Partners Group Lending Fund Reports July 31, 2026 NAV & Portfolio Update

What Happened

• Partners Group Lending Fund, LLC filed an 8‑K (Item 8.01) on September 1, 2026, reporting the Fund’s net asset value (NAV) per unit as of July 31, 2026. NAV per unit for both Class I and Class M was $1.5036. The Fund’s aggregate NAV was approximately $318.3 million, which includes about $224.0 million of debt outstanding.
• The filing also provided a portfolio snapshot as of July 31, 2026: total portfolio size $506.6 million across 64 portfolio companies, with 97% of fair value in North America and 3% in Asia/Rest of World.

Key Details

• NAV per unit (July 31, 2026): Class I $1.5036; Class M $1.5036. Aggregate NAV ≈ $318.3M; debt outstanding ≈ $224.0M.
• Portfolio size and composition: $506.6M total portfolio; 64 borrowers; 94.4% of portfolio (by fair value) in first‑lien/unitranche loans; CLO debt tranches 4.0%; opportunistic credit 1.6%.
• Credit and leverage metrics (at entry): weighted average credit spread 5.1%; median LTM EBITDA $100.0M; weighted average first‑lien net leverage 5.8x; weighted average total net leverage 6.1x; weighted average LTV 39.0%.
• Concentration and vintages: top industry concentration—Software 25.9%, Health Care Providers & Services 11.9%, Professional Services 11.3%; by vintage year (fair value, excl. CLOs): 2024 41.6%, 2025 32.3%, 2026 17.1%, 2023 9.0%.

Why It Matters

• The 8‑K gives investors the current per‑unit NAV and a detailed look at portfolio composition and risk metrics. NAV and the $224M of outstanding debt show the Fund’s net value after leverage.
• Portfolio is heavily weighted to senior secured loans (first‑lien/unitranche at 94.4%) and concentrated in North America and software—factors that affect credit risk, sector concentration risk, and recovery priority.
• Recent vintages (large share from 2024–2025) indicate a substantial portion of investments were made in the past few years, which may be relevant when assessing underwriting vintage risk and loan seasoning.
• The filing is an informational update (Item 8.01); it does not announce earnings, management changes, or corporate actions.