The Zug-based asset manager supported TA Associates’ acquisition of the Taiwanese company in 2019 as sole lender, providing a financing package of more than $200 million. Partners Group also acquired a minority equity stake in the company.

In August 2026, TA Associates agreed to sell Gong cha to Bain Capital. Reuters reported in May that a sale could value the company at as much as $2 billion. The transaction allows Partners Group to exit both its private credit position and its minority equity investment.

Gong cha is an internationally established bubble tea chain specialising in freshly brewed teas and customised beverages.

Bubble tea originated in Taiwan and typically consists of black or green tea combined with milk or fruit flavours and served with tapioca pearls – the «bubbles» – or other toppings.

Rapid Expansion

Gong cha has expanded rapidly in recent years. Since Partners Group’s investment around six years ago, the number of stores has increased from roughly 1,000 to nearly 2,200, while its international footprint has grown from 17 to 33 markets. The company now serves more than 150 million beverages worldwide each year.

Acquisitions have also contributed to the expansion. Gong cha acquired the master franchise rights for 170 stores in the US and introduced its «Digital Kitchen» operating model, which uses automated beverage dispensing technology.

Zongwen Tan, Head of Direct Lending Asia at Partners Group, said Gong cha had capitalised on several growth opportunities during the investment period. The company had been a good fit for Partners Group’s strategy of providing credit solutions to growing businesses with strong competitive advantages and experienced management teams.

Asian Private Credit

For Partners Group, the transaction also represents another exit from its Asian private credit activities. The Swiss asset manager has been active in the region for around 15 years, providing both senior and junior direct lending through local investment teams.