Partners Group Lending Fund Enters Secured Credit Facility, $250M Initial Availability

What Happened
Partners Group Lending Fund, LLC filed an 8-K reporting that on September 18, 2026 it formed a subsidiary, Partners Group BDC Finance II, LLC (PG BDC Finance II), and entered into a Loan and Servicing Agreement (a secured credit facility) with Sumitomo Mitsui Banking Corporation (SMBC) as Administrative and Collateral Agent and other lenders. The facility will finance PG BDC Finance II’s origination and acquisition of eligible loan assets, including purchases from the Fund; the Fund retains a residual interest through its ownership of PG BDC Finance II. The Fund also entered a Sale and Contribution Agreement to transfer eligible loan assets to PG BDC Finance II (no gain or loss will be recognized on such transfers).

Key Details

• Closing Date: September 18, 2026. Borrower: PG BDC Finance II (new subsidiary). Administrative/Collateral Agent: SMBC; Account Bank/Collateral Custodian/Collateral Administrator: State Street.
• Initial capacity: $75,000,000 committed + $175,000,000 uncommitted (total initial availability $250,000,000); lenders can be asked to increase commitments up to $1,000,000,000.
• Reinvestment Period: advances/draws and redraws permitted for up to 36 months after the Closing Date (subject to conditions). Stated Maturity: the Business Day immediately preceding September 18, 2026, with one‑year extension options exercisable after the first anniversary (per the agreement).
• Pricing and fees: borrowings benchmark to currency indexes (e.g., Term SOFR for USD) plus an Applicable Spread (1.50% for broadly syndicated loans; 1.90% for other eligible assets), increasing by 2.00% after an event of default or facility maturity; non-usage fees of 0.35% (first 3 months) then 0.50% on undrawn commitments; upfront and agent/admin fees and expense reimbursement to SMBC; possible make-whole if prepaid/terminated in first year.

Why It Matters
This facility gives the Fund a committed and expandable source of financing to originate and acquire loan assets through its subsidiary, supporting growth and liquidity without immediate on-balance-sheet asset sales. The loans and other assets financed by the facility are pledged to the lenders and are not available to pay the Fund’s creditors, but borrowings by PG BDC Finance II are treated as the Fund’s borrowings for Investment Company Act asset coverage purposes. Investors should note the cost of funding (spreads, fees, non-usage charges and potential make-whole) and that availability is subject to a borrowing base test and eligibility criteria, which can affect how much of the facility can be drawn at any time.