Updated September 19, 2026. North Haven Private Income Fund LLC said it accepted approximately 43.8% of units validly tendered in its third-quarter repurchase offer, on a prorated basis. The offer was sized at an estimated 5.0% of units outstanding as of June 30, while tender requests represented approximately 11.4%. These figures come from the fund’s September 18 SEC tender amendment and investor update filed with it.
The acceptance percentage and request level were estimates pending final transfer-agent processing. The fund said the final dollar value and exact number of units repurchased would follow after its September 30 net asset value per unit was determined. A 5% offer limit describes this fund’s repurchase terms for this quarter; it does not establish a universal legal limit for every private credit fund.
How the three offers compare
| Offer | Approximate acceptance | Reporting status |
|---|---|---|
| Q1 2026 | 45.8% | March tender amendment; preliminary at that date |
| Q2 2026 | 43.0% | June tender amendment; preliminary at that date |
| Q3 2026 | 43.8% | September tender amendment; final value pending |
A 43.8% acceptance rate means roughly 43.8 units were accepted for each 100 validly tendered, subject to final processing and the offer’s terms. It does not mean 43.8% of every investor’s entire account was returned. An unaccepted request is not automatically a future repurchase; an investor seeking to tender again must follow the next offer’s instructions.
What the fund said about repeat requests and liquidity
The September investor update says nearly two-thirds of Q3 requests were associated with holders whose requests had been prorated in the prior two offers. It also says the fund had repurchased approximately $479 million in aggregate across three repurchase periods ending September 30, while estimating a roughly $101 million net effect on NAV after subscriptions and dividend reinvestment. Those are different measures. The latter estimate, and the final repurchase amount, depend on the September 30 valuation and processing.
The same update reported more than $2 billion of undrawn debt capacity and cash as of July 31, plus more than $350 million of liquid loans. These are the fund’s dated representations, not proof that future tenders can be fully met or that every loan can be sold at its stated value. The pro rata result alone does not establish insolvency, a market-wide redemption backlog, or a causal link to the Federal Reserve’s rate decision.
What to check next
Look for a subsequent SEC amendment reporting the final number of units and dollar amount repurchased, then compare the fund’s next quarterly filing for NAV, cash, credit quality, and borrowing. The current record should not be treated as a final cash payout or a live assessment of fund liquidity.
Primary sources and correction
- North Haven’s Q3 Schedule TO amendment, September 18, 2026 — preliminary proration and pending final value.
- Filed Q3 investor update — tender demand, repeat requests, aggregate repurchases, and dated liquidity representations.
- Q2 amendment and Q1 amendment — prior acceptance estimates.
Correction, September 19, 2026: An earlier version linked to an unrelated SEC issuer, misstated Q1 acceptance, presented unverified fund-size and market-wide backlog figures, and treated estimates and interpretations as settled results. Those claims were removed or corrected against the fund’s filings.
For general information only; not investment advice. Report a correction.