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 $452M 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 |
|---|---|---|---|
| HPS Corporate Lending FundHPS Investment Partners · matched: via name | 2026-03-31 | $320M | 1.2% |
| HPS Corporate Capital Solutions FundHPS Investment Partners · matched: via name | 2026-03-31 | $44M | 2.0% |
| Blackrock Private Credit FundBlackRock · matched: via name | 2026-03-31 | $32M | 1.4% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: via name | 2026-03-31 | $15M | 0.5% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: via name | 2026-03-31 | $10M | 0.5% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: via name | 2026-03-31 | $10M | 0.4% |
| Runway Growth Finance Corp.Runway Growth · matched: via name | 2026-03-31 | $9M | 1.0% |
| StepStone Private Credit Co-Investment FundStepStone · matched: via name | 2026-03-31 | $8M | 3.0% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: via name | 2026-03-31 | $2M | 0.5% |
| First Trust Private Credit Fund⚠ unreconciledFirst Trust · matched: CUSIP | 2026-03-31 | $2M | 0.3% |
| NMF SLF I, Inc.matched: via name | 2026-03-31 | $0M | <0.1% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 7 funds holding it in Q1'26.
7 funds · 8 positions · Q1'26
Instrument stated on 4 of 8 positions (50%).
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 |
|---|---|---|---|---|
| Blackrock Private Credit Fundmatched: via name · 2026-03-31 | — | $32M | 97.4% | Unstressed |
| HPS Corporate Capital Solutions Fundmatched: via name · 2026-03-31 |
| — |
| $42M |
| 98.2% |
| Unstressed |
| Runway Growth Finance Corp.matched: via name · 2026-03-31 | — | $9M | 98.3% | Unstressed |
| HPS Corporate Capital Solutions Fundmatched: via name · 2026-03-31 | — | $2M | 98.3% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $10M | 99.9% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: via name · 2026-03-31 | First lien First lien | $15M | 99.9% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | First Lien First lien | $10M | 99.9% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | First Lien First lien | $2M | 99.9% | 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.