Third Point Private Capital Partners: NAV $27.06 at Sept 30, 2026

What this fund is, and who can own it

Third Point Private Capital Partners is a Delaware statutory trust formed on May 23, 2024. Its 10-Q says that on April 7, 2026 it elected to be regulated as a BDC and commenced operations; before that it was a private fund relying on the Section 3(c)(7) exemption. It lends mainly to U.S. middle-market companies with $10 million to $100 million of EBITDA, and is managed by Third Point Private Capital LLC, an affiliate of the hedge fund manager Third Point LLC. The name has no “BDC” in it, which is why a search for the fund by that word finds little.

It is not a fund an individual can simply open an account in. Each sale is private, under Section 4(a)(2) and Regulation D or Regulation S, on the buyer’s representation that it is an accredited investor or a non-U.S. person, and the 10-K sets a floor of a $10,000 initial investment. This page reads the fund’s filings for people who hold a position, are being offered one, or want to see what a private BDC reports in its first months. It is not an offer.

NAV per share since the start

The fund reports one NAV per Class I share. It appears in an 8-K only when the fund sells shares, so the filings give the NAV at April 30, August 31 and September 30, and the 10-Qs give March 31 and June 30. There is no filed figure for May 31 or July 31.

Every sale since April 30 was priced at the latest NAV: $10,000,000 over 384,766 shares is $25.99, $684,000 over 25,915 is $26.39, $10,000,000 over 371,692 is $26.90 and $1,150,000 over 42,493 is $27.06 (our arithmetic). The step from $25.00 to $26.39 is the one to read carefully. The June 10-Q’s financial highlights give $0.52 of net investment income and $0.34 of gains per share, $0.86 in all, and add $0.53 from “Common Shares issued at prices above the then-current net asset value per share”. The 10-K allows it: “The Board may set the per-Share price above our net asset value per Share based on a variety of factors”. Early investors who paid more than NAV raised the NAV of everyone, so part of the early gain came from investors’ own cash. The 10-Q puts the total return on NAV for the period at 3.5%, not annualized. From June 30 to September 30 the NAV rose $0.67 a share, 2.5% (our arithmetic); no filing yet says how much of that is income and how much is a change in the value of loans.

The income statement: who is paying the expenses

The only income statement the fund has filed since it started is for the quarter to June 30, 2026, which includes about 12 weeks of operations after April 7.

Expense support is normal in a new fund and the filing is open about it. Under the Expense Support Agreement the adviser pays organizational, offering and other operating costs above 0.75% of NAV a year (1.50% before an amendment effective March 2, 2026). The adviser may be repaid when the fund’s available operating funds exceed distributions: at June 30, 2026 the adviser was eligible for future reimbursement of $7,638,150, through June 30, 2029. So net investment income of $1,230,603, an annualized 8.8% of average net assets, is the figure after a subsidy that may later come back out of shareholders’ returns. The management fee is also waived: 0.50% a year in the first two years and 0.75% in the third, against a standard 1.25%. The 10-Q describes the waiver for the management fee only; the incentive fees, 12.5% of income above a 6.0% annualized hurdle (with a catch-up) and 12.5% of realized capital gains, accrued $190,233 and $101,027 in the quarter.

Who put the money in

The first closing was the adviser’s own side. The March 10-Q says an affiliate of the adviser committed $40.0 million, “funded in full”, plus a further $20.0 million of which $2.0 million had been funded, while third-party investors had fully funded commitments of approximately $22.5 million. The Schedule 13D filed April 14, 2026 shows Third Point LLC with 1,601,000 shares, 76.6% of the 2,089,463 Class I shares outstanding on April 7. The $40,000,000 plus the $2,000,000 is $42,000,000 of the $64,465,000 raised through May 1, 65% (our arithmetic). The sales since then add up to $11,834,000 across three reports (our arithmetic); the 8-Ks do not say who bought. If every reported sale is counted and nothing else was issued, the fund has about 2,960,678 shares and about $80 million of net assets at $27.06 (our arithmetic; an estimate that ignores any unreported issuance, repurchase or distribution).

Leverage and the Treasury-bill repurchase agreement

Debt of $70,227,152 plus the repurchase agreement is $120,126,402, or 1.81 times net assets (our arithmetic). The 10-Q’s 155.4% asset coverage works only if the repurchase agreement is counted as debt: net assets plus debt over debt is 155.4% on those figures (our arithmetic). The Treasury bills were bought on June 26, 2026 with the repurchase agreement and unwound four days after the quarter ended, which made total assets $201,720,232 against net assets of $66,528,816. The filing does not say why; it is a feature of how this quarter-end looked, not necessarily of how the fund runs. Undrawn commitments from investors were $20.1 million (our arithmetic: $84,590,000 less $64,490,000), 24% of the total. The portfolio also has $13,998,038 of unfunded loan commitments.

The portfolio the NAV rests on

At June 30, 2026 the fund held 20 portfolio companies with a fair value of $128,494,350: 98.83% first-lien debt and 1.17% equity. On April 7 it bought a “Warehouse” of loans from Macquarie with aggregate commitments of approximately $105.9 million for about $85.7 million, net of accrued interest. Health care providers and services were the largest industry at 21.06%. The five largest borrowers, summing each company’s loan lines at fair value, were:

The five together are $71,457,940, 55.6% of the portfolio (our arithmetic). The weighted average discount rate used to value the debt is 10.82%, in a range of 8.70% to 13.02%. Most positions were bought on April 7, 2026, so the marks have had little time to be tested; the 10-Q also says investments acquired just before June 30 were carried at transaction price.

What a reader can do with this

• If you hold shares: compare your statement with the filed NAV, $27.06 at September 30, 2026, and with the price you paid. Early closings could pay above NAV. Ask when the first distribution is expected, because the filings show none so far.
• If you are being offered shares: ask which NAV prices the next drawdown, how much of the reported income depends on expense support and the management fee waiver, and what share of the fund is owned by the adviser’s affiliate. The filings give no earliest date to sell, a latest start for repurchases of April 7, 2028 (our reading), a 5% quarterly cap at the board’s discretion and a 2% charge in the first year.
• If you hold an unfunded commitment: you owe the undrawn part on at least 10 business days’ notice. Keep that cash out of anything you might need to sell on short notice.
• Taxes: the fund intends to be a RIC and to pay out income as dividends; distributions may include a return of capital. How that lands depends on your account. See our guides to estimated tax payments for REIT, BDC and K-1 income and 1099-DIV due dates for non-traded vehicles.
• Context: compare another private BDC in its first year, Sound Point Direct Lending BDC, the non-traded BDC list, and our explainer on what a BDC is, which also notes a second fund from the same manager, Third Point Private Capital Income Fund (CIK 2122354), whose Form N-54A election was filed October 1, 2026 and which has reported no NAV yet. This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from SEC EDGAR filings of Third Point Private Capital Partners (CIK 2025369) read on November 3, 2026: the Forms 8-K of April 13 (accession 0001104659-26-042705), June 22 (0001104659-26-076305), October 6 (0001104659-26-113998) and November 2, 2026 (0001104659-26-121290), the Form 10-K for 2025 (0001104659-26-037842), the Forms 10-Q for March 31 (0001104659-26-062798) and June 30, 2026 (0001104659-26-095943), the Schedule 13D of April 14, 2026 (0000899140-26-000385) and the Form N-54A of Third Point Private Capital Income Fund (0001104659-26-112798). The last filing on this CIK was the Form 8-K of November 2, 2026. Implied share prices, ratios, sums, percentages and the estimated share count are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.