Identity floor
Borrower identity here is a normalised-name match — the majority join in the private-credit books, with roughly 10% measured error in each direction (two companies fused into one, or one company split across spellings). Figures built on it — crowding, overlap, the manager complex — are floors, not exact counts. How this is measured →
Fair value and share of that fund's resolved holdings book, each at the fund's own most recent reported period — the as-of column, because the holders of one company do not file on one date. The bar under each fair value is that fund's share of the $373M combined total across every holder — a different denominator from the share-of-book column — so one dominant lender vs an even syndicate is visible without reading the dollar figures.
| Fund | As of | Fair value | Share of book |
|---|---|---|---|
| Goldman Sachs Private Credit Corp.⚠ unreconciledGoldman Sachs · matched: via name | 2026-03-31 | $65M | 0.4% |
| Ares Capital Corporation⚠ unreconciledAres Management · matched: via name | 2026-03-31 | $53M | 0.2% |
| Ares Strategic Income FundAres Management · matched: via name | 2026-03-31 | $41M | 0.2% |
| 26north BDC, Inc.matched: via name | 2026-03-31 | $40M | 2.5% |
| ACAP Strategic Fund⚠ unreconciledAlkeon · matched: via name | 2026-03-31 | $36M | 0.4% |
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: via name | 2026-03-31 | $34M | <0.1% |
| Agl Private Credit Income Fund⚠ unreconciledAgl · matched: via name | 2026-03-31 | $18M | 1.2% |
| West Bay BDC LLCmatched: via name | 2026-03-31 | $15M | 3.2% |
| Phillip Street Middle Market Lending Fund LLC⚠ unreconciledmatched: via name | 2026-03-31 | $12M | 1.4% |
| Advantage Advisers Xanthus Fund, L.L.C.⚠ unreconciledAdvantage Advisers · matched: via name | 2026-03-31 | $10M | 0.3% |
| FT Vest Total Return Income Fund: Series B2⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $9M | 6.5% |
| FT Vest Total Return Income Fund: Series B1⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $7M | 6.8% |
| FT Vest Total Return Income Fund: Series B3⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $7M | 6.5% |
| FT Vest Total Return Income Fund: Series A4First Trust · matched: CUSIP | 2026-03-31 | $5M | 6.6% |
| FT Vest Hedged Equity Income Fund: Series A2First Trust · matched: CUSIP | 2026-03-31 | $4M | 6.7% |
| Antares Strategic Credit FundAntares Capital · matched: via name | 2026-03-31 | $2M | 0.1% |
| FT Vest Hedged Equity Income Fund: Series B1⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $2M | 6.8% |
| FT Vest Hedged Equity Income Fund: Series A4⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $2M | 6.5% |
| FT Vest Total Return Income Fund: Series A2First Trust · matched: CUSIP | 2026-03-31 | $2M | 6.7% |
| FT Vest Total Return Income Fund: Series A3First Trust · matched: CUSIP | 2026-03-31 | $1M | 6.6% |
| FT Vest Hedged Equity Income Fund: Series B2⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $1M | 6.5% |
| Capital Group KKR U.S. Equity (plus)matched: CUSIP | 2026-03-31 | $1M | 1.1% |
| FT Vest Hedged Equity Income Fund: Series B3⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $1M | 6.5% |
| FT Vest Hedged Equity Income Fund: Series A3⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $1M | 6.6% |
| FT Vest Rising Dividend Achievers Total Return FundFirst Trust · matched: CUSIP | 2026-03-31 | $0M | 1.0% |
| The Pre-IPO and Growth Fund⚠ unreconciledmatched: CUSIP | 2026-03-31 | $0M | 0.3% |
| Institutional Investment Strategy FundBuena Capital · matched: CUSIP | 2026-03-31 | $0M | 2.5% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 8 funds holding it in Q1'26.
8 funds · 16 positions · Q1'26
Instrument stated on 0 of 16 positions (0%). With most positions untagged, the range above may reflect capital structure — a junior tranche marked down beside a senior one held whole — rather than funds disagreeing on this borrower.
Positions counted here filed a principal balance — the debt proxy used to find comparable marks, measured 82% precise as actual debt where an instrument label exists; the rest are equity or warrants filed with a principal amount.
| Fund | Instrument | Fair value | Mark | Band |
|---|---|---|---|---|
| Ares Strategic Income Fundmatched: via name · 2026-03-31 | — | $1M | 84.5% | Deep stress |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: via name · 2026-03-31 | — | $1M | 95.3% | Unstressed |
| West Bay BDC LLCmatched: via name · 2026-03-31 | — | $0M | 95.4% | Unstressed |
| Phillip Street Middle Market Lending Fund LLC⚠ unreconciledmatched: via name · 2026-03-31 | — | $0M | 95.5% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: via name · 2026-03-31 | — | $52M | 97.0% | Unstressed |
| Ares Strategic Income Fundmatched: via name · 2026-03-31 | — | $40M | 97.5% | Unstressed |
| Phillip Street Middle Market Lending Fund LLC⚠ unreconciledmatched: via name · 2026-03-31 | — | $12M | 99.2% | Unstressed |
| West Bay BDC LLCmatched: via name · 2026-03-31 | — | $15M | 99.2% | Unstressed |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: via name · 2026-03-31 | — | $64M | 99.2% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $18M | 100.0% | Unstressed |
| Agl Private Credit Income Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $0M | 100.0% | Unstressed |
| Ares Capital Corporation⚠ unreconciledmatched: via name · 2026-03-31 | — | $1M | 100.0% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $30M | 100.1% | Unstressed |
| Antares Strategic Credit Fundmatched: via name · 2026-03-31 | — | $2M | 100.2% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $3M | 100.5% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $0M | 101.8% | Unstressed |
Source: AltsVault · SEC filings · as of 2026-01-01
AltsVault · SEC EDGAR public data · informational only, not investment advice. Reconciliation is marked per fund on each position row.