Partners Group exits Gong Cha bubble-tea investment via Bain deal

Partners Group has divested its investment in bubble-tea operator Gong Cha as Bain Capital assumes control of the chain, concluding a partnership that began in 2019. The Swiss asset manager had committed more than US$200 million alongside TA Associates to support the acquisition of the beverage brand nearly five years ago.

The transaction underscores shifting investor interest in the bubble-tea sector, which has experienced substantial growth across Asia in recent years. Gong Cha, which operates hundreds of outlets across multiple markets, represents one of the region's prominent tea-based beverage franchises.

Bain Capital's acquisition signals continued appetite among major investment firms for stakes in established food and beverage brands with regional expansion potential. The consulting and investment firm's move to take control reflects confidence in the chain's operational model and market positioning.

The exit represents Partners Group's latest move in reallocating its portfolio within the Asia-Pacific consumer sector. Such transactions remain common as investment firms seek to realise gains from successful ventures or redirect capital toward emerging opportunities in the competitive beverage market.