Lord Abbett Private Credit Fund Draws $80.6 Million in August Subscription Close

A second Lord Abbett business development company, Private Credit Fund S, disclosed its own monthly figures the same day, showing a $399 million par portfolio built largely from the same borrowers.

August 31, 2026

Lord Abbett Private Credit Fund issued approximately 3,249,536 common shares for roughly $80.6 million as of August 1, 2026, priced at $24.80 per share, with the final share count fixed on August 24. The intake sits well above the roughly $9.4 million the fund raised in its May close, when it reported 56 borrowers and $1,860 million of loan commitments.

A larger book, thinner origination

As of July 31, the fund had lent to 62 portfolio companies, held one equity position and one joint venture interest, and carried aggregate loan commitments of about $1,983 million against par value of roughly $1,469 million. Senior secured debt made up 95 percent of the book by par, with the joint venture accounting for the remaining 5 percent. All debt investments carried floating rates, and 99 percent of total commitments sat in private senior secured loans.

Borrower fundamentals were reported as follows:

• median trailing 12-month EBITDA of $95 million;
• weighted average net leverage of 5.0 times;
• weighted average loan-to-value of 43 percent;
• weighted average interest coverage of 2.3 times;
• weighted average yield on debt investments of 9.4 percent at cost.

New origination was thin relative to the capital raised. July brought commitments to only two issuers, StateServ Acquisition and World Insurance Associates, totaling $38.7 million, none of which was funded at par by month end. By industry, air freight and logistics was the largest exposure at 11.8 percent of par, or $174.1 million, followed by health care providers and services at 9.9 percent and aerospace and defense at 9.7 percent.

The fund declared a distribution of about $0.22 per share on August 24 to holders of record August 31, payable on or about September 28. Aggregate net asset value was roughly $742 million as of July 31, with net asset value per share reported at $24.80 — the same price at which the August subscriptions cleared.

The second vehicle

Lord Abbett Private Credit Fund S, a separately registered business development company with its own commission file number, issued approximately 209,520 shares for about $5.2 million as of August 1 at $24.64 per share. Its portfolio spanned 59 borrowers as of July 31, with commitments of roughly $524 million and par value near $399 million, 94 percent senior secured and 6 percent joint venture, and entirely floating rate.

The two books look closely aligned. Fund S reported the same 5.0 times weighted average net leverage and 2.3 times interest coverage, a median borrower EBITDA of $96 million, loan-to-value of 44 percent, and a 9.3 percent yield at cost. It also took positions in the same two July issuers, StateServ and World Insurance, at $1.4 million and $4.1 million. Its industry mix is weighted differently, with aerospace and defense at 16.2 percent of par.

Aggregate net asset value at Fund S stood at about $207 million, or $24.64 per share, and the fund declared a distribution of roughly $0.19 per share on the same record and payment schedule as its larger sibling.

Platform scale

Across the direct lending platform, Lord Abbett estimated Total Private Credit Platform Size at approximately $4.9 billion as of July 31, with Total Investment Exposure of about $3.3 billion. Both are non-GAAP measures, and the platform figure incorporates undrawn investor commitments, non-binding expected allocations from affiliated funds, expected target leverage not yet committed, and joint venture capacity — so investable capital at any point may be materially lower.

Both funds cautioned that the figures remain preliminary pending financial closing procedures ahead of third-quarter reporting.