Partners Group has teamed up with China’s sovereign wealth fund and a Canadian asset manager to buy a majority stake in a French property management firm – its largest European direct investment to date.

The Swiss alternatives firm - in partnership with Canadian fund manager Caisse de dépôt et placement du Québec and the China Investment Corporation - has agreed to purchase Foncia from European private equity firms Bridgepoint and Eurazeo for €1.8 billion, Partners said in a statement.