North Haven Private Income Fund LLC (PIF) is a non-exchange-traded, perpetual-life business development company within Morgan Stanley's private credit platform. Its strategy focuses on directly originated senior secured loans to U.S. middle-market companies backed by private equity sponsors.
PIF and North Haven Private Income Fund A LLC (PIF A) are separate funds. The sponsor identifies Class S units for PIF and Class I units for PIF A. This profile addresses PIF; confirm the exact legal entity and unit class on your statement.
Morgan Stanley Private Credit
Non-Traded Business Development Company
Middle-Market Senior Secured Lending
Private Credit
Limited Issuer Repurchases / Transfer Review
October 21, 2026
PIF's September 2026 investor update estimated third-quarter requests at 11.4% of units outstanding as of June 30, 2026. It stated that 5.0% would be repurchased with approximately 43.8% of each request fulfilled, using September 30 NAV. Request and fulfillment estimates were subject to final transfer-agent processing.
Those figures describe PIF's third-quarter offer, not PIF A's results or an open tender. Review the final notice and current offer materials for a new request.
Begin with the issuer's current repurchase materials. Check the submission deadline, required form, pricing date, withdrawal rules and expected settlement process. Periodic liquidity differs from daily redemption or an exchange sale.
A private secondary transaction is a separate possibility to evaluate. Permission to transfer does not establish that a purchaser exists. Sponsor or transfer-agent approval, purchaser eligibility and account documentation may affect whether a proposed transaction can proceed.
Reconcile the exact LLC, unit class, units remaining after proration, pending instructions and account registration before reviewing any potential private transfer.
A statement value, published NAV, issuer repurchase price and private purchase indication serve different purposes. Compare their valuation dates and terms rather than treating them as interchangeable. The amount an investor could receive also depends on the quantity accepted or purchased.
Request written terms showing gross consideration and applicable deductions, including any early repurchase adjustment, transfer charge, custodian fee or transaction cost. Personal tax consequences should be reviewed with a qualified tax professional.
A recent statement is generally sufficient to begin an initial review. Confirm any additional signatures, signature guarantee, custodian instructions or transfer forms for the particular position before submitting final documents.
AIL reviews ownership records, transfer requirements, valuation references and potential market interest. An individual review does not guarantee a purchaser, issuer repurchase, transaction price or completion date.
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AIL is not affiliated with or endorsed by the fund or its sponsor and is not a broker-dealer or investment adviser. This page provides general research, not an offer to buy or sell securities or individualized investment, legal or tax advice.
Research reviewed October 21, 2026. Reported tender outcomes and historical notices relate to their stated periods. Terms, valuations and liquidity conditions can change; review current documents and subsequent notices.
Secondary market interest depends on more than asset type. AIL evaluates each position based on investment structure, transferability, documentation, and current market conditions.
Ownership type, sponsor requirements, investment terms, and underlying asset characteristics all influence review.
Some positions may be subject to transfer restrictions, approval requirements, or limitations within governing documents.
Offering materials, account records, ownership documents, and sponsor information help determine whether review can proceed.
Potential liquidity depends on current buyer interest, asset category, pricing expectations, and transaction feasibility.
Every opportunity is reviewed individually. Our process is designed to provide clarity regarding transferability, marketability, and potential liquidity pathways before any transaction decisions are made.
Provide basic details regarding the investment position, ownership structure, and available documentation.
AIL evaluates the investment type, transfer restrictions, sponsor requirements, and available transfer pathways.
We determine whether a secondary market opportunity may exist based on current investor demand and transaction activity.
If a viable pathway exists, we discuss potential next steps, timing considerations, and transaction requirements.
Submit basic information for a confidential review. Opportunities are evaluated individually based on investment structure, available documentation, transferability, and potential market interest.
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