Net Assets

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Net Assets

Note 9. Net Assets

On December 17, 2025, the Fund adopted the Multiple Class Plan which established four classes of units known as Class I Units, Class M Units, Class A Units, and Class S Units, authorized to be issued. Containing the same rights and features as the new Class I Units, previously issued common units were transferred to Class I Units once established. As of June 30, 2026, there were no Class A, or Class S units outstanding.

Equity Issuance

During the six months ended June 30, 2026, the Fund received $43.4 million in proceeds relating to the issuance of Class I units for subscriptions.

During the six months ended June 30, 2026, the Fund received $0.4 million in proceeds relating to the issuance of Class M units for subscriptions.

During the year ended December 31, 2025, the Fund received $114.0 million in proceeds relating to the issuance of common units for subscriptions. $10.4 million of the $114.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Adviser and the Fund.

Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase units up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The Adviser, however, may waive the minimum Capital Commitment at its discretion. As of December 31, 2025, the Fund had total Capital Commitments of $275.0 million, of which 0.0% or $0 million is unfunded.

The following table summarizes the total units issued and amount received related to the offer and sale of units made pursuant to Section 4(a)(2) of the “Securities Act, Regulation D promulgated thereunder and other available exemptions from the registration requirements of the Securities Act to investors who are “accredited investors” within the meaning of Regulation D under the Securities Act during the six months ended June 30, 2026:

Schedule of net assets
	For the six months ended June 30, 2026
	Units ⁽¹⁾		Amount
Class I		28,979,760	$	43,377
Class M		246,174		373
Total subscriptions		29,225,934	$	43,750

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

The following table summarizes the total units issued and amount received related to capital drawdowns delivered pursuant to the subscription agreements during the six months ended June 30, 2025:

	For the six months ended June 30, 2025
	Units ⁽¹⁾		Amount
Common Units		25,256,220	$	40,000
Total capital drawdowns		25,256,220	$	40,000

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

Distributions

The following table summarizes distributions declared during the six months ended June 30, 2026:

Schedule of distributions declared
			Class I
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	6,625
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		5,002
Total			$	0.0601	$	11,627

			Class M
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	4
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		6
Total			$	0.0601	$	10

For the six months ended June 30, 2025, the Fund did not make any distributions.

Distribution Reinvestment

The following table summarizes distribution reinvestment during the six months ended June 30, 2026:

Schedule of distributions reinvestment
	For the six months ended June 30, 2026
	Units ⁽¹⁾		Amount
Class I		1,481,237	$	2,244
Class M		—		—
Total distribution reinvestment		1,481,237	$	2,244

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

For the six months ended June 30, 2025, the Fund did not make any Distribution Reinvestment.