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 $71M 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 |
|---|---|---|---|
| Nuveen Churchill BDC VChurchill · matched: name | 2025-12-31 | $20M | 2.5% |
| Nuveen Churchill Direct Lending Corp.Churchill DLC Advisor LLC · matched: name | 2026-03-31 | $14M | 0.7% |
| Pennantpark Floating Rate Capital LTD.⚠ unreconciledPennantPark · matched: name | 2026-03-31 | $14M | 0.3% |
| AB Private Credit Investors CorpAB · matched: name | 2026-03-31 | $10M | 0.6% |
| Pennantpark Investment Corp⚠ unreconciledPennantPark · matched: name | 2026-03-31 | $8M | 0.3% |
| AB Private Lending FundAB · matched: name | 2026-03-31 | $4M | 1.2% |
| Varagon Capital CorpVCC Advisors, LLC · matched: 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 6 funds holding it in Q1'26.
6 funds · 12 positions · Q1'26
Instrument stated on 6 of 12 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 |
|---|---|---|---|---|
| Pennantpark Floating Rate Capital LTD.⚠ unreconciledmatched: name · 2026-03-31 | — | $5M | 100.0% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $10M | 100.1% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $4M | 100.1% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | First Lien Debt First lien | $10M | 100.2% | Unstressed |
| Pennantpark Floating Rate Capital LTD.⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.2% | Unstressed |
| Pennantpark Investment Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 100.4% | Unstressed |
| Pennantpark Investment Corp⚠ unreconciledmatched: name · 2026-03-31 | — | $8M | 100.4% | Unstressed |
| Pennantpark Floating Rate Capital LTD.⚠ unreconciledmatched: name · 2026-03-31 | — | $8M | 100.5% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | First Lien Debt First lien | $2M | 100.6% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | First Lien Debt First lien | $1M | 100.6% | Unstressed |
| Nuveen Churchill Direct Lending Corp.matched: name · 2026-03-31 | First Lien Debt First lien | $1M | 100.6% | Unstressed |
| Varagon Capital Corpmatched: name · 2026-03-31 | — | $0M | 101.0% | 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.