Lincoln Partners Group Royalty Fund
Data through 2026-06-30 · latest filing NPORT-P filed 2026-08-21
Sponsored by Lincoln Partners Group. Tender-Offer Fund structure focused on Royalty.
Tender-Offer FundSpecialty: Royalty
- Net assets
- $160.2M
source
Monthly portfolio report (Form N-PORT) · filed 2026-08-21 · period 2026-06-30
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-06-30 - NAV / share
- $11.26
source
Shareholder report (Form N-CSR) · filed 2026-06-05 · period 2026-03-31
S1_class_sectioned_row_labelled — class Class I; column April 1, 2025 to March 31, 2026; net asset value, end of period
“Net asset value, end of period $ 11.26 $ N/A S”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-03-31 - Net flows, last qtr
- +13.1% qtr ended 2026-06-30
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +13.18% SEC-filed fiscal year return 2025-04-01 to 2026-03-31 · Class I · SEC source 0001398344-26-010388
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
The fund's expense limitation expires August 1, 2027.
The fund's expense limitation expires August 1, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/2054995/000119312526321252/d92099d486bpos.htm | Summary of Fees and Expenses footnote 9, pages 9 to 10 | Operating Expense Limit printed per class at 2.85 percent Class A, 2.50 percent Class D, 2.00 percent Class I and 2.25 percent Class IS of average daily net assets, so no single numeric value is booked
A fee waiver since February 1, 2026; it expires January 31, 2027.
A fee waiver since February 1, 2026; it expires January 31, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/2054995/000119312526322347/d97716d424b3.htm | supplement dated July 29, 2026 to the prospectus and statement of additional information dated July 29, 2026, whole document | fifty percent of the Investment Management Fee waived, giving an effective rate of 0.625 percent for the waiver period; the fee waiver is applied after the amended and restated expense limitation agreement
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Class I | at NAV | +13.18% | SEC source 0001398344-26-010388 |
| 2025-01-07 to 2025-03-31 | Class I | at NAV | +7.01% | SEC source 0001398344-26-010388 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-06-30 | New position Carlyle Shutter L.P.: 1.3% of portfolio value ($2,125,005) as of 2026-06-30; absent from the 2026-03-31 report. |
| 2026-06-30 | New position Cutting Edge Capital Partners Fund II, L.P.: 3.7% of portfolio value ($6,000,000) as of 2026-06-30; absent from the 2026-03-31 report. |
| 2026-06-30 | New position Park County LLC: 6.2% of portfolio value ($9,882,830) as of 2026-06-30; absent from the 2026-03-31 report. |
| 2026-03-31 | ICM CRESCENDO MUSIC ROYALTY JV (2.8% of portfolio value in the 2025-12-31 report, $3,087,222) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | JONES DSLRRS INSRNC MANAG INC (1.0% of portfolio value in the 2025-12-31 report, $1,100,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | PG US SM HOLDINGS LP (2.3% of portfolio value in the 2025-12-31 report, $2,495,150) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | PROJECT SATURDAY LYRIC CAP (8.8% of portfolio value in the 2025-12-31 report, $9,534,356) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | RTW 4010 ROYALTY FUND (1.6% of portfolio value in the 2025-12-31 report, $1,751,589) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | ULTRA MINERALS TRAD (4.2% of portfolio value in the 2025-12-31 report, $4,607,760) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position 4010 Royalty Offshore FNT Fund, LP: 1.3% of portfolio value ($1,766,119) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position 5x Intermediate Co, LP: 7.1% of portfolio value ($9,604,632) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position PG US SM Access LLC: 2.3% of portfolio value ($3,147,482) as of 2026-03-31; absent from the 2025-12-31 report. |
Where exit demand met the cap.
Every one of the 2 disclosed periods was filled in full. The Fund does not impose any charges in connection with repurchases of Shares except with respect to Shares held less than one year. An early repurchase fee (the “Early Repurchase Fee”) payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares. The Early Repurchase Fee will equal 2.00% of the NAV of the Shares repurchased within less than one year of the purchase. Once Shareholders have held Shares for a year, no fee will be assessed in association with a Share repurchase.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-05-29 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2026-06-17 · period 2026-05-29 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
| 2026-03-31 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2026-04-30 · period 2026-03-31 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-07-28.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class A | Sales-load class for transactional brokerage distribution. | 3.00% | 85 bps | $2,500 | - |
| Class D | Sales-load class for transactional brokerage distribution. | 3.50% | 50 bps | $2,500 | - |
| Class I | No-load, high-minimum class; terms indicate advisory or large-account access. | 0.00% | 0 bps | $1,000,000 | - |
| Class IS | Servicing-fee class for brokerage or platform distribution. | 0.00% | 25 bps | $25,000 | - |
Management fee: 1.25% of greater nav or nav less cash plus undrawn commitments per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-321252.
Filed fee conditions
Investment Management Fee The Investment Management Fee is measured as of the end of each month at the annual rate of 1.25% of the greater of (i) the Fund’s net asset value (i.e., net of fund leverage) and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. The Investment Management Fee will be payable monthly in arrears.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | 12.5% of income
*
Incentive Fee: 12.50% of Fund Income (each Share class); Accrued monthly on Fund Income and paid quarterly in arrears. The prospectus states no hurdle rate and no high water mark. SEC source 0001193125-26-321252 |
0.00% | 0 bps | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 12.50% | Fund Income each Share class | Accrued monthly on Fund Income and paid quarterly in arrears. The prospectus states no hurdle rate and no high water mark. |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (8)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Investment Management Fee The Investment Management Fee is measured as of the end of each month at the annual rate of 1.25% of the greater of (i) the Fund’s net asset value (i.e., net of fund leverage) and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. The Investment Management Fee will be payable monthly in arrears. | 1.25 pct annual of greater nav or nav less cash plus undrawn commitments | - |
| expense_limitation | ( 9 ) The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has agreed contractually to pay, absorb or reimburse certain expenses of the Fund to limit the Fund’s Operating Expenses, calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class D, Class I, and Class IS with the exception of (i) interest, taxes, dividends tied to short sales, and brokerage commissions; (ii) underlying fund fees and expenses; (iii) other expenses attributable to, and incurred as a result of, the Fund’s investments; (iv) Incentive Fees; and (v) extraordinary expenses (including litigation 9 expenses) not incurred in the ordinary course of the Fund’s business (as determined in the discretion of the Adviser), to no more than 2.85%, 2.50%, 2.00% and 2.25% for Class A, Class D, Class I, and Class IS Shares, respectively, on an annualized basis, of the Fund’s average daily net assets (the “Operating Expense Limit”). In consideration of the Adviser’s agreement to reimburse certain of the Fund’s expenses, the Fund has agreed to repay the Adviser a Reimbursement Amount in respect of each of Class A, Class D, Class I, and Class IS for three years after a reimbursement, subject to the limitation that a reimbursement will be made only if and to the extent that such payments to the Adviser will not cause the Fund’s expense ratio (after the Reimbursement Amount is taken into account) to exceed the lesser of: (i) the Operating Expense Limit in effect at the time the waiver or payment of the Reimbursement Amount occurred and (ii) the Operating Expense Limit in effect at the time such reimbursement is sought. The Adviser’s right to receive reimbursements from the Fund shall be valid for a period of three years after the implementation of any waiver and/or reimbursement. The Expense Limitation Agreement will remain in effect through August 1, 2027, unless and until the Board approves its modification or termination. | Text disclosure | - |
| fee_waiver | Effective February 1, 2026 through January 31, 2027 (the “Waiver Period”), Lincoln Financial Investments Corporation (the “Adviser”), investment adviser to the Trust, has agreed to waive fifty percent of its Investment Management Fee to achieve an effective Investment Management Fee rate of 0.625% of the greater of (i) the Fund’s net asset value (i.e., net of fund leverage) and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment, measured as of the end of each month for the Effective Period. The Fee Waiver shall be imposed after application of the amended and restated expense limitation agreement between the Fund and the Adviser, dated August 15, 2025 (the “Amended and Restated Expense Limitation Agreement”). As a result of the application of each of the Fee Waiver and the Amended and Restated Expense Limitation Agreement, and based on the same estimates and assumptions used in calculating the Summary of Fees and Expenses included in the Fund’s Prospectus, until the end of the Waiver Period, the “total annual fund expenses after expense reimbursement” disclosed under Summary of Fees and Expenses in the Fund’s Prospectus would be reduced to 4.12%, 3.77%, 3.27% and 3.52% for Class A, Class D, Class I, and Class IS Shares, respectively, on an annualized basis, of the Fund’s average daily net assets. The Fee Waiver cannot be terminated prior to January 31, 2027, without the consent of the Fund’s Board of Trustees. Following the Waiver Period, the Adviser will receive an Investment Management Fee in the amount of 1.25% of the greater of (i) the Fund’s net asset value (i.e., net of fund leverage) and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. The Adviser retains the right to recoup any fees waived by it within three years of the Fee Waiver, if such recoupment can be achieved within the Operating Expense Limit (before application of the Fee Waiver) in effect at the time the waiver occurred and the Operating Expense Limit (before application of the Fee Waiver) in effect at the time such recoupment is sought. The Fee Waiver will not impact the Incentive Fee payable by the Fund. | 50.0 pct of fee waived | 2026-02-01 |
| fund_inception_date | 2025-06-02 | Text disclosure | 2025-06-02 |
| incentive_fee_schedule | Incentive Fee The Incentive Fee is accrued monthly in an amount equal to 12.5% of the Fund’s “Fund Income” received by the Fund during such month. For this purpose, “Fund Income” means each Share class’s allocable share of interest income, dividend income, income accrued from (1) distributions received by the Fund from the Fund’s private portfolio investments; plus (2) distributions received by the Fund of net investment income (or loss) from debt, preferred equity investments and traded securities; minus (3) the Fund’s Operating Expenses for the month (excluding the Incentive Fee and share class specific expenses such as distribution and/or shareholder servicing fees). The Incentive Fee is paid quarterly in arrears. | 12.5 pct of fund income | - |
| leverage_ceiling | the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more on any senior security represented by indebtedness and 200% or more on preferred stock and debt, collectively. | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | The Fund does not impose any charges in connection with repurchases of Shares except with respect to Shares held less than one year. An early repurchase fee (the “Early Repurchase Fee”) payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares. The Early Repurchase Fee will equal 2.00% of the NAV of the Shares repurchased within less than one year of the purchase. Once Shareholders have held Shares for a year, no fee will be assessed in association with a Share repurchase. | 2.0 pct of nav repurchased | - |
| repurchase_program_terms | The Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders. Subject to the Board’s discretion, the Fund currently offers to repurchase Shares from Shareholders quarterly in an amount up to 5% of the Fund’s NAV. The Fund may extend multiple offers to repurchase Shares in a quarter in an aggregate amount of 5% of the Fund’s NAV. There is no minimum number of Shares which must be repurchased in any repurchase offer. | 5.0 pct of net assets per quarter | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-08-21 | NPORT-P | 0001410368-26-084121 |
| 2026-07-31 | SC TO-I | 0001398344-26-013223 |
| 2026-07-29 | 424B3 | 0001193125-26-322347 |
| 2026-07-28 | 486BPOS | 0001193125-26-321252 |
| 2026-06-17 | SC TO-I/A | 0001398344-26-010940 |
| 2026-06-05 | N-CSR | 0001398344-26-010388 |
| 2026-06-01 | NPORT-P | 0001410368-26-056406 |
| 2026-04-30 | SC TO-I | 0001398344-26-007921 |
| 2026-04-30 | SC TO-I/A | 0001398344-26-007909 |
| 2026-02-26 | NPORT-P | 0001410368-26-018299 |
| 2026-01-30 | SC TO-I | 0001398344-26-001754 |
| 2025-11-26 | N-CSRS | 0001398344-25-021285 |
| 2025-11-25 | NPORT-P | 0001410368-25-030853 |