Perceptive Credit Opportunities Fund V Reports $1.8 Billion of Commitments in First Annual Form D Update

Perceptive Credit Opportunities Fund V, the fifth private credit program run by New York investment adviser Perceptive Advisors, reported $1,799,688,515 sold in Form D amendments filed October 29, 2026. Its onshore fund and Cayman feeder each report the same figure, and each says it includes commitments to the program's parallel and feeder funds, so it is one program total reported twice, not two amounts to add.

The amendments are the program's first annual update since its original Form D filings of October 29, 2025, which reported nothing sold. Both now give October 31, 2025 as the date of first sale.

What the filings show

The onshore fund, Perceptive Credit Opportunities Fund V, LP, lists 80 investors; the offshore feeder, Perceptive Credit Opportunities Offshore Fund V, LP, lists 111. The filings do not say whether the two counts overlap, so the program's total number of investors cannot be read from them. The amount sold is described as commitments, which is money investors have agreed to provide; the filings report total commitments but do not disclose how much of it has been called.

Both filings claim Rule 506(b) with the Investment Company Act Section 3(c)(1) and 3(c)(7) exclusions, list an indefinite offering amount and a $0 minimum investment, report no sales commissions or finders' fees, and say the manager is entitled to a management fee and carried interest under the fund documents. Joseph E. Edelman signs as managing member of the general partner, Perceptive Credit Opportunities GP, LLC.

The earlier Perceptive credit programs on EDGAR

Perceptive's credit funds have filed on EDGAR since 2014, when Perceptive Credit Opportunities Fund, LP reported $97,993,000 sold by its November 2015 amendment. Fund II and Fund III also had separate SLP filers, which reported $81,960,000 (6 investors) and $89,850,000 (8 investors); the filings do not say whether those amounts are inside the onshore totals. Fund III's offshore feeder reported only its own sales, while Fund V's feeder repeats the program total, so the two vintages' feeder figures are not comparable.

Fund IV filed a Form D in July 2022 with a $1.5 billion offering amount, amended it the same day to an indefinite amount, and has not filed an amendment on EDGAR reporting a sale. Its size cannot be read from EDGAR.

Perceptive Advisors settled an unrelated SEC case over SPAC-related conflicts in September 2022; the order did not concern the credit funds.

Why it matters

Fund V's reported commitments are approximately twice Fund III's reported total of $899.9 million in 2020. The comparison is approximate: Fund III's figure covers "related vehicles" and Fund V's covers "parallel funds and feeder funds", and the filings do not list which vehicles each includes. Form D reports a cumulative amount sold, not fund size at final close, assets under management or capital deployed.

What the filings do not show

The amendments do not show how much of the $1.8 billion has been called or invested, whether the program has held its final close, its loans, borrowers or returns, or the terms of the management fee and carried interest. They do not say how many distinct investors the program has. The background on earlier programs comes from those programs' own Form D filings and the SEC's press release, not from the Fund V filings.