Partners Group Lending Fund, LLC
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+6.6%
34th pctile · behind most peersas of 2026-03-26
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$315.6M
as of 2026-03-26
Net expenses
11.4%
79th pctile · pricier than median
Repurchase
5% quarterly (intended; at Board discretion, to commence no later than one year after the December 2025 BDC election)
1 of 118 peers matchLevel 3
100%
55th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1% management fee)11.40%
Minus interest on borrowings, the cost of portfolio leverage6.81%
Minus incentive fees accrued this period, which vary with returns0.73%
Ongoing cost, determined from the filings1.69%
Total expenses were 11.40% of average net assets in 2025, but 6.81% of that was interest on borrowings and 0.73% was performance fees, neither of which is a fixed cost of ownership. A further 2.17% was corporate income tax that ends with the 2026 tax election. What is left is about 1.7% a year, mostly the 1.00% management fee.
Sales loadnone
Total drag per year1.69%
This is the cost for class I.
The figure above is the ongoing cost. For the period the filing covers it was 3.86%, including 2.17% of one-time costs that will not repeat.
Based on fiscal year2025 annual report, Class I, full-year ratios as stated by the fund (11.40% total expenses after incentive fees). Interest (6.81%), incenti.
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 (10% of Pre-Incentive Fee Net Gains at fiscal year end above a 6.00% hurdle with a catch-up and a Loss Recovery Account; capital gains portion capped at 20% of cumulative net realized gains.) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
32th pctile · cheaper than most
1Y return
34th pctile · behind 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 FY2025 annual report, Class I, full-year ratios as stated by the fund (11.40% total expenses after incentive fees). Interest (6.81%), incentive (0.73%) and corporate income tax (2.17%) percentages derived from full-year dollar amounts divided by average net assets of $217.3M, which is implied by and ties exactly to the fund's own stated ratios. Recurring figure removes the federal corporate income tax that ceases with the RIC election effective for fiscal 2026; the H1 2026 interim (fund-annualized, 7.65% total expenses less 4.71% interest less 1.32% state tax) implies 1.62% on the same basis, and now includes newly added director fees..
Open the filing on sec.gov (0001398344-26-005654)Size and leverage
Net assets$315.6M?
Borrowings$214.0M?
Leveragedebt to equity0.68x?
Asset coverage247.48%?
Investments held62?
Started2023-09-01?
What the manager charges
Management feeof net assets1.00%?
Performance fee10% of Pre-Incentive Fee Net Gains, payable annually at fiscal year end, above a 6.00% hurdle with a full catch-up, net of a Loss Recovery Account; portion sourced from capital gains capped at 20% of cumulative realized capital gains net of losses and depreciation?
Hurdle6.00%?
High water markYes?
Expense cap1.00%?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersquarterly (intended; at Board discretion, to commence no later than one year after the December 2025 BDC election)?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Where distributions come from
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 rate99.80%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available100.00%?
MostlySoftware (24.20% of fair value at June 30, 2026)?
Who is involved
AdviserPartners Group (USA) Inc.?
AuditorPricewaterhouseCoopers LLP?
Valuedat least quarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 11.40% | $1.0M |
| Class M | 0.00% | 0.00% | 8.10% | $1.0M |
| Class A | 0.85% | 3.50% | - | $2,500 |
| Class S | 0.25% | 1.50% | - | $2,500 |
Also worth knowing
- Australian Retirement Trust Pty Ltd beneficially owned about 90% of units and has a contractual right to keep ownership at or above 50.01%; the fund agreed not to reject its subscriptions.
- The fund elected BDC status on December 19, 2025 and RIC tax treatment from fiscal 2026, ending the corporate income tax that cost $4.7 million (2.17% of average net assets) in 2025.
- A 5-for-1 unit split took effect February 27, 2026 and Class M units were first issued January 1, 2026; Class A and Class S units remain unissued.
- The quarterly unit repurchase program had not yet commenced as of June 30, 2026, so investors had no redemption mechanism during the period.
- Unfunded commitments versus liquidity: 97,031 thousands USD unfunded at June 30, 2026 against $14.1M cash and about $61M undrawn facility (Delayed-draw and revolver commitments must be funded on borrower demand and are large relative to the fund's cash, so they constrain how much of the balance sheet is truly available for repurchases or new deals.)
- Corporate income tax ends with RIC election: 4,714 thousands USD current tax expense in FY2025 (2.17% of average net assets) (This was the second largest non-interest cost in 2025 and it disappears once RIC treatment applies from 2026, so the historical expense ratio materially overstates the ongoing cost of ownership.)
- Credit facility terms and repricing: SOFR + 2.10% applicable margin after November 2025 amendment; $275M committed, $214M drawn, matures November 2036 (Borrowing spreads were cut twice in a year (2.85% to 2.40% to 2.10% on USD), which lowers interest expense and lifts net investment income without changing the fee load.)
- Payment-in-kind income share: 2.9 % of total investment income, six months ended June 30, 2026 (PIK is accrued income the fund does not receive in cash, yet it increases the base on which management and incentive fees are calculated and must still be distributed to keep RIC status.)
- NAV decline and unrealized depreciation in 2026: -5,483 thousands USD net change in unrealized depreciation, six months ended June 30, 2026; NAV per unit fell from $1.52 to $1.49 (A 2% NAV decline in six months on a senior secured book signals credit or spread pressure in specific holdings and reduces the base returns from which all fees are paid.)
- Valuation inputs are entirely unobservable: 138,844 of 520,571 thousands USD valued using broker quotes; 100% of the portfolio is Level 3 (No holding has a readily available market price, and a quarter of the book is marked from indicative dealer quotes for an inactive market, so reported NAV and therefore fees rest on judgment.)
- Investor concentration and anchor rights: 90.35 % of units beneficially owned by Australian Retirement Trust Pty Ltd as of February 27, 2026 (One investor controls the fund's vote and can subscribe to maintain majority ownership, so smaller holders have no influence and are exposed to that investor's liquidity decisions.)
- Expense cap base changed to net asset value: April 1, 2026 effective date of Amended and Restated Expense Support and Conditional Reimbursement Agreement (Moving the 1.00% Other Operating Expenses cap from capital commitments to NAV changes the dollar ceiling on reimbursable operating costs as the fund grows or shrinks, and the agreement can be terminated on 30 days notice.)
Fees
Liquidity terms
Repurchase frequencychanged from quarterly · Mar 2026
Repurchase percentage of shares outstanding5%
Minimum investmentvaries by share class$1.0M
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Structure
Legal structure
Share classeschanged · Mar 2026
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.
2025-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
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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.