AB Private Lending Fund: Resource Sharing Deal; Sub‑Advisory Ended

What Happened
AB Private Lending Fund (filed 8‑K on Sept 17, 2026) announced that AB Private Credit Investors LLC (the “Adviser”) and AllianceBernstein L.P. (“AB”) terminated the Sub‑Advisory Agreement dated August 7, 2024, and on Sept 16, 2026 entered into a new Resource Sharing Agreement. Under the new arrangement, AB will provide the Adviser with experienced investment professionals (including employees of AB High Yield) plus certain facilities and systems to support the Adviser’s obligations under the Fund’s Amended and Restated Investment Advisory Agreement (dated Aug 7, 2024). The Fund’s stated objectives remain unchanged.

Key Details

• Sub‑Advisory Agreement between the Adviser and AB (originally dated Aug 7, 2024) was terminated and replaced on Sept 16, 2026.
• Resource Sharing Agreement effective Sept 16, 2026: AB will supply “Shared Employees” (including AB High Yield staff), facilities and systems to assist with investments in broadly syndicated loans, bond markets and other publicly traded securities.
• The Adviser retains responsibility under the Fund’s Advisory Agreement; Shared Employees will help determine relative value between private and syndicated markets.
• The Resource Sharing Agreement may be terminated by either party at any time with at least 60 days’ written notice; the filing warns such termination could have a material adverse consequence on the Fund. The agreement also notes there is no assurance AB will perform its obligations.

Why It Matters
For investors, this change affects how the Fund’s portfolio will be managed operationally: the Adviser is shifting from a formal sub‑advisory relationship to a resource‑sharing arrangement with AB, leveraging AB High Yield personnel and systems while keeping the Adviser legally responsible. The Fund’s investment objectives are unchanged, but the arrangement is reversible (60‑day termination) and carries execution risk if AB does not perform or the Resource Sharing Agreement is ended—events the filing says could materially impact Fund operations.