Partners Group Lending Fund, LLC 8-K

What Happened

• Partners Group Lending Fund, LLC filed an 8‑K on July 30, 2026 reporting a net asset value (NAV) per Class I and Class M Unit of $1.4935 as of June 30, 2026. The Fund’s aggregate NAV was approximately $315.6 million, with about $214.0 million of debt outstanding.
• The Fund sold 131,244 Class M Units (effective July 1, 2026; number of Units finalized July 24, 2026) for total consideration of $196,013. The sale was made to accredited investors under Section 4(a)(2), Regulation D and other available exemptions from Securities Act registration.

Key Details

• NAV per Unit (June 30, 2026): Class I $1.4935; Class M $1.4935. Aggregate NAV ≈ $315.6M; debt outstanding ≈ $214.0M.
• Unregistered sale: 131,244 Class M Units issued for $196,013 (offered to accredited investors under Reg D/4(a)(2)).
• Portfolio size and composition (fair value, as of June 30, 2026): Total portfolio $520.6M across 62 companies; 97% North America, 3% Asia/Rest of World.
• Asset mix: 93.5% first‑lien/unitranche loans, 4.9% CLO debt tranches, 1.6% opportunistic credit. Weighted average credit spread 5.2%; weighted avg first‑lien net leverage (at entry) 5.9x; weighted avg total net leverage (at entry) 6.2x.
• Top sector concentration: Software 25.5%, Professional Services 11.1%, Health Care Providers & Services 11.0%. Top single commitments ranged from $15.0M to $21.0M (largest: PT Intermediate Holdings III, LLC — $21.0M, 3.4%).

Why It Matters

• NAV and portfolio metrics give investors a snapshot of the Fund’s valuation, leverage and risk profile as of June 30, 2026. The NAV of $1.4935 and aggregate NAV of ~$315.6M quantify the Fund’s reported net position after accounting for ~$214M of debt.
• The unregistered issuance of Class M Units was relatively small (131,244 units for ~$196K), so the immediate dilutive impact is limited, but the disclosure confirms ongoing capital activity and investor eligibility (accredited investors under Reg D).
• Portfolio concentration in first‑lien loans and heavy exposure to North America and the software sector are key considerations for assessing credit, sector and geographic risk going forward.