Compared against all funds.
1Y return
+9.3%
58th pctile · ahead of most peersas of 2026-03-03
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$560.2M
as of 2026-03-03
Net expenses
7.12%
63th pctile · pricier than median
Repurchase
not stated yet
Level 3
not stated yet
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.95% management fee)7.12%
Minus interest on borrowings, the cost of portfolio leverage5.05%
Minus incentive fees accrued this period, which vary with returns0.74%
Ongoing cost, determined from the filings1.33%
Ongoing cost is 1.33% a year: a 0.95% management fee on net assets plus about 0.39% of administration, audit, legal and director costs. Borrowing costs of 5.05% and the 0.74% incentive fee are excluded, because one is matched by the assets it funds and the other depends on performance. The management fee fell from 1.30% once investor contributions passed $450 million.
Sales loadnone
Total drag per year1.33%
This is the cost for common Units (single class; no other class outstanding).
Based on Six months ended June 30, 2026 (10-Q); the filing's own ratios are already annualized, so no further annualization was applied. The FY2025 10-K base w.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Quarterly incentive fee of 15% of pre-incentive fee net investment income above a hurdle rate of 1.25% of NAV per quarter (5.0% annualized), calculated and paid quarterly in arrears; no capital gains incentive fee.) apply only to returns earned. How this is calculated
Against all funds
Total drag
20th pctile · cheaper than most
1Y return
58th 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 Six months ended June 30, 2026 (10-Q); the filing's own ratios are already annualized, so no further annualization was applied. The FY2025 10-K base would give 8.03% net expenses minus 5.41% interest minus 0.79% incentive = 1.83%, but the management fee rate stepped down from an annual 1.30% to 0.95% once aggregate investor contributions passed $450 million (January 2026 drawdown), a change that persists, so the interim run rate is used..
Open the filing on sec.gov (0001193125-26-088656)Size and leverage
Net assets$560.2M?
Borrowings$462.4M?
Leveragedebt to equity0.83x?
Asset coverage221.00%?
Investments held94?
Started2022-10-06?
What the manager charges
Management feeof net assets0.95%?
Performance fee15% of pre-incentive fee net investment income above a quarterly hurdle of 1.25% of NAV (5.0% annualized), paid quarterly in arrears; no incentive fee on capital gains?
Hurdle5.00%?
High water markNo?
Adviser is subsidising costsNo?
Where distributions come from
Return of your own capital0.00%?
What it holds
Floating rate100.00%?
Not paying interestloans on non-accrual0.90%?
Priced by the managerno market price available98.60%?
MostlySoftware?
Who is involved
AdviserGoldman Sachs Asset Management, L.P.?
AuditorPricewaterhouseCoopers LLP?
Valuedquarterly, or more frequently if required under the Investment Company Act?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- Management fee rate stepped down from an annual 1.30% to 0.95% of average net assets after aggregate investor capital contributions passed $450 million; management fees fell to $1,315 thousand in Q2 2026 from $1,379 thousand in Q2 2025 even though net assets rose from $430 million to $560 million.
- Credit facility commitments were increased from $480 million to $750 million on January 16, 2026, the applicable spread is now 1.85% per annum, and a March 27, 2026 amendment removed the Term SOFR spread adjustment; an accordion could take commitments to $1 billion.
- One portfolio company, TM Restaurant Group LLC, was placed on non-accrual, representing 1.0% of investments at amortized cost and 0.9% at fair value; there were no non-accruals at December 31, 2025.
- Co-Chief Executive Officer David Miller notified the company on August 3, 2026 of his resignation effective December 31, 2026, after which Vivek Bantwal becomes sole Chief Executive Officer; Justin Betzen was appointed Co-President and Co-Chief Operating Officer.
- Undrawn investor capital commitments: 277,500,000 USD (Remaining dry powder for new investments and for meeting unfunded portfolio commitments without additional leverage; 63% of the $750.01 million of total commitments has been called.)
- Unfunded portfolio commitments: 217,192,000 USD (Represents 39% of net assets in delayed draw and revolver commitments the fund must be able to fund on demand; coverage depends on undrawn investor commitments and credit facility availability.)
- Credit facility capacity and undrawn availability: 750.0 million committed, 287.65 million available, 462.35 million drawn USD (Sets the ceiling on further leverage and on the fund's ability to fund unfunded commitments; an accordion could raise commitments to $1 billion, and all amounts mature December 20, 2029.)
- Weighted average cost of borrowings: 5.55 percent per annum (Interest is the largest single expense line at 5.05% of average net assets and is excluded from drag; the spread between the 9.0% portfolio yield and this 5.55% funding cost drives net investment income.)
- Portfolio weighted average yield: 9 percent at fair value (Gross asset yield against which the 1.33% recurring drag and 5.05% financing cost are charged; it fell from 9.1% at year end as base rates declined.)
- Credit quality migration to grade 4: 8.61 million at fair value graded 4 (0.9% of portfolio); 12.34 million graded 3 (1.2%) USD / percent (Grade 4 means the adviser anticipates it will not recoup its initial cost basis; this is the first grade 4 exposure, up from none at December 31, 2025.)
- Payment-in-kind interest capitalized: 926,000 USD for the six months ended June 30, 2026 (PIK is non-cash income that still counts toward pre-incentive fee net investment income, so it can increase incentive fees before cash is received; several loans carry PIK components of 2.00% to 5.00%.)
- Leverage versus target: 0.83x debt to equity actual against a 1.00x to 1.30x of NAV target ratio (The fund is levered below its stated target, so financing costs, which are excluded from drag, are likely to rise as leverage moves toward the target.)
Fees
Liquidity terms
Not stated in filings as of 2026-09-05.
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
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.
Net assets$560.2M
Total annual expenses, net of waiver7.12%
Total annual expenses, gross7.12%
Total return, 1 yearraised from 1.66% · Jun 20263.73%
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.