The private credit vehicle reported a $1.4964 NAV per unit and concentrated 97% of its book in North American borrowers.

May 5, 2026

Partners Group Lending Fund, LLC raised roughly $43 million from accredited investors in late April, even as its portfolio expanded to $483.3 million across 56 borrowers, according to disclosures the private credit vehicle made on May 4.

Capital Raise Details

The Delaware-organized fund finalized the issuance count on April 28 after selling units across two share classes:

• Class I Units: 28,640,070 units issued for approximately $42.86 million
• Class M Units: 92,464 units issued for $138,363

The offering was structured under Section 4(a)(2) of the Securities Act and Regulation D, limiting participation to accredited investors.

Net Asset Value and Leverage

The fund reported a net asset value of $1.4964 per unit for both share classes as of March 31, with aggregate NAV reaching approximately $272.5 million. Outstanding debt at the same date stood at roughly $243 million, reflecting the leveraged structure typical of direct-lending vehicles.

Portfolio Composition

Investment activity skewed heavily toward senior secured lending, with the asset mix breaking down as follows:

• First lien and unitranche loans: 92.8%
• CLO debt tranches: 5.3%
• Opportunistic credit: 1.4%
• Broadly syndicated loans: 0.5%

Geographic concentration remained pronounced. North American borrowers represented 97% of the portfolio by fair value, with the remaining 3% allocated to Asia and the rest of the world. Europe accounted for none of the exposure.

Industry and Issuer Concentration

Software dominated industry weightings at 26.1%, followed by health care providers and services at 11.6%, professional services at 10.3%, and IT services at 9.1%. Capital markets, diversified consumer services, and trading companies each represented mid-single-digit allocations, suggesting a tilt toward technology-enabled and recurring-revenue businesses.

The fund’s ten largest positions were led by Diligent Corporation and PT Intermediate Holdings III, each at roughly 3.9% of the book at par or cost. PMA Parent Holdings, DigiCert, and Ascend Partner Services followed in the top five, with no single issuer exceeding 4% concentration.

Underwriting Metrics

Origination data signaled disciplined risk-taking across the portfolio:

• Weighted average credit spread: 5.2%
• Median trailing twelve-month EBITDA at entry: $94.5 million
• Weighted average first lien net leverage: 5.8x
• Weighted average total net leverage: 6.0x
• Weighted average loan-to-value at entry: 40.3%

Vintage Distribution

The bulk of the book originated in 2024, which accounted for 43.7% of fair value, followed by 2025 at 34.9%. Investments from 2023 contributed 14.5%, while deals closed in the first quarter of 2026 represented 7.0%.