Morgan Stanley’s North Haven Private Income Fund Completes Q2 Tender at 41.6%

North Haven Private Income Fund LLC, the $7 billion nontraded business development company advised by an affiliate of Morgan Stanley Private Credit, completed its second-quarter tender offer by repurchasing 8,913,931 Class S units at $17.91 per unit, its net asset value as of June 30, accepting 41.6% of the units investors validly tendered and had not withdrawn. That is below the roughly 43% the manager estimated in June. The repurchase equaled 5% of units outstanding as of March 31, 2026, the fund’s quarterly cap.

The fund will pay approximately $159.6 million to redeeming unitholders on or about July 29.

The final proration rate came in below the roughly 43% figure Morgan Stanley Private Credit had estimated in a June 23 investor letter, when it disclosed that second-quarter redemption requests had reached approximately 11.6% of units outstanding, more than double the fund’s 5% quarterly repurchase cap and up from 10.9% in the first quarter. At the time, the manager projected a roughly $163 million repurchase based on an estimated NAV of $3.26 billion as of May 31.

The final payout, calculated using the June 30 NAV, landed modestly below the June estimate, and the proration rate came in about 1.4 percentage points lower. The fund did not update the underlying demand figure, so the 11.6% redemption-request rate disclosed in June stands as the operative number for the quarter.

Morgan Stanley Private Credit said at the time that more than half of the second-quarter requests came from investors who had already been prorated in the first quarter, when demand reached 10.9%, a compounding pattern that has repeated across multiple nontraded BDC managers this year, including Ares Strategic Income Fund’s 14.4% Q2 demand and Blackstone Private Credit Fund’s 10% Q2 demand after upsizing its own Q1 repurchase. A companion vehicle, North Haven Private Income Fund A LLC, reported separately in June that it would fulfill approximately 69.5% of investor requests after demand reached 7.2% of units outstanding.

North Haven Private Income Fund had investments in 299 portfolio companies across 45 industries as of June 30, with aggregate par value of approximately $6.85 billion. The portfolio is predominantly first lien – 96.5% of par value – and nearly entirely floating rate, at 99.9% of debt investments. The fund had approximately $2.98 billion of debt outstanding as of June 30, as well as a $3.09 billion estimated NAV. New investment commitments in June totaled approximately $7.5 million, all in private senior secured loans.

North Haven Private Income Fund LLC is managed by Morgan Stanley Private Credit, a unit of Morgan Stanley. The fund has elected to be regulated as a BDC under the Investment Company Act of 1940. Units are sold to accredited investors under Regulation D.

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