LAGO Evergreen Credit Raises $15.3 Million in October Private Placement
The new capital arrives weeks after the private credit BDC widened its bank-led credit facility to $175 million and opened it to middle market loans.
October 19, 2026
LAGO Evergreen Credit has raised another $15,286,500 from accredited investors. It sold 601,357 common shares of beneficial interest at $25.42 per share in a private placement dated as of October 1, 2026, with the final share count set on October 15.
The sale was exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D. The Chicago-based fund used the same route for its April and July closings.
LAGO Evergreen Credit is an externally managed business development company advised by LAGO Asset Management. Rather than register a public offering, it raises equity through a continuous private offering, admitting new investors at periodic closings. Before this one, the fund disclosed private share sales in January, April and July of this year.
Pricing across recent closings
The October price falls between the fund's two most recent closings. April investors bought in at $25.60 per share, while July investors paid $25.37 in a closing that raised $16,909,000. At $15,286,500, the October raise is smaller than July's but larger than April's $10,395,950.
Shortly before the closing, the fund's board declared a cash distribution of $0.89 per share to shareholders of record as of September 30, payable on or around October 15.
A larger credit facility
The new equity follows a change to the fund's borrowing capacity. On September 24, LAGO Evergreen Credit amended the loan and security agreement held by its subsidiary, LAGO Evergreen SPE, LLC, with KeyBank National Association serving as agent. The amendment:
- raised available lender commitments from $125 million to $175 million;
- added MUFG Bank, Ltd. as a lender; and
- expanded eligible collateral to include middle market loans, subject to eligibility criteria and concentration limits.
Borrowing under the facility remains subject to the leverage restrictions of the Investment Company Act.
Taken together, the two moves expand both the equity and debt sides of the fund's capital base. Under the Investment Company Act's asset coverage test, additional equity also increases the amount a BDC can borrow. Each closing therefore adds to the headroom the larger facility now offers.
