Partners Group Lending Fund, LLC 8-K

What Happened
Partners Group Lending Fund, LLC filed an 8-K on January 30, 2026 reporting an unregistered sale of Class M units and providing its net asset value (NAV) and portfolio statistics as of December 31, 2025. The Fund finalized the number of Class M units issued on January 26, 2026; the purchase price per unit equaled the Fund’s NAV per unit as of December 31, 2025 ($7.6085). The offering was made to accredited investors under Section 4(a)(2) and Regulation D exemptions.

Key Details

• Unregistered sale: 2,835 Class M units sold in January 2026 for total consideration of $21,572.54 (price = $7.6085 per unit).
• NAV: NAV per unit for both Class I and Class M units was $7.6085 as of December 31, 2025; aggregate NAV ≈ $274.8 million, with approximately $226.0 million of debt outstanding.
• Portfolio size & composition: Total portfolio size $458.3 million across 54 portfolio companies (includes CLO tranches); 96.2% of investments (by fair value) were first-lien/unitranche loans and 2.2% were CLO tranches.
• Concentration & metrics: 97% of portfolio fair value in North America; largest industry weight Software (25.0%). Weighted average credit spread 5.1%; weighted average first-lien net leverage (at entry) 5.8x.

Why It Matters
The Fund raised a small amount of capital via an exempt sale to accredited investors at its December 31, 2025 NAV, so the transaction should be NAV‑neutral on a per‑unit basis. The 8-K also gives investors an up‑to‑date snapshot of the Fund’s size, leverage and sector concentration (notably heavy in software and first‑lien loans), which are key factors for assessing risk and liquidity. These facts help investors evaluate portfolio composition, exposure, and the Fund’s capital position as of year‑end 2025.