Lord Abbett Private Credit Fund
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+11.2%
90th pctile · ahead of most peersas of 2026-03-20
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$732.1M
as of 2026-03-20
Net expenses
12.2%
85th pctile · pricier than median
Repurchase
5% quarterly
14 of 118 peers matchLevel 3
94.3%
45th pctile · less model-priced than peersLast offer
no offer yet
5 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1% management fee)12.20%
Minus interest on borrowings, the cost of portfolio leverage8.87%
Minus incentive fees accrued this period, which vary with returns1.67%
Ongoing cost, determined from the filings1.70%
The manager charges 1.00% of net assets plus a 0.25% administration fee, and all other operating costs (legal, audit, trustee, administration) are capped by the adviser at 0.70% of net asset value, so the ongoing cost lands near 1.70% a year. The reported 12.2% expense ratio for 2025 is mostly 8.87% of borrowing interest and 1.67% of performance fees, neither of which counts as a fixed cost of own
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year1.70%
This is the cost for common Shares (single class). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
Based on Annual. Base is the FY2025 10-K financial highlights (year ended 12/31/2025): net expense ratio 12.2% of average net assets, already an annual figure..
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income over a 1.50% quarterly hurdle (6.00% annualized) with 100% catch-up to 1.71%, plus 12.5% of cumulative realized capital gains net of losses, paid annually) apply only to returns earned. Before waivers, the gross expense ratio is 13.3%. How this is calculated
Against Private credit non-traded bdcs
Total drag
33th pctile · cheaper than most
1Y return
90th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annual. Base is the FY2025 10-K financial highlights (year ended 12/31/2025): net expense ratio 12.2% of average net assets, already an annual figure. Interest (8.87%) and incentive fees (1.67%) were derived from FY2025 dollars divided by the same average net assets ($350.7m implied by the 12.2% net expense ratio on $42,785k of net expenses). Adjusted upward 0.05% because the management fee waiver present in FY2025 ($170k) had ended by 2026. Cross-checked against the 10-Q for the six months ended 6/30/2026, whose annualized 9.7% net expense ratio less 6.51% interest and 1.54% incentive implies the same ~1.65-1.70%..
Open the filing on sec.gov (0000930413-26-000841)Size and leverage
Net assets$732.1M?
Borrowings$909.5M?
Leveragedebt to equity1.05x?
Asset coverage181.00%?
Investments held63?
Started2024-02-23?
What the manager charges
Management feeof net assets1.00%?
Performance feeTwo components. Income: 12.5% of Pre-Incentive Fee Net Investment Income Returns above a 1.50% quarterly (6.00% annualized) hurdle, with a 100% catch-up between 1.50% and 1.71% quarterly (6.84% annualized), paid quarterly in arrears. Capital gains: 12.5% of cumulative realized capital gains from the BDC Election Date, net of realized losses and unrealized depreciation, less previously paid capital gains incentive fees, paid annually in arrears.?
Hurdle6.00%?
High water markNo?
Expense cap0.70%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee0.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Floating rate100.00%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available94.30%?
MostlyAir Freight & Logistics?
Who is involved
AdviserLord Abbett Private Credit Advisor LLC?
AuditorDeloitte & Touche LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- Unfunded loan commitments versus cash: 478,738 unfunded vs 93,273 cash USD thousands (Unfunded delayed-draw and revolver commitments are 5.1x cash on hand and 65% of net assets, so the fund depends on credit facility availability and new subscriptions to honor draw requests while also meeting quarterly repurchases.)
- Credit facility capacity and utilization: 1,325,000 committed; 909,532 drawn (69%) USD thousands (Three facilities were upsized repeatedly during 2026 (BofA to $550m, RBC to $450m). Headroom of roughly $415m is the main liquidity source for unfunded commitments and repurchases, and all borrowings float over SOFR.)
- Adviser expense support subject to three-year recoupment: 6,749 USD thousands unreimbursed (Cumulative unreimbursed expense payments equal roughly 0.9% of net assets and can be clawed back over three years, though only while Other Operating Expenses stay at or below the 0.70% cap, which limits any increase in ongoing drag.)
- Non-consolidated SBLA joint venture with its own leverage: 76,767 carrying value; JV holds 333,429 assets and 257,465 debt USD thousands (The JV is 4.9% of investments but is measured at net asset value outside the fair value hierarchy and carries its own leverage of roughly 2.9x its members' equity, so effective look-through leverage and expenses are higher than the fund's own statements show.)
- Payment-in-kind interest income has begun: 499 USD thousands for six months ended June 30, 2026 (PIK was zero in every prior period and now appears at Falcon Parent Holdings at 2.75% PIK within a 5.50% spread. PIK is non-cash but is included in Pre-Incentive Fee Net Investment Income, so it increases incentive fees without cash receipt.)
- NAV per share erosion: 25.22 (Dec 2024) to 25.12 (Dec 2025) to 24.86 (Jun 2026) USD per share (Distributions have run at or slightly above net investment income while unrealized depreciation has accumulated, so NAV has drifted down 1.4% from inception NAV even as the fund reports positive total returns.)
- Largest single markdown: SolarWinds second lien: 31,000 par carried at 25,575 (82.5% of par) USD thousands (The only second lien position in the portfolio is marked 17.5 points below par and its discount rate rose from 9.94%-10.44% at year end to 13.45%-14.45%, accounting for most of the six-month unrealized depreciation.)
- Upfront sales load charged outside the fund: up to 3.5% of NAV percent, one-time (Any placement fee is set at the broker-dealer's discretion and charged directly to the investor rather than through the fund, so it does not appear in the expense ratio; an investor paying the 3.5% maximum would bear roughly 1.2% per year more over three years.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Valuation frequencychanged from Quarterly · Mar 2026quarterly
Structure
Legal structureDelaware statutory trust
Share classes
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Offer dateOfferedRequestedAcceptedSource
2026-07-305%··SC TO-I
2026-04-305%··SC TO-I
2026-01-295%··SC TO-I
2025-10-295%··SC TO-I
2025-08-015%··SC TO-I
2026-08-1310-QQuarterly report2026-07-30SC TO-IIssuer tender offer2026-07-22SC TO-I/AAmended issuer tender offer2026-05-1410-QQuarterly report2026-04-30SC TO-IIssuer tender offer2026-03-2010-KAnnual report2026-03-03SC TO-I/AAmended issuer tender offer2026-01-29SC TO-IIssuer tender offer2025-12-02SC TO-I/AAmended issuer tender offer2025-10-29SC TO-IIssuer tender offer2025-09-05SC TO-I/AAmended issuer tender offer2025-08-01SC TO-IIssuer tender offer2025-03-0710-KAnnual report
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.