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 $88M 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 |
|---|---|---|---|
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: via name | 2026-03-31 | $31M | <0.1% |
| Golub Capital Private Credit FundGolub Capital · matched: via name | 2026-03-31 | $19M | 0.2% |
| Goldman Sachs Private Credit Corp.⚠ unreconciledGoldman Sachs · matched: via name | 2026-03-31 | $15M | 0.1% |
| Nuveen Churchill Private Capital Income FundChurchill Pcif Advisor LLC · matched: via name | 2026-03-31 | $12M | 0.5% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: via name | 2026-03-31 | $6M | 0.3% |
| Jackson Credit Opportunities Fund⚠ unreconciledJackson · matched: CUSIP | 2026-03-31 | $2M | 0.3% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: via name | 2026-03-31 | $1M | 0.3% |
| Golub Capital Private Income Fund IGolub Capital · matched: via name | 2026-03-31 | $1M | 0.3% |
| Golub Capital Private Income Fund SGolub Capital · matched: via name | 2026-03-31 | $1M | 0.3% |
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 · 10 positions · Q1'26
Instrument stated on 4 of 10 positions (40%). 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 |
|---|---|---|---|---|
| New Mountain Guardian IV Income Fund, L.L.C.matched: via name · 2026-03-31 | Second Lien Second lien | $1M | 93.0% | Watch |
| New Mountain Guardian IV BDC, L.L.C.matched: via name · 2026-03-31 | Second Lien Second lien | $6M | 93.0% | Watch |
| Nuveen Churchill Private Capital Income Fundmatched: via name · 2026-03-31 | Subordinated Debt Other debt | $6M | 93.2% | Watch |
| Goldman Sachs Private Credit Corp.⚠ unreconciledmatched: via name · 2026-03-31 | — | $15M | 94.5% | Watch |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $29M | 94.8% | Watch |
| Golub Capital Private Income Fund Smatched: via name · 2026-03-31 | — | $1M | 95.0% | Watch |
| Golub Capital Private Income Fund Imatched: via name · 2026-03-31 | — | $1M | 95.0% | Watch |
| Blackstone Private Credit Fund⚠ unreconciledmatched: via name · 2026-03-31 | — | $2M | 95.1% | Unstressed |
| Golub Capital Private Credit Fundmatched: via name · 2026-03-31 | — | $19M | 95.4% | Unstressed |
| Nuveen Churchill Private Capital Income Fundmatched: via name · 2026-03-31 | First Lien Debt First lien | $7M | 96.1% | 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.