North Haven Private Income Fund LLC (PIF) has officially announced a merger agreement with North Haven Private Income Fund A LLC (PIF A), marking a significant step in its strategic growth. This merger, which is set to enhance operational efficiency and investment capabilities, was disclosed in a recent SEC filing on October 26, 2026.

The merger agreement involves a two-step process where a subsidiary of PIF will first merge with PIF A, followed by a second merger that will see PIF A merge into PIF. The boards of directors for both funds have approved the merger, indicating strong support for the transaction.

Background

North Haven Private Income Fund LLC, incorporated in Delaware, operates as an investment fund. The company has been involved in various investment activities, focusing on generating income for its investors. It was formerly known as Morgan Stanley Private Income Fund LLC until a name change in March 2021. The fund operates under the auspices of MS Capital Partners Adviser Inc., which serves as the investment adviser for both PIF and PIF A.

What the Filing Says

According to the SEC filing (accession number 0001193125-26-432017), the merger agreement stipulates that at the effective time of the first merger, each unit of PIF A will be converted into Class I units of PIF based on a predetermined exchange ratio. This ratio will be calculated using the closing net asset values (NAV) of both funds, ensuring a fair valuation for all parties involved.

The agreement also includes standard representations and warranties, along with covenants that govern the operation of PIF A until the merger is finalized. Notably, PIF A is restricted from soliciting alternative transaction proposals during this period.

Impact

This merger could have significant implications for investors and stakeholders in both funds. By consolidating operations, North Haven aims to create a more robust investment platform, potentially leading to improved performance and greater asset management capabilities. The deal may also influence competitor strategies within the investment management industry as firms assess their own positions in light of this consolidation.

What's Next

The filing does not specify the next steps following the merger agreement. However, the completion of the merger is contingent upon various conditions, including regulatory approvals and the absence of legal impediments. Stakeholders will be closely monitoring the developments as the companies work towards finalizing the transaction.