Strategic View: Partners Group Infrastructure, alongside GIC, TPG Rise Climate, and Mubadala Investment Company, acquired Techem for approximately €6.7 billion enterprise value. Partners Group retains controlling stake while the consortium exits the previous Private Equity-led structure. Techem provides digitally-enabled submetering, energy efficiency solutions, and decarbonization platforms across European real estate, positioning investors in the intersection of proptech,, and regulatory-driven utility services.
Full story: Techem’s transition from private equity to infrastructure investors signals maturation of digital real estate services into essential utility infrastructure. Partners Group structured this club deal to reflect Techem’s evolution: what began as a facilities management rollup has transformed into mission-critical infrastructure for building decarbonization across Europe’s aging real estate stock.
The consortium’s composition reveals this repositioning—GIC and Mubadala bring patient infrastructure capital, while TPG Rise Climate contributes climate transition expertise and impact measurement frameworks. The transaction mechanics demonstrate sophisticated structuring. In 2018, Techem was acquired by a Partners Group Private Equity-led consortium including La Caisse and Ontario Teachers’ Pension Plan, which oversaw revenue growth exceeding €1 billion and EBITDA expansion of approximately 50%.
This club deal enables that consortium’s exit while replatforming Techem under Partners Group’s Infrastructure business, which manages $27 billion globally in energy, digital, and transport assets. The enterprise value of €6.7 billion reflects premium valuation multiples reserved for infrastructure-like businesses with regulated revenue streams and inflation linkage.
Techem’s strategic value lies in its “One Digital Platform” aggregating submetering data, smart heating controls, and energy consumption analytics across millions of European residential and commercial units. Regulatory tailwinds are substantial: EU building energy performance directives mandate granular consumption monitoring, carbon reporting, and efficiency improvements. Property owners face escalating compliance obligations that require Techem’s integrated hardware-software solutions. The consortium recognized these dynamics create perpetual demand with pricing power—infrastructure characteristics that justify infrastructure-level capital. Post-acquisition, management announced plans to expand smart metering for electricity and pursue complementary bolt-on acquisitions, including inexogy smart metering systems. Partners Group Infrastructure’s controlling stake ensures operational alignment while GIC, TPG Rise Climate, and Mubadala provide strategic counsel and follow-on capital capacity.
The transaction closed in October 2025 following H2 regulatory approvals, marking one of Europe’s largest infrastructure platform acquisitions in 2025. For institutional investors, Techem exemplifies “energy transition infrastructure”—assets generating utility-like cash flows while enabling building sector decarbonization.
Summary: Partners Group’s infrastructure-focused consortium acquisition of Techem repositions the digital submetering leader as essential climate infrastructure. The €6.7 billion club deal, including GIC, TPG Rise Climate, and Mubadala, capitalizes on EU regulatory mandates for building energy efficiency. This matters because it validates digital real estate services as infrastructure, attracting patient capital to assets enabling Europe’s building decarbonization while generating inflation-protected returns.
