 percent growth rate on the year.

97 Percent Rejected

The firm said it invested 7.7 billion euros on behalf of clients in the same period. Partners faces increasing difficulty finding suitable targets amid a boom in investments such as private real estate, private equity, infrastructure, and debt. The firm said it screened more than 1,400 direct investments, and progressed with just 40 – a rejection rate of 97 percent.

Partners said it expects clients to commit 11 billion to 14 billion euros for the year, based on the first half and pledges for the latter six months. The asset manager also expects outflows of as much as 5.5 billion euros, especially from redemptions in liquid and semi-liquid investments as well as drawdowns from mature investments.