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 $208M 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 |
|---|---|---|---|
| North Haven Private Income Fund LLCMorgan Stanley · matched: name | 2026-03-31 | $57M | 0.8% |
| New Mountain Private Credit Fund⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $32M | 1.4% |
| AB Private Credit Investors CorpAB · matched: name | 2026-03-31 | $28M | 1.6% |
| New Mountain Guardian IV BDC, L.L.C.New Mountain · matched: name | 2026-03-31 | $24M | 1.2% |
| Morgan Stanley Direct Lending Fund⚠ unreconciledMorgan Stanley · matched: name | 2026-03-31 | $22M | 0.5% |
| SL Investment Fund II LLCMorgan Stanley · matched: name | 2026-03-31 | $10M | 1.5% |
| New Mountain Finance Corp⚠ unreconciledNew Mountain · matched: name | 2026-03-31 | $6M | 0.2% |
| NMF SLF I, Inc.matched: name | 2026-03-31 | $6M | 0.4% |
| AB Private Lending FundAB · matched: name | 2026-03-31 | $5M | 1.5% |
| North Haven Private Income Fund A LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 0.9% |
| Lgam Private Credit LLCMorgan Stanley · matched: name | 2026-03-31 | $5M | 1.0% |
| StepStone Private Credit Income Fund⚠ unreconciledStepStone · matched: name | 2026-03-31 | $4M | 0.4% |
| StepStone Private Credit Co-Investment FundStepStone · matched: name | 2026-03-31 | $3M | 1.3% |
| New Mountain Guardian IV Income Fund, L.L.C.New Mountain · matched: name | 2026-03-31 | $1M | 0.2% |
The range across reported debt positions in the same borrower — fair value over amortized cost as filed — for 12 funds holding it in Q1'26.
12 funds · 26 positions · Q1'26
Instrument stated on 11 of 26 positions (42%). 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 |
|---|---|---|---|---|
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $0M | 98.0% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $9M | 98.5% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $3M | 98.7% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $4M | 98.8% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $2M | 98.8% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $3M | 98.9% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $3M | 98.9% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $5M | 98.9% | Unstressed |
| Lgam Private Credit LLCmatched: name · 2026-03-31 | — | $2M | 99.0% | Unstressed |
| SL Investment Fund II LLCmatched: name · 2026-03-31 | — | $4M | 99.0% | Unstressed |
| North Haven Private Income Fund LLCmatched: name · 2026-03-31 | — | $45M | 99.0% | Unstressed |
| Morgan Stanley Direct Lending Fund⚠ unreconciledmatched: name · 2026-03-31 | — | $15M | 99.0% | Unstressed |
| North Haven Private Income Fund A LLCmatched: name · 2026-03-31 | — | $3M | 99.0% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $6M | 99.2% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $21M | 99.3% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $1M | 99.3% | Unstressed |
| AB Private Lending Fundmatched: name · 2026-03-31 | US Corporate Debt Other debt | $4M | 99.3% | Unstressed |
| AB Private Credit Investors Corpmatched: name · 2026-03-31 | US Corporate Debt Other debt | $2M | 99.5% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $3M | 99.9% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $28M | 100.0% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $20M | 100.0% | Unstressed |
| New Mountain Guardian IV Income Fund, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $1M | 100.2% | Unstressed |
| New Mountain Private Credit Fund⚠ unreconciledmatched: name · 2026-03-31 | First Lien First lien | $4M | 100.2% | Unstressed |
| New Mountain Guardian IV BDC, L.L.C.matched: name · 2026-03-31 | First Lien First lien | $4M | 100.2% | Unstressed |
| NMF SLF I, Inc.matched: name · 2026-03-31 | — | $3M | 100.3% | Unstressed |
| New Mountain Finance Corp⚠ unreconciledmatched: name · 2026-03-31 | First lien First lien | $6M | 100.4% | 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.