Bain Capital Private Credit Pushes Leverage to 1.20x as Portfolio Tops $2.4 Billion
Net leverage of 1.13x leaves the perpetual-life fund with only a thin cash cushion sitting against its gross borrowings.
August 26, 2026
Bain Capital Private Credit closed July with an investment portfolio of $2,413.1 million at fair value spread across 189 borrowers, and it is carrying considerably more debt against that book than it was at the start of the spring.
A Balance Sheet Working Harder
The Boston-based fund reported aggregate net asset value of $1,141.0 million as of July 31, 2026, with Class I net asset value per share of $25.94. Principal debt outstanding stood at $1,372.8 million, putting gross debt-to-equity at roughly 1.20x. The net ratio, which nets out cash and unsettled trades, came in at about 1.13x — a narrow spread that leaves little idle capital on the balance sheet.
Both measures sit well above where the fund stood at the end of the first quarter, when gross leverage was near 1.04x and the net figure was closer to 0.80x on a portfolio of roughly $1.8 billion across 164 companies. Deployment, in other words, has outpaced the equity raise, and the cash buffer that once separated the two leverage measures has largely been spent into the portfolio.
That trajectory follows a summer spent enlarging the fund’s bank lines, including an expanded JPMorgan-agented facility and a senior secured revolver with Sumitomo Mitsui Banking Corporation that was upsized twice within a month.
Still Concentrated at the Top of the Structure
Portfolio composition remained heavily senior. By fair value as of July 31, holdings broke down as:
- 86% first lien senior secured debt
- 1% second lien senior secured debt
- 5% subordinated debt
- 2% preferred equity
- 2% common equity
- 4% held through an investment vehicle
Floating-rate instruments made up 93% of the debt book, and exposure now spans 29 industries.
Distribution Held Flat
Against that backdrop the fund left its payout unchanged. On August 25 it declared a regular Class I distribution of $0.1875 per share, with no shareholder servicing or distribution fee deducted, so the net figure matches the gross. Holders of record on August 31 will be paid on or about September 30, in cash or in additional shares for participants in the distribution reinvestment plan.
Feeder Subscriptions Keep Coming
Capital continued to arrive through the private channel. The fund sold 389,036 unregistered Class I shares to feeder vehicles created principally to hold its shares, priced at the July 31 net asset value and settling for $10.1 million, with the share count finalized on August 25. The sale relied on the private-placement and offshore exemptions from Securities Act registration. Cumulatively, through the August 3 subscription date, the fund has issued 45,455,110 Class I shares for total consideration of $1,165.3 million.
Amit Joshi, the fund’s principal financial officer, signed the report.
