Morgan Stanley North Haven Private Income Fund Redemption Update
In an investor update dated June 2026, Morgan Stanley disclosed that its North Haven Private Income Fund received redemption requests amounting to roughly 11.6% of its outstanding units during the second quarter. The fund limited accepted redemptions to 5% of outstanding units on a prorated basis, which translated to about 43% of each individual investor’s request being fulfilled. All repurchased units were priced at the net asset value (NAV) per unit as of 30 June 2026.
More than half of the Q2 redemption requests originated from unitholders whose earlier requests had been prorated in the first quarter, indicating continued demand for liquidity among a subset of investors.
After accounting for new subscriptions and dividend reinvestments, the net effect of the redemptions on the fund’s NAV was estimated at approximately US$102 million, representing roughly 3.2% of the NAV reported on 31 March 2026.
The fund’s leverage metric, debt‑to‑NAV, stood at 0.97 times as of 31 May 2026. At that date, the fund retained more than US$2.2 billion of undrawn debt capacity together with cash balances, underscoring ample liquidity resources. Additionally, the portfolio contained over US$400 million of liquid loans, which supports the fund’s ability to deploy capital while maintaining flexibility to meet ongoing repurchase obligations.