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 $258M 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: name | 2026-03-31 | $146M | 0.6% |
| Blackstone Private Credit Fund⚠ unreconciledBlackstone · matched: name | 2026-03-31 | $55M | 0.1% |
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $32M | 0.5% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $11M | 0.3% |
| SL Investment Fund II LLCMorgan Stanley · matched: name | 2026-03-31 | $7M | 1.0% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $4M | 0.6% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $2M | 0.4% |
| Blackstone Secured LendingBlackstone · matched: name | 2026-03-31 | $1M | <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 · 21 positions · Q1'26
Instrument stated on 0 of 21 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 |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 79.4% |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $0M | 82.8% | Deep stress |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $0M | 84.7% | Deep stress |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $0M | 84.9% | Deep stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $0M | 88.0% | Stress |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $0M | 88.2% | Stress |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 97.4% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $0M | 98.1% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $1M | 98.1% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 98.1% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $5M | 98.1% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $1M | 98.2% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $7M | 99.1% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $3M | 99.4% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $6M | 99.4% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $27M | 99.4% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $2M | 99.4% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 99.4% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $54M | 101.0% | Unstressed |
| Blackstone Secured Lendingmatched: name · 2026-03-31 | — | $1M | 101.2% | Unstressed |
| Blackstone Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $1M | 121.5% | 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.