Overview
 

 

North Haven
Private Income Funds


North Haven Private Income Fund LLC ("PIF")

North Haven Private Income Fund A LLC ("PIF A")

 
 
Fund Information as of
November 2024		 PIF
Class S*		 PIF A
Class I**
NAV Per Unit 1 $18.98 $20.29
Annualized Distribution Yield 2 9.5% 9.5%
Distribution Per Unit 3 $0.1495 $0.1600
 

Overview

The North Haven Private Income Funds (collectively, the “Funds” and each a "Fund") represent a family of externally managed specialty finance companies focused on lending to middle-market companies. The Funds are currently PIF and PIF A. The Funds have elected to be regulated as business development companies (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, each of the Funds intends to elect to be treated, and intends to comply with the requirements to qualify annually, as regulated investment companies.

Each of the Funds is structured as a non-exchange traded, perpetual-life BDC, which is a BDC whose units are not listed for trading on a stock exchange or other securities market.

Objective

The Funds' investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle market companies backed by private equity sponsors.

Strategy

The primary investment strategy of each of the Funds is to make privately negotiated senior secured credit investments in U.S. middle market companies that have leading market positions, enjoy high barriers to entry, such as high startup costs or other obstacles that prevent new competitors from easily entering the portfolio company’s industry or area of business, generate strong and stable free cash flow and are led by a proven management team with strong private equity sponsor backing. This investment approach is focused on long-term credit performance, risk mitigation and preservation of capital.


Our investment approach is focused on:

Long-term Credit Performance Long-term Credit Performance
Risk Mitigation Risk Mitigation
Preservation of Capital Preservation of Capital
 

*North Haven Private Income Fund LLC ("PIF") has Class S Units outstanding.

**North Haven Private Income Fund A LLC ("PIF A") has Class I Units outstanding.

1 Represents the purchase price per Class S and Class I Unit as of the November 1, 2024 subscription date as determined in accordance with the Fund’s unit pricing policy. While the Fund believes such price reflects the net asset value per Class S and Class I Unit as of the end of the prior month, this net asset value per Class S and Class I Unit is an estimate which did not and will not undergo the Fund’s customary quarter-end financial closing procedures and may differ materially from future estimates of net asset value or net asset value determinations, including the determination as of December 31, 2024, which will undergo the Fund’s customary quarter-end financial closing procedures.

2 Annualized distribution yield is calculated by dividing the declared distribution by the prior month's net asset value and annualizing over twelve monthly periods.

3 For the month of November 2024. Past performance is not indicative of future results. There can be no assurance that PIF will continue to earn income at a rate sufficient to continue making distributions at the disclosed rate and its possible distributions declared may decrease. The Distribution Per Unit shown is calculated by annualizing the monthly declared distributions per Unit divided by the number of Units outstanding as of the end of the record date, for each respective share class. The payment of future distributions is subject to the discretion of the PIF board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such distributions. Distributions are not guaranteed.

 
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