Shares Tendered to Lord Abbett Private Credit Fund Fall 85%, and the Fund Buys All of Them

Shares tendered to Lord Abbett Private Credit Fund, a non-traded business development company, fell 84.8% between its last two quarterly offers: 21,178.65 shares in the offer that expired August 27, 2026, against 139,488.24 in the offer that expired May 29. The fund bought every share tendered in both, according to the final amendment it filed on October 29 (accession 0000930413-26-003179). The August offer was for up to 1,465,813.51 shares, about 5% of the shares outstanding used to size it, so the shares tendered came to about 1.4% of the offer. The fund paid $526,501.34 on or about October 29, at the September 30 net asset value of $24.86 a share.

What the filings show

The May offer was for up to 1,327,050.25 shares and was paid in full: $3,467,677.58 at the June 30 NAV (0000930413-26-002081). On the same day as the August result, the fund opened its next offer, for up to 1,660,081.55 shares, about 5% of the 33,201,630.97 shares outstanding at August 31, expiring November 30, 2026 (0000930413-26-003180). The April and July offers were sized on 26.5 million and 29.3 million shares outstanding, so the fund's share count grew while the shares tendered fell.

Where it sits in the series

AltStreet re-read every final amendment filed by the 70 non-traded BDCs it tracks for its research on prorated private credit tender offers. For offers that expired July to September 2026, 21 had a readable result as of November 1 and five were prorated, led by Blue Owl Technology Income at 12.8% and Blue Owl Credit Income at 29.8%; the other 16, Lord Abbett's among them, bought every share tendered. Results for the quarter are still arriving. A fill rate is read alongside the volume tendered: Lord Abbett filled both offers in full because the shares tendered stayed well below its roughly 5% repurchase limit. The offer grew in absolute terms, from 1.33 million to 1.47 million shares, as the share count rose; it was not enlarged beyond 5%.

What the filings do not show

The amendment does not say why so few shares were tendered or how many holders tendered them, and the result says nothing about the November offer, whose outcome depends on requests not yet made. AltStreet has not contacted the fund or its adviser.