Private company

Partners Group Lending Fund, LLC

Partners Group Lending Fund, LLC is an investment fund based in Wilmington, United States.2

Last updated Oct 20, 2026.

Overview

$17.1MNet income, fiscal 20253
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business addressC/O Partners Group (Usa) Inc., 1114 Avenue Of The Americas, 37Th Floor, New York, Ny 100364
  • Filer category, Emerging growth company4
  • Legal formLimited Liability Company2
  • Kind of organizationInvestment fund2
  • LEI5493000I4CESHIXTJ3652
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 68606632

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A copy of Part 1 and Part 2A of the Adviser’s Form ADV is available on the SEC’s website ( www.adviserinfo.sec.gov ).5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.2%Return on equity3
0.42×Debt to equity3

Financial statements

Net income3$17.1M in 2025+114% since 2024
0$5.0M$10.0M$15.0M$20.0M2024: $8.0M$8.0M20242025: $17.1M$17.1M2025+114%
Fiscal year202320242025
Operating expenses$19.5M3$24.8M3
Income before tax$10.1M3$4.7M3
Income tax$2.1M3$4.8M3
Net income$8.0M3$17.1M3
Shares (weighted, basic)52.1M shares3135.9M shares3
Shares (weighted, diluted)52.1M shares3135.9M shares3

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Corporate structure

Partners Group Lending Fund, LLC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Partners Group Lending Fund, LLC

  • Australian Retirement Trust Pty Ltd Filed SCHEDULE 13G on Partners Group Lending Fund, LLC, latest Feb 18, 2026
  • Partners Group Lending Fund, LLC Wilmington, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Partners Group Lending Fund, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$65.6M3 Dec 31, 2025$11.3M3 Dec 31, 2024+478.8%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 1114 Avenue of the Americas, 37th Floor, New York, NY 10036 and are provided by the Adviser in accordance with the terms of our Amended and Restated Investment Advisory Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 26, 2026.5

Leadership

Who has led Partners Group Lending Fund, LLC, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Helen Yankilevich2025–now
Board members and other officers (9)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerBrian J Igoe named Jan 9, 202618
  • Chief Operating OfficerHelen M Flood named Jan 9, 202618

Former names

  • Partners Group Lending Fund, Inc.Jul 28, 2022 to Jan 10, 20234

Timeline

  1. Oct 1, 20268-K Unregistered sale of shares; Other events19
  2. Sep 24, 20268-K Entered a material agreement; New debt or obligation20
  3. Sep 1, 20268-K Other events21
  4. Jul 30, 20268-K Unregistered sale of shares; Other events22
  5. Jul 2, 20268-K Unregistered sale of shares; Other events23
  6. Jun 2, 20268-K Unregistered sale of shares; Other events24
  7. May 4, 20268-K Unregistered sale of shares; Other events25
  8. Apr 7, 20268-K Entered a material agreement26
  9. Mar 31, 20268-K Unregistered sale of shares; Other events27
  10. Mar 9, 20268-K Executive or director change28
  11. Mar 3, 20268-K Unregistered sale of shares; Other events29
  12. Jan 30, 20268-K Unregistered sale of shares; Other events30
  13. Jun 16, 2022Founded Partners Group Lending Fund, LLC is founded2

Filings

52 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 13 major events, 18 insider forms, 1 large holders, 4 private raises, 13 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 24, 20268-K EDGAR
  3. Sep 10, 20263 PRIMARY DOCUMENT EDGAR
  4. Sep 1, 20268-K EDGAR
  5. Aug 18, 2026NT 10-Q/A EDGAR
  6. Aug 17, 2026NT 10-Q EDGAR
  7. Aug 17, 202610-Q EDGAR
  8. Jul 31, 2026SC TO-I/A EDGAR
  9. Jul 30, 20268-K EDGAR
  10. Jul 30, 2026SC TO-I EDGAR
  11. Jul 2, 20268-K EDGAR
  12. Jun 2, 20268-K EDGAR
  13. May 27, 202640-17G EDGAR
  14. May 15, 202610-Q EDGAR
  15. May 4, 20268-K EDGAR
  16. Apr 28, 2026SC TO-I EDGAR
  17. Apr 15, 20263 PRIMARY DOCUMENT EDGAR
  18. Apr 7, 20268-K EDGAR
  19. Mar 31, 20268-K EDGAR
  20. Mar 26, 202610-K EDGAR

The 52 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 1, 2026Hood Lewis Randolph JrDirectorBuy65,189$7.67$500.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 31, 2023Raised $275 million in a private offering of securities Form D: 4 investors so far Form D

SEC filer profile

How Partners Group Lending Fund, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPartners Group Lending Fund, LLC1
  • CIK0001938649
  • Employer ID (EIN)88-31530515
  • Filer statusNon-accelerated filer not a shell company5
  • Incorporated inDelaware5
  • Business addressC/O Partners Group (Usa) Inc., 1114 Avenue Of The Americas, 37Th Floor, New York, NY 100361
  • Phone30360637321
  • Shares outstanding181,682,064 Class I Units shares; 48,421 Class M Units shares as of Feb 27, 20265
  • Public float$0 as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, Dallas, Texas PCAOB ID 2385
  • On EDGAR sinceJul 28, 20221
  • Filings63 in all: 3 (15), 8-K (13), 40-APP/A (6), 40-APP (3), D/A (3), 10-Q (2), 3/A (2), APP WD (2)1
    All 24 form types

    SC TO-I (2), 10-12G (1), 10-12G/A (1), 10-K (1), 4 (1), 40-17G (1), APP NTC (1), APP ORDR (1), CORRESP (1), D (1), N-54A (1), NT 10-Q (1), NT 10-Q/A (1), SC TO-I/A (1), SCHEDULE 13G (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 17, 2026
    Latest 8-K (8-K) Oct 1, 2026

Risk factors and legal proceedings

The risks Partners Group Lending Fund, LLC names in Item 1A of its 10-K filed Mar 26, 2026: 64 risks under these headings, as written.5

  • Risks Related to Market Developments and General Business Environment
  • Risks Related to Our Business and Structure
  • Risks Related to Our Investments
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • Risks Related to Business Development Companies
  • Risks Related to Debt Financing
  • Risks related to Federal Income Tax
  • Risks Related to an Investment in the Common Units
  • Economic recessions or downturns could have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our Portfolio Companies to repay loans.
  • Capital markets may experience periods of disruption and instability and we cannot predict when these conditions will occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business, financial condition and results of operations.
  • Global economic, political and market conditions, including increased volatility, geopolitical instability or potential downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.
  • We are a relatively new company and have a limited operating history.
The other 60 risks
  • Our Board of Directors may change our operating policies and strategies without prior notice or unitholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process and if the Amended and Restated Investment Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.
  • The Adviser has no track record of acting as an investment adviser to a BDC, and any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • A significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our continuous offering of Common Units. Therefore, portions of the distributions that we make may represent a return of capital to you that will reduce your tax basis in your Common Units and reduce the amount of funds we have for investment in targeted assets.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from this offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we expect to commence a unit repurchase program, we have discretion to not repurchase your Common Units or to amend or suspend the program.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.
  • Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Force Majeure events may adversely affect our operations.
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • International investments create additional risks.
  • Our Portfolio Companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We generally will not control our Portfolio Companies.
  • Any second priority liens on collateral securing debt investments that we make to our Portfolio Companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Inflation may adversely affect the business, results of operations and financial condition of our Portfolio Companies.
  • Changes to U.S. tariff and import/export regulations may affect our portfolio companies, and may negatively impact our business, results of operations or financial conditions.
  • A covenant breach or other default by our Portfolio Companies may adversely affect our operating results.
  • Our Portfolio Companies may be highly leveraged.
  • Investing in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our Portfolio Companies.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our unitholders.
  • Prepayments of our debt investments by our Portfolio Companies could adversely impact our results of operations and reduce our return on equity.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.
  • The Adviser and its affiliates, including our officers and some of our Directors, face conflicts of interest as a result of compensation arrangements with us and the Adviser, which could result in actions that are not in the best interests of our unitholders.
  • We may be obligated to pay the Adviser incentive compensation on income that we have not received.
  • There may be conflicts of interest related to obligations the Adviser’s senior management and investment teams have to our affiliates and to other clients.
  • The Adviser’s liability is limited under the Amended and Restated Investment Advisory Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy.
  • Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • We will be obligated to maintain proper and effective internal controls over financial reporting and failure to achieve and maintain effective internal controls over financial reporting could have a material adverse effect on our business and the value of our Common Units.
  • When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our unitholders and result in losses.
  • We may default under our credit facilities.
  • Provisions in a credit facility may limit our investment discretion.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • We may form one or more CLOs, which may subject us to certain structured financing risks.
  • Federal Income Tax Risk
  • We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Some of our investments may be subject to corporate-level income tax.
  • Our portfolio investments may present special tax issues.
  • If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, U.S. unitholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.
  • Legislative or regulatory tax changes could adversely affect investors.
  • If we are unable to raise substantial funds, then we will be more limited in the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.
  • Placement agents
  • We face risks associated with the deployment of our capital.
  • We may have difficulty sourcing investment opportunities.
  • The NAV of our Common Units may fluctuate significantly.
  • Because our largest unitholder (Australian Retirement Trust Pty Ltd.) owns and may continue to own a meaningful percentage of our outstanding Common Units, our other holders of our Common Units will be limited in their ability to influence our corporate matters.

Legal proceedings

From time to time, in the normal course of business, we and our Adviser may be party to certain lawsuits. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our Portfolio Companies. We, the Adviser, and our wholly owned subsidiaries are not currently subject to any material litigation.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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