Lord Abbett Private Credit Fund Raises $34.1 Million as Net Assets Reach $869 Million

Sister vehicle Lord Abbett Private Credit Fund S raised $4.2 million in the same close and took positions in seven of the eight borrowers its larger affiliate lent to in September.

October 26, 2026

Lord Abbett Private Credit Fund sold approximately 1,372,888 common shares to accredited investors for about $34.1 million as of October 1, 2026, at $24.86 per share, with the final share count set on October 19. The October close came in well below the roughly $80.6 million the fund raised at its August 1 close.

Aggregate net asset value was approximately $869 million as of September 30, and NAV per share was $24.86, the price at which the October subscriptions cleared. As of July 31, the fund had reported net assets of about $742 million and NAV per share of $24.80. The September figures are preliminary until the fund completes its closing procedures for the third quarter.

Portfolio at September 30

The fund had made loans to 70 portfolio companies and also held one equity position and one joint venture investment. Aggregate loan commitments stood at about $2,364 million and par value at about $1,783 million, up from 62 borrowers, $1,983 million of commitments and $1,469 million of par at the end of July. Senior secured debt made up 96 percent of the portfolio by par and the joint venture 4 percent. All debt investments carried floating rates, and 99 percent of total loan commitments were private senior secured loans.

The fund reported five borrower metrics:

• Median 12-month EBITDA of $96 million, compared with $82 million for the same companies when the fund first invested
• Weighted average net leverage of 5.0 times
• Weighted average loan-to-value of 42 percent
• Weighted average interest coverage of 2.4 times
• Weighted average yield on debt investments of 9.6 percent at cost

The borrower figures come from company-provided financial statements the fund has not independently verified, and they exclude one liquid loan and one loan underwritten on recurring revenue.

September lending

September loan activity covered eight issuers with combined commitments of $276.9 million and par of $163.8 million as of month end. Livewire Acquisition was the largest at $45.9 million committed and $34.4 million funded at par, followed by Pioneer Power Group at $42.0 million, Komline-Sanderson Group at $36.5 million and Cowboys Acquisition at $35.2 million. The $20.6 million commitment to JFL-Atomic AcquisitionCo had no par outstanding at September 30.

Air freight and logistics remained the largest industry exposure at 11.5 percent of par, or $205.3 million, followed by IT services at 10.6 percent, electrical equipment at 10.4 percent and professional services at 9.2 percent.

On October 19 the fund declared a distribution of approximately $0.22 per share, matching its August declaration, payable on or about November 24 to shareholders of record October 31.

Lord Abbett Private Credit Fund S

The smaller vehicle sold approximately 169,368 shares for about $4.2 million as of October 1 at $24.68 per share. Its net asset value was approximately $227 million as of September 30, or $24.68 per share, compared with about $207 million and $24.64 at July 31.

Fund S had loans to 68 portfolio companies, one equity position and one joint venture investment, with commitments of about $603 million and par value of about $465 million. Senior secured debt was 95 percent of par and the joint venture 5 percent, and all debt investments were floating rate. Its borrowers showed the same $96 million median EBITDA and 2.4 times interest coverage as the larger fund, with weighted average net leverage of 4.8 times, loan-to-value of 41 percent and a 9.5 percent yield at cost.

In September, Fund S lent to every issuer on the larger fund's list except JFL-Atomic AcquisitionCo, for $57.3 million of commitments and $35.1 million of par. Its industry mix differs, with aerospace and defense the largest exposure at 13.9 percent of par, ahead of health care providers and services at 11.3 percent and air freight and logistics at 11.0 percent. Fund S declared a distribution of approximately $0.19 per share on the same record and payment dates.

Platform

Across the direct lending platform it manages, Lord Abbett estimated total private credit platform size at approximately $5.0 billion as of September 30, with about $3.8 billion of total committed capital. The platform figure is a non-GAAP estimate that counts undrawn investor commitments, non-binding expected allocations from other Lord Abbett funds, target leverage that may not yet be committed, and joint venture capacity, so the capital available to invest at any time may be materially lower.