NA Partners Group Lending Fund, LLC - 8-K

Item 3.02

Unregistered Sales of Unregistered Securities.

As of May 1, 2026, Partners Group Lending Fund,
LLC (the “Fund”) sold its Class M and Class I units (the “Units”) as listed in the table below. The number of
Units to be issued was finalized on May 28, 2026. The offer and sale of the Units was made pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”), Regulation D promulgated thereunder and other available exemptions from the
registration requirements of the Securities Act to investors who are “accredited investors” within the meaning of Regulation
D under the Securities Act.

Unit Class

Number of Units 1

Total Consideration

Class I Units

13,322

$

20,000

Class M Units

26,549

$

39,858

1

Figures rounded to the nearest whole Unit

Item 8.01

Other Events.

Net Asset Value

The NAV per Unit as of April 30, 2026, as determined
in accordance with the valuation policies and procedures approved by the Fund’s board of directors, was as follows:

NAV as of

Unit Class

April 30, 2026

Class I Units

$

1.5013

Class M Units

$

1.5013

As of April 30, 2026, the Fund’s aggregate
NAV was approximately $317.2 million including approximately $209.0 million of debt outstanding.

Portfolio and Business Commentary

Portfolio Statistics

As
of April 30, 2026, the Fund had investments in 59 portfolio companies 1 . The geographic allocations of the Fund’s portfolio
companies, represented as a percentage of fair value, were as follows: 97% in North America, 0% in Europe, and 3% in Asia and Rest of
World 1 .

Portfolio Summary as of April 30, 2026

Total Portfolio Size

$501.1 million

Borrowers 1

59

Weighted Average Credit Spread 2

5.1%

Median LTM EBITDA (at entry) 3

$100.0 million

Weighted Average First Lien Net Leverage Ratio (at entry) 3

5.9x

Weighted Average Total Net Leverage Ratio (at entry) 3

6.1x

Weighted Average loan to value ("LTV") (at entry) 3

39.9%

Asset Allocations

As of April 30, 2026, based on fair value, the Fund’s
portfolio investments consisted of the following:

Portfolio Investments

First Lien / Unitranche Loans

93.2%

Opportunistic Credit

1.7%

CLO debt tranches

5.1%

Total

100.0%

As
of April 30, 2026, the ten largest industries in which the Fund was invested, represented as a percentage of fair value 1 ,
were as follows:

Industry

Software

26.0%

Health Care Providers & Services

11.0%

Professional Services

10.5%

IT Services

9.1%

Trading Companies & Distributors

6.9%

Diversified Consumer Services

5.7%

Capital Markets

5.0%

Commercial Services & Supplies

3.9%

Electrical Equipment

3.0%

Machinery

2.9%

As of April 30, 2026, the ten largest portfolio company investments
in which the Fund was committed, based on par value or, in the case of equity investments, cost, were as follows:

Issuer

Par or Cost ($ in millions)

% of Total

PT Intermediate Holdings III, LLC

21.0

3.5%

PMA Parent Holdings, LLC

20.7

3.5%

Diligent Corporation

19.7

3.3%

DigiCert, Inc.

19.5

3.3%

Ascend Partner Services LLC

18.5

3.1%

Optimizely North America Inc.

18.2

3.1%

Ruby Buyer, LLC

15.9

2.7%

MRI Software LLC

15.0

2.5%

CSafe Acquisition Company, Inc.

14.9

2.5%

XCL Education Holdings Pte Ltd

14.6

2.4%

As of April 30, 2026, based on fair value, investments by vintage
year were as follows 1 :

Investments Split by Year

2023

14.0%

2024

41.9%

2025

32.9%

2026

11.2%

1

Calculation excludes CLO debt tranches

2

Calculation includes all instruments with floating rate spreads

3

Calculation excludes CLO debt tranches, opportunistic credit,
and recurring revenue loans