Partners Group Lending Fund reported NAV per Unit of $1.5036 for both Class I and Class M Units as of July 31, 2026, while aggregate NAV reached approximately $318.3 million. The update matters to investors because it links the unit valuation with a $506.6 million portfolio, 64 borrowers and $224.0 million of debt.

Key Highlights

  • The fund’s portfolio comprised 64 companies with a total size of $506.6 million as of July 31, 2026.
  • First Lien and unitranche loans represented 94.4% of investments by fair value, while CLO Debt tranches accounted for 4.0%.
  • Software was the largest industry exposure at 25.9% of fair value, followed by health care providers and services at 11.9%.

Partners Group Lending Fund, LLC reported NAV per Unit of $1.5036 for both Class I and Class M Units as of July 31, 2026. The portfolio had a total size of $506.6 million across 64 portfolio companies.

Portfolio Structure and Credit Metrics

First lien and unitranche loans made up 94.4% of portfolio investments based on fair value. Opportunistic credit represented 1.6%, and CLO debt tranches accounted for 4.0%, bringing the total allocation to 100.0%. The weighted average credit spread was 5.1%. Weighted average Loan to value at entry was 39.0%. The credit spread calculation included all instruments with floating rate spreads.

Industry and Investment Concentration

Software represented 25.9% of fair value, making it the largest industry allocation. Health care providers and services comprised 11.9%, professional services 11.3% and IT services 9.1%. Trading companies and distributors accounted for 7.1% of fair value, followed by Capital Markets at 5.7% and diversified consumer services at 5.4%. Commercial services and supplies represented 3.8%, machinery 2.9% and financial services 2.5%. The largest committed investment by par value, or by cost for Equity investments, was PT Intermediate Holdings III, LLC at $21.0 million, equal to 3.4% of total. PMA Parent Holdings, LLC followed at $20.7 million, or 3.3%, while Cobalt Service Partners, LLC represented $20.2 million and 3.2%. Diligent Corporation accounted for $19.7 million, or 3.2%, and DigiCert, Inc. represented $19.5 million, or 3.1%. Ascend Partner Services LLC stood at $18.5 million, or 3.0%, while Optimizely North America Inc. represented $18.3 million, or 2.9%. Ruby Buyer, LLC accounted for $15.9 million, or 2.5%.

Portfolio Vintage Mix

The 2025 vintage accounted for 32.3%, while 2026 investments represented 17.1%. Investments from 2023 made up 9.0% of fair value. The vintage-year calculation excluded CLO debt tranches.