Billboard particles not showing up in eevee

I’m trying to make a billboard particle system in eevee, but it does not render. Rendering as an object works fine and I know the material should be fine because it shows up in the other objects, but not on the particles themselves.

On the left is the plane with the billboard particle system. On the right is a plane with the same material applied which is then used by the center particle system which is set to render as Object.

What do I need to change?

Per Brecht, billboard particles are not supported in eevee either. Hopefully this changes someday, but right now it’s not supported.