Partners Group Lending Fund has launched a private business development company (BDC), targeting US private credit investments.
According to a Securities and Exchange Commission filing, the closed-ended fund has been operating since 2023, with the BDC election effective from December 2025. The private, perpetual-life vehicle will remain focused on private credit, with the election changing its regulatory status to allow access to a broader range of investors and reporting obligations.
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The BDC will directly or indirectly originate senior secured loans to private middle-market US companies and acquire senior secured broadly syndicated loans from third parties in the primary and secondary markets. Its portfolio may also include second lien and mezzanine loans, subordinated debt, asset-backed and structured credit, high-yield bonds and collateralised loan obligation equity.
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Partners Group, a leading global private markets firm, manages $38bn (£28.3bn) in credit assets, having invested $61bn in the space since 2003, with total assets under management of $174bn.
Alternative Credit Investor has approached Partners Group for comment.
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