# EDGAR Filing Document

**Accession Number:** 0001982701
**File Stem:** 0001193125-25-148850
**Filing Date:** 2025-6
**Character Count:** 108629
**Document Hash:** d40a597a8d5718cc7978e47b32335781
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-148850.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001193125-25-148850

**CONFORMED SUBMISSION TYPE**: SC TO-I

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Private Lending Fund
- **CENTRAL INDEX KEY:** 0001982701

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94609
- **FILM NUMBER:** 251079638

**BUSINESS ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-721-2900

**MAIL ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Private Lending Fund
- **CENTRAL INDEX KEY:** 0001982701

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I

**BUSINESS ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-721-2900

**MAIL ADDRESS:**
- **STREET 1:** 405 COLORADO STREET
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**(Rule 13e-4)** 

**TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

## AB Private Lending Fund
**(Name of Subject Company (Issuer))** 

**(Name of Filing Person (Offeror and Issuer))** 

**Class I, Class D and Class S Shares of Beneficial Interest** 

**(Title of Class of Securities)** 

**00254B 306, 00254B 207 and 00254B 108** 

**(CUSIP Number of class of securities)** 

**J. Brent Humphries**

**Wesley Raper** 

**c/o AB Private Credit Investors LLC** 

**405 Colorado Street, Suite 1500** 

**Austin, Texas 78701** 

**(512) 721-2900** 

**(Name, address and telephone no. of person authorized to receive notices and communications on behalf of filing person)** 

***With copies to:***

**Kenneth Young, Esq.** 

**Daniel Mozes, Esq.** 

**Paul S. Stevens, Esq.** 

**Dechert LLP** 

**1095 Avenue of the Americas** 

**New York, New York 10036** 

**Tel: (212) 698-3500** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

------

The information contained in the offer to purchase and the related Letter of Transmittal, respectively, as each may be amended or supplemented from time to time, is hereby incorporated by reference in response to certain items of this Schedule TO.

**Item 1.** **Summary Term Sheet.** <br>

Reference is made to the Summary Term Sheet of the Offer to Purchase (as defined below) that is attached hereto as Exhibit (a)(1)(ii) and is hereby incorporated by reference.

**Item 2.** **Subject Company Information.** <br>

(a) The name of the issuer is AB Private Lending Fund (the "Fund"). The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Fund is organized as a Delaware statutory trust. The principal executive office of the Fund is located at 405 Colorado Street, Suite 1500, Austin, Texas 78701 and the telephone number is (512) 721-2900.

(b) The title of the securities that are the subject of the offer to purchase and the related Letter of Transmittal
("Offer to Purchase" and the tender offer made thereby, the "Offer") are Class I common shares of beneficial interest (the "Class I Shares"), Class D common shares of beneficial interest (the
"Class D Shares") and Class S common shares of beneficial interest (the "Class S Shares" and together with the Class I shares and the Class D Shares, the "Shares") or portions thereof. As of the
close of business on March 31, 2025, there were 4,698,131 Class I Shares, 0 Class D Shares and 0 Class S Shares outstanding. Subject to the conditions set forth in the Offer to Purchase, the Fund will purchase up to 234,906
Shares that are properly tendered by holders of the Shares ("Shareholders") and not properly withdrawn as described in the Offer to Purchase (the "Offer Amount"). The Shares subject to the Offer represent approximately 5% of the
Fund's Shares outstanding as of March 31, 2025.

(c) The Shares are not traded in any market.

**Item 3.** **Identity and Background of Filing Person.** <br>

(a) The Fund is tendering for its own Shares. The information required by this Item is set forth in Item 2(a)
above. AB Private Credit Investors LLC (the "Adviser") serves as the investment manager for the Fund. The Adviser is located at 405 Colorado Street, Suite 1500, Austin, Texas 78701 and its telephone number is (512) 721-2900. The members of the Fund's Board of Trustees (the "Board") are J. Brent Humphries, Matthew Bass, John G. Jordan, Richard S. Pontin and Terry Sebastian (each, a "Trustee"). The
President and Chief Executive Officer is J. Brent Humphries, the Chief Financial Officer is Wesley Raper and the Chief Compliance Officer is Jennifer Friedland. The Trustees and the executive officers of the Fund may be reached at the Fund's
business address and phone number set forth in Item 2(a) above.

(b)-(c) Not applicable.

**Item 4.** **Terms of the Transaction.** <br>

(a)(1) (i) Subject to the conditions set forth in the Offer to Purchase, the Fund will purchase up to 234,906 Shares that are properly tendered by Shareholders by 11:59 p.m., Eastern Time, on August 1, 2025 and not properly withdrawn as described in Item 4(a)(1)(vi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The purchase price of a Share (or portion thereof) tendered will be its net asset value as of June 30,
2025, or a later date determined by the Fund if the Offer is extended (in each case, the "Valuation Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase. Reference is made to the Cover Page,
Section 2 "Offer to Purchase and Price" and Section 6 "Purchases and Payment" of the Offer to Purchase, which are incorporated herein by reference.

Each Shareholder that tenders Shares that are accepted for purchase will be sent a letter (the "Acceptance Letter") notifying the Shareholder that the Fund has received and accepted their tender. The form of the Acceptance Letter is attached hereto as Exhibit (a)(1)(iv) and is incorporated herein by reference.

------

If a Shareholder's Shares are accepted for payment, the Fund will effect payment for those Shares in cash within five business days of the last date that Shareholders may tender Shares for the repurchase offer. The payment date is expected to be August 8, 2025, unless the Offer is extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Offer is scheduled to expire on August 1, 2025 unless extended. Reference is made to the Cover Page,
Summary Term Sheet, Section 2 "Offer to Purchase and Price" and Section 5 "Withdrawal Rights" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Reference is made to the Cover Page, Summary Term Sheet and Section 7 "Certain Conditions of the
Offer" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Reference is made to Section 5 "Withdrawal Rights" of the Offer to Purchase, which is
incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Reference is made to the Cover Page, Section 4 "Procedure for Tenders" and Section 5
"Withdrawal Rights" of the Offer to Purchase, which are incorporated herein by reference. **Note that certain Shareholders may be required to deliver their Letter of Transmittal to their financial advisor (instead of directly to Alliance Bernstein Investor Services, Inc.). All Shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Reference is made to Section 4 "Procedure for Tenders" and Section 6 "Purchases and
Payment" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Reference is made to the Cover Page, Section 3 "Amount of Tender," and Section 6
"Purchases and Payment" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Reference is made to Section 2 "Offer to Purchase and Price," which is incorporated herein by
reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Reference is made to Section 10 "Certain Federal Income Tax Consequences" of the Offer to
Purchase, which is incorporated herein by reference.

(a)(2) Not applicable.

(b) Any Shares to be purchased from any officer, Trustee or affiliate of the Fund will be on the same terms and
conditions as any other purchase of Shares. To the Fund's knowledge, none of the officers, Trustees, or affiliates (with the exception of any Shareholders who may be deemed to be affiliates of the Fund solely due to their ownership of Shares)
of the Fund intends to tender Shares in the Offer.

**Item 5.** **Past Contracts, Transactions, Negotiations and Agreements with Respect to the Issuer's Securities.** <br>

(a)-(d) Not applicable.

(e) Reference is made to Section 8 "Certain Information About the Fund" of the Offer to Purchase,
which is incorporated herein by reference. The Fund's Prospectus dated August 7, 2024, as amended and/or supplemented from time to time (the "Prospectus"), provides that the Board has the discretion to determine whether the Fund
will purchase Shares from Shareholders from time to time pursuant to written tenders. The Adviser expects that it will recommend to the Board that the Fund purchase Shares from Shareholders quarterly. However, the Fund is not required to conduct
tender offers.

------

Pursuant to a Subscription Agreement, dated as of May 1, 2024 (the "EFLIC Agreement"), by and between Equitable Financial Life Insurance Company ("EFLIC") and the Fund, EFLIC has agreed not to submit for repurchase or transfer, directly or indirectly, all or any portion of its Shares acquired pursuant to the EFLIC Agreement (or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such Shares), except with the Fund's prior written consent, until the fifth anniversary of the date on which the Fund elected to be regulated as a business development company under the 1940 Act. After such anniversary, the total amount of repurchases of Shares held by EFLIC or its affiliates eligible for repurchase will be limited to no more than 1.67% of the total Shares outstanding per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Shares does not exceed the overall Share repurchase plan limit of 5% of the Shares outstanding per calendar quarter, the repurchase limit on Shares held by EFLIC or its affiliates shall not apply to that quarter, and EFLIC or its affiliates shall be entitled to submit for repurchase up to the overall Share repurchase plan limit.

On November 29, 2024, EFLIC sold its Shares in the Fund to an affiliate, Equitable Financial Services LLC ("EFS"). Pursuant to such sale, EFS agreed to be bound by the same transfer restrictions provided for in the EFLIC Agreement.

Except as previously disclosed in the Fund's filings with the Securities and Exchange Commission ("SEC"), the Fund does not know of any other contract, agreement, arrangement, or understanding, whether contingent or otherwise or whether or not legally enforceable, between the (i) Fund, any of the Fund's executive officers or Trustees, any person controlling the Fund, or any executive officer or director of any corporation ultimately in control of the Fund and (ii) any other person with respect to any securities of the Fund (including any contract, agreement, arrangement, or understanding concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations).

**Item 6.** **Purposes of the Transaction and Plans or Proposals.** <br>

(a)-(b) Reference is made to Section 1 "Background and Purpose of the Offer" of the Offer to Purchase, which is incorporated herein by reference.

(c) Reference is made to Section 8 "Certain Information About the Fund" of the Offer to Purchase,
which is incorporated herein by reference. Because the Shares are not traded in any market, subsections (6), (7), and (8) of Regulation M-A Item 1006(c) are not applicable to the Fund.

**Item 7.** **Source and Amount of Funds or Other Consideration.** <br>

(a)-(b) Reference is made to Section 6 "Purchases and Payment" of the Offer to Purchase, which is incorporated herein by reference.

(c) Not applicable.

(d) None of the Fund, the Adviser or the Board or any person controlling the Fund, the Adviser or the Board has
determined at this time to borrow funds to purchase Shares tendered in connection with the Offer. Depending on the dollar amount of Shares tendered and prevailing general economic and market conditions, the Fund, in its sole discretion, may decide
to seek to borrow money to fund all or a portion of the purchase amount for Shares, subject to compliance with applicable law. The Fund expects that the repayment of any amounts borrowed will be financed from additional funds contributed to the Fund
by existing or new Shareholders.

**Item 8.** **Interest in Securities of the Subject Company.** <br>

(a) As of March 31, 2025, the following persons (the named individuals being the trustees and executive
officers of the Fund) own the number of Shares indicated in the below table (based on beneficial ownership as defined under Exchange Act Rule 13d-3):

------

---

| | | |
|:---|:---|:---|
| **Person** | **Shares** | **Percentage of the<br>Fund's<br>Outstanding<br>Shares** |
| J. Brent Humphries |  |  |
|  Matthew Bass |  |  |
|  John G. Jordan |  |  |
|  Richard S. Pontin |  |  |
|  Terry Sebastian |  |  |
|  Wesley Raper |  |  |
|  Jennifer Friedland |  |  |
|  All directors and officers as a group (7 persons) |  |  |
|  EFS<sup>(1)</sup> | 4400000 | 93.65% |

---

<sup>(1)</sup> Based upon a Schedule 13G filed by EFS on December 6, 2024. The business address for EFS is 1345 Avenue of the Americas, New York, New York 10105.

Based on information available to the Fund, none of the persons listed above intends to tender any of his or her Shares in the Offer. Addresses for each of the persons listed above are provided in Item 3.

(b) Reference is made to Section 8 "Certain Information About the Fund" of the Offer to Purchase,
which is incorporated herein by reference. During the past sixty (60) days, the Fund has not issued any Shares to the Adviser, Trustees or officers of the Fund. Except as previously disclosed in the Fund's filings with the SEC, there have
been no other transactions in Shares effected during the past sixty (60) days by the Fund, the Adviser, or any Trustee or executive officer of the Fund, or any person controlling the Fund or the Adviser.

**Item 9.** **Persons/Assets Retained, Employed, Compensated or Used.** <br>

(a) No persons have been employed, retained, or are to be compensated by the Fund to make solicitations or
recommendations in connection with the Offer to Purchase.

**Item 10.** **Financial Statements.** <br>

(a) The audited annual financial statements of the Fund as of December 31, 2024 and the unaudited financial
statements of the Fund as of March 31, 2025 filed with the SEC on EDGAR on March 31, 2025 and May 15, 2025, respectively, are incorporated herein by reference.

The Fund will prepare and make available to Shareholders the audited annual financial statements of the Fund within 90 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

The Fund is a public reporting company under Section 13(a) of the Exchange Act and files its reports electronically on the EDGAR system.

Reports and other information about the Fund are available on the EDGAR Database on the SEC's internet site (*www.sec.gov*), and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

(b) Not applicable.

**Item 11.** **Additional Information.** <br>

(a) (1) None.

(2) None.

(3) Not applicable.

------

(4) None.

(5) None.

(c) The Offer to Purchase, attached hereto as Exhibit (a)(1)(ii), is incorporated herein by reference in its
entirety.

**Item 12.** **Exhibits.** <br>

(a)(1) (i) Cover Letter to Offer to Purchase and Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Form of Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Form of Letter from the Fund to Shareholders in Connection with the Fund's Acceptance of the Request to
Repurchase Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Form of Notice of Withdrawal of Tender.

(a)(2)-(4) Not applicable.

(b) None.

(d)(1) Subscription Agreement, effective as of May 1, 2024, by and between the Fund and Equitable Financial Life Insurance Company (Previously filed as Exhibit 99.(p)(1) to the Fund's Registration Statement on Form N-2 (File No. 333-280361), filed on June 20, 2024 and incorporated herein by reference).

(g) Not applicable.

(h) Not applicable.

107 Calculation of Filing Fees Table.

**Item 13.** **Information Required by Schedule 13e-3.** <br>

Not applicable.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** |  |
| (a)(1)(i) | [Cover Letter to Offer to Purchase and Letter of Transmittal.](d917767dex99a1i.htm) |
| (a)(1)(ii) | [Offer to Purchase.](d917767dex99a1ii.htm) |
| (a)(1)(iii) | [Form of Letter of Transmittal.](d917767dex99a1iii.htm) |
| (a)(1)(iv) | [Form of Letter from the Fund to Shareholders in Connection with the Fund's Acceptance of the Request to Repurchase Shares.](d917767dex99a1iv.htm) |
| (a)(1)(v) | [Form of Notice of Withdrawal of Tender.](d917767dex99a1v.htm) |
| (d)(1) | [Subscription Agreement, effective as of May 1, 2024, by and between the Fund and Equitable Financial Life Insurance Company (Previously filed as Exhibit 99.(p)(1) to the Fund's Registration Statement on Form N-2 (File No. 333-280361), filed on June 20, 2024 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1982701/000119312524164560/d494206dex99p1.htm) |
| 107 | [Calculation of Filing Fees Table.](d917767dexfilingfees.htm) |

---

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| AB Private Lending Fund | AB Private Lending Fund |
| By: | /s/ Leon Hirth |
| Name: | Leon Hirth |
| Title: | Secretary |

---

Dated: June 26, 2025

## Ex-99.(A)(1)(I)

**Exhibit (a)(1)(i)** 

AB PRIVATE LENDING FUND

c/o AB Private Credit Investors, LLC

405 Colorado Street, Suite 1500

Austin, TX 78701

*If you do not want to sell your shares of beneficial* 

*interest at this time, please disregard this notice.* 

*This is simply a notification of the Fund's repurchase offer.* 

June 26, 2025

Dear Shareholder:

This letter serves to inform you of important dates relating to a repurchase offer by AB Private Lending Fund (the "Fund"). If you are not interested in selling your shares of beneficial interest in the Fund ("Shares") for repurchase at this time, please disregard this notice and take no action.

Please note that, except as described below, all Shares that have been issued on or after July 1, 2024 will be subject to an "early repurchase deduction" (except in the case of death, divorce or qualified disability of a shareholder) that will reduce your proceeds by 2% of the aggregate net asset value of the Shares repurchased. Shares that are issued pursuant to the Fund's distribution reinvestment plan and tendered will not be subject to the early repurchase deduction. In addition, the sale of Shares may also be subject to income and transfer taxes.

The tender offer period will begin on June 26, 2025 and end at 11:59 p.m., Eastern Time, on August 1, 2025. The purpose of the tender offer is to provide liquidity to shareholders of the Fund. Shares may be presented to the Fund for repurchase only by tendering them during one of the Fund's announced tender offers.

If you do not wish to sell your Shares for any reason, simply disregard this notice. **No action is required if you do not wish to sell any portion of your Shares at this time.**

Should you wish to tender all or some of your Shares during this tender offer period, please complete the enclosed Letter of Transmittal and return it by mail to the Fund's Transfer Agent, Alliance Bernstein Investor Services, Inc., Attention: AB Private Lending Fund, using one of the below options or to your financial advisor as instructed in the Letter of Transmittal:

---

| | |
|:---|:---|
| **Regular or Overnight Mail:** | Alliance Bernstein Investor Services, Inc.<br> Attention: AB Private Lending Fund<br> 8000 IH 10 W, 13<sup>th</sup> Floor<br> San Antonio, TX 78230 |

---

If you hold Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you must contact that institution in order to tender your Shares.

**All shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein. The method of delivery of the Letter of Transmittal and all other required documents is at the election and sole risk of the tendering shareholder.** 

All tenders of Shares must be received in good order by the Fund's Transfer Agent by 11:59 p.m., Eastern Time, on August 1, 2025.

------

If you have any questions, please refer to the Offer to Purchase, which is being delivered to you concurrently with this letter and contains additional important information about the repurchase offer, or call the Fund's Transfer Agent at +1 (800) 221-5672.

Sincerely,

AB Private Lending Fund

## Ex-99.(A)(1)(Ii)

**Exhibit (a)(1)(ii)** 

**AB PRIVATE LENDING FUND** 

**c/o AB Private Credit Investors LLC** 

**405 Colorado Street, Suite 1500** 

**Austin, TX 78701** 

**Offer to Purchase Up to 234,906** 

**Common Shares of Beneficial Interest** 

**Dated June 26, 2025** 

**The Offer and Withdrawal Rights Will Expire at** 

**11:59 p.m., Eastern Time, on August 1, 2025,** 

**Unless the Offer is Extended** 

To the Shareholders of AB Private Lending Fund:

Subject to the terms and conditions set forth in this offer to purchase ("Offer to Purchase") and the related Letter of Transmittal (which together with this Offer to Purchase and any amendments or supplements thereto constitutes the "Offer"), AB Private Lending Fund, a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act"), and is organized as a Delaware statutory trust (the "Fund"), is offering to purchase up to 234,906 of its outstanding Class I common shares of beneficial interest (the "Class I Shares"), Class D common shares of beneficial interest (the "Class D Shares") and Class S common shares of beneficial interest (the "Class S Shares" and together with the Class I shares and the Class D Shares, the "Shares") pursuant to tenders by shareholders of the Fund ("Shareholders") at a price equal to the net asset value per Share as of June 30, 2025 or a later date determined by the Fund if the Offer is extended (the "Valuation Date"). This Offer is currently scheduled to expire at 11:59 p.m., Eastern Time, on August 1, 2025 (the "Expiration Date"), but the Fund may extend this date; if it does, the Valuation Date may be changed. This Offer is being made to all Shareholders of the Fund and is not conditioned on any minimum amount of Shares being tendered, but is subject to certain conditions described below. The Shares are not traded on any established trading market.

Shareholders should be aware that, if you tender Shares pursuant to the Offer, your tendered Shares will not be entitled to receive, with respect to tendered Shares that are accepted for repurchase by the Fund, any Fund dividend or distribution with a record date occurring on or after the Valuation Date.

Shareholders should also realize that the value of the Shares tendered in this Offer will likely change between the most recent time that net asset value was calculated and communicated to them and the Valuation Date (the relevant date for determining the value of the Shares tendered to the Fund for purposes of calculating the purchase price of such Shares) and such change could be material. The Fund generally determines the net asset value of the Shares as of the last calendar day of each month within 20 business days after the first calendar day of the following month. The most recently calculated price per Share for each class of the Shares is $25.31 as of May 30, 2025. Shareholders should keep in mind that if they tender Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of the Shares being tendered, such Shares will be subject to an "early repurchase deduction" (described further below) of 2% of the aggregate net asset value of the Shares repurchased, except as described below. The early repurchase deduction will reduce the repurchase proceeds. For illustrative purposes, a Shareholder that acquires Shares prior to October 1 would not incur an early repurchase deduction for participating in a repurchase offer that has a valuation date of September 30 of the following year (or anytime thereafter). Shares that are issued pursuant to the Fund's distribution reinvestment plan and tendered will not be subject to the early repurchase deduction.

Shareholders desiring to tender all or any portion of their Shares in accordance with the terms of the Offer should complete and sign the attached Letter of Transmittal and mail it to the Fund's transfer agent, Alliance Bernstein Investor Services, Inc. (the "Transfer Agent"), or the Shareholder's financial advisor, as applicable, in the manner provided for in the Letter of Transmittal and set forth in Section 4 "Procedure for Tenders" below or request that your broker, dealer, commercial bank, trust company or other nominee effect the tender for you. If you hold Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you must contact that institution in order to tender your Shares.

------

**IMPORTANT** 

*The Fund makes no recommendation to any Shareholder as to whether to tender or refrain from tendering Shares. Shareholders must make their own decisions whether to tender Shares and, if so, the portion of their Shares to tender.* 

*Because each Shareholder's investment decision is a personal one, based on its financial circumstances, no person has been authorized to make any recommendation on behalf of the Fund as to whether Shareholders should tender Shares pursuant to the Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein or in the Letter of Transmittal. If given or made, such recommendation and such information and representations must not be relied on as having been authorized by the Fund.* 

*This transaction has not been approved or disapproved by the Securities and Exchange Commission or the Commodity Futures Trading Commission nor has the Securities and Exchange Commission, the Commodity Futures Trading Commission, or any state securities commission passed on the fairness or merits of such transaction or on the accuracy or adequacy of the information contained in this document. Any representation to the contrary is unlawful.* 

*The Offer is not being made to (nor will tenders be accepted from or on behalf of) holders of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdictions. The Fund is not aware of any jurisdiction in which the Offer or tenders pursuant thereto would not be in compliance with the laws of such jurisdiction. However, the Fund reserves the right to exclude Shareholders from the Offer in any jurisdiction in which it is asserted that the Offer cannot lawfully be made. The Fund believes such exclusion is permissible under applicable laws and regulations, provided the Fund makes a good faith effort to comply with any state law deemed applicable to the Offer.* 

Questions and requests for assistance and requests for additional copies of the Offer may be directed to the Transfer Agent:

Alliance Bernstein Investor Services, Inc.

Attention: AB Private Lending Fund

8000 IH 10 W, 13th Floor

San Antonio, TX 78230

Tel: +1-800-221-5672

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| | | **Page** |
|  SUMMARY TERM SHEET | SUMMARY TERM SHEET | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** | Background and Purpose of the Offer | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** | Offer to Purchase and Price | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** | Amount of Tender | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** | Procedure for Tenders | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** | Withdrawal Rights | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** | Purchases and Payment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** | Certain Conditions of the Offer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** | Certain Information About the Fund | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** | Tender by DRIP Participants | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** | Certain Federal Income Tax Consequences | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** | Miscellaneous | 13 |

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**SUMMARY TERM SHEET** 

This is a summary of the features of the Offer. To understand the Offer fully and for a more complete discussion of the terms and conditions of the Offer, you should read carefully this entire Offer to Purchase and the related Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As disclosed in the Fund's prospectus dated August 7, 2024, as amended and/or supplemented from time to
time (the "Prospectus"), the Fund may from time to time offer to repurchase a portion of its outstanding Shares pursuant to written tenders by Shareholders. Accordingly, the Fund is offering to purchase up to 234,906 Shares at a price per
Share equal to their net asset value per Share (that is, the value of the Fund's total assets minus its total liabilities, divided by outstanding Shares) determined as of June 30, 2025 or such later date as may be determined by the Fund if
the Offer is extended (the "Valuation Date"). The Shares subject to the Offer represent approximately 5% of the outstanding Shares as of March 31, 2025. The Offer, which begins on June 26, 2025, will remain open until 11:59 p.m.,
Eastern Time, on August 1, 2025 (the "Expiration Date"). The Fund reserves the right to adjust the Valuation Date to correspond to any extension of the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **All Shares issued on or after July 1, 2024, except for Shares issued pursuant to the Fund's distribution reinvestment plan ("DRIP"), that are tendered and purchased in the Offer will be subject to a 2% "early repurchase deduction."** See Section 6 "Purchases and Payment".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders may tender all or a portion of their Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you tender Shares and the Fund purchases those Shares, upon the terms and subject to the conditions of the
Offer, the Fund will effect payment in cash for those Shares within five business days of the last date that you may tender Shares for the Offer. The payment date is expected to be August 8, 2025, unless the Offer is extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other than the early repurchase deduction described below (if applicable), the Fund does not expect to impose any
charges on repurchases of Shares in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you tender only a portion of your Shares, you must maintain a minimum account balance of at least $500 based
on the Valuation Date net asset value per Share. The Fund reserves the right to purchase all your Shares in the Fund if you tender less than all of your Shares and the number of Shares you tender would cause your account in the Fund to have a value
lower than the required minimum balance. Such minimum account balance requirement may be waived by the Fund, in its sole discretion. The Offer is being made to all Shareholders and is not conditioned on any minimum amount of Shares being tendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a participant in the DRIP and elect to tender your Shares in full, and such full tender is accepted by
the Fund, any Shares issued to you under the DRIP subsequent to the Expiration Date will be considered part of your prior tender, and your participation in the DRIP will be terminated as of the Valuation Date. Any distributions to be paid to you on
or after the Valuation Date will be paid in cash on the scheduled distribution payment date. Shares that are issued pursuant to the DRIP and tendered shall not be subject to the early repurchase deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a participant in the DRIP and elect to tender a portion of your Shares, your participation with
respect to your Shares that were tendered will be terminated as of the Valuation Date, even if such Shares are not accepted for repurchase. Any distributions to be paid to you on or after the Valuation Date from the tendered Shares (whether or not
the Shares were repurchased) will be paid in cash on the scheduled distribution payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund accepts the tender of any of your Shares, your proceeds will be funded from one or more of the
following sources: cash flow from operations, borrowings, offering proceeds or the sale of assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional repurchases will be made at such times and on such terms as may be determined by the Board of Trustees
of the Fund (the "Board"). AB Private Credit Investors LLC, the Fund's investment adviser (the "Adviser"), expects that it will generally recommend to the Board that the Fund offer to repurchase a portion of its outstanding
Shares four times each year, but the Fund is not required to make any such offer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following this summary is a formal notice of the Offer, which remains open until the Expiration Date, unless
extended. If you elect to tender your Shares, you have the right to change your mind and withdraw your tendered Shares at any time until the Expiration Date or, if such tendered Shares have not been accepted by the Fund, at any time on or after
August 21, 2025 (which is 40 business days after commencement of the Offer). If you would like to tender your Shares, you must complete the Letter of Transmittal enclosed with the Offer to Purchase, and return it as instructed in the Letter of
Transmittal either (i) to the Transfer Agent, Attention: AB Private Lending Fund, by mail at 8000 IH 10 W, 13<sup>th</sup> Floor, San Antonio, TX 78230; or (ii) to your financial advisor, as
directed. Your properly completed Letter of Transmittal must be received prior to the Expiration Date. If you decide to tender, it is your responsibility to, and the Fund strongly recommends that you do, confirm receipt of your Letter of Transmittal
with: (i) the Transfer Agent by calling +1 (800) 221-5672, Monday through Friday, except holidays, during normal business hours of 9:00 a.m. to 6:00 p.m. (Eastern Time); or (ii) with your financial
advisor. All Shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In all cases, payment for Shares tendered and accepted for payment pursuant to the Offer will be made only after
timely receipt by the Transfer Agent, as specified in the Letter of Transmittal, of a properly completed and duly executed Letter of Transmittal and any other documents required by the Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of your Shares will likely change between the most recent time that the net asset value was calculated
and communicated to you and the Valuation Date (the date when the value of your investment will be determined for purposes of calculating the purchase price of your Shares). The most recently calculated price per Share for each class of the Shares
is $25.31 as of May 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note that just as you have the right to withdraw your tender of Shares, the Fund has the right to cancel,
amend or postpone this offer at any time on or before the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders should be aware that, if they tender Shares pursuant to the Offer, they will not be entitled to
receive, with respect to tendered Shares that are accepted for repurchase by the Fund, any Fund dividends or distributions with a record date occurring on or after the Valuation Date.

**1. Background and Purpose of the Offer.** The purpose of the Offer is to provide liquidity to Shareholders. Because there is no secondary trading market for the Shares, the Board has determined, after consideration of various matters, that the Offer is in the best interests of Shareholders in order to provide liquidity for Shares as contemplated in the Prospectus. The Board intends to consider the continued desirability of the Fund making an offer to purchase Shares four times each year, but the Fund is not required to make any such offer.

The purchase of Shares pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of Shareholders who do not tender Shares. Shareholders who retain their Shares may be subject to increased risks that may possibly result from the reduction in the Fund's aggregate assets resulting from payment for the Shares tendered. These risks include the potential for greater volatility due to decreased diversification. A reduction in the aggregate assets of the Fund may result in Shareholders who do not tender Shares bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. These effects may be reduced or eliminated to the extent that additional purchases of Shares are made by new and existing shareholders from time to time, although there can be no assurances that such new or additional purchases will occur.

Shares that are tendered to the Fund in connection with the Offer, if accepted for repurchase, will be repurchased, resulting in a change in the income ratio and an increase in the expense ratios of Shares owned by Shareholders remaining in the Fund (assuming no further issuances of Shares).

**2. Offer to Purchase and Price.** The Fund will purchase, upon the terms and subject to the conditions of the Offer, up to 234,906 of those outstanding Shares that are properly tendered by, and not withdrawn (in accordance with Section 5 "Withdrawal Rights" below) before, the Expiration Date.

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The Fund reserves the right to extend, amend or cancel the Offer as described in Sections 3 and 7 below. The purchase price of a Share tendered will be its net asset value per Share as of the Valuation Date (less any "early repurchase deduction," as applicable), payable as set forth in Section 6. The Fund reserves the right to adjust the Valuation Date to correspond with any extension of the Offer.

As of the close of business on March 31, 2025, there were 4,698,131 Class I Shares, 0 Class D Shares and 0 Class S Shares outstanding, with a net asset value per share of $25.35 for each of the Class I Shares. The most recently calculated price per Share for each class of the Shares is $25.31 as of May 30, 2025. The value of the Shares tendered by Shareholders likely will change between the most recent time net asset value per Share was calculated and communicated to you and the Valuation Date.

**3. Amount of Tender.** Subject to the limitations set forth below, Shareholders may tender all or a portion of their Shares. If you tender only a portion of your Shares, you must maintain a minimum account balance of at least $500 based on the Valuation Date net asset value per Share. The Fund reserves the right to purchase all your Shares in the Fund if you tender less than all of your Shares and the number of Shares you tender would cause your account in the Fund to have a value lower than the required minimum balance. The Offer is being made to all Shareholders and is not conditioned on any minimum amount of Shares being tendered.

If less than 234,906 Shares are properly tendered pursuant to the Offer and not withdrawn, the Fund will, on the terms and subject to the conditions of the Offer, purchase all of the Shares so tendered unless the Fund elects to cancel or amend the Offer, or postpone acceptance of tenders made pursuant to the Offer, as provided in Section 7 "Certain Conditions of the Offer" below. If more than 234,906 Shares are duly tendered to the Fund before the expiration of the Offer and not properly withdrawn, pursuant to Section 5 "Withdrawal Rights" below, the Fund will accept Shares tendered on or before the Expiration Date for payment on a pro rata basis based on the number of tendered Shares, and there is no repurchase priority for repurchase requests in the case of the death or disability of a Shareholder; provided that the Fund reserves the right in its sole discretion to purchase additional outstanding Shares representing up to 2.0% of the Fund's outstanding Shares without amending or extending the Offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The unaccepted portion of any tender of Shares made by a Shareholder pursuant to this Offer shall not be automatically carried forward or given priority in connection with any future tender offer made by the Fund, but any Shareholder that wishes to have the Fund repurchase Shares that were not accepted for repurchase in connection with this Offer may again tender those Shares in connection with, and subject to the terms and conditions of, any future tender offer made by the Fund.

**4. Procedure for Tenders.** Shareholders wishing to tender Shares pursuant to the Offer must complete and execute the Letter of Transmittal in accordance with the instructions included in the Letter of Transmittal. The completed and executed Letter of Transmittal must be received by the specified agent by 11:59 p.m., Eastern Time, on the Expiration Date.

With respect to Shareholders that are required to submit their Letter of Transmittal to the Transfer Agent, submissions may be made by mail to: Alliance Bernstein Investor Services, Inc., Attention: AB Private Lending Fund, 8000 IH 10 W, 13<sup>th</sup> Floor, San Antonio, TX 78230. The Fund recommends that all documents be submitted by certified mail, return receipt requested.

Shareholders wishing to confirm receipt of a Letter of Transmittal may contact the agent specified in the instructions therein. ***The delivery of any documents is at the complete risk of the Shareholder tendering Shares, including, but not limited to, the failure to receive any Letter of Transmittal or other document submitted.*** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the Fund, in its sole discretion, and its determination shall be final and binding.

The Fund reserves the absolute right to reject any or all tenders (i) determined by it not to be timely received or in appropriate form or (ii) for which the acceptance of, or payment for, would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect in any tender with respect to any particular Shares or any particular Shareholder (including, without limitation, the conditions relating to the dates on which Shares must be tendered or withdrawn), and the Fund's interpretation of the terms and conditions of the Offer will be final and binding. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tenders will not be deemed to have been made until the defects or irregularities have been cured or waived. None of the Fund, the Board, the Adviser, or any of their agents is obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give such notice.

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By submitting a Letter of Transmittal, and in accordance with the terms and conditions of the Offer, a tendering Shareholder shall be deemed to represent and warrant that: (a) the tendering Shareholder has full power and authority to tender, sell, assign and transfer the tendered Shares (and any and all dividends, distributions, other Shares or other securities or rights declared, paid or distributed in respect of such Shares that are declared, paid or distributed in respect of a record date occurring on or after the Valuation Date (collectively, "Distributions")); (b) when and to the extent the Fund accepts the Shares for purchase, the Fund will acquire good, marketable and unencumbered title thereto and to all Distributions, free and clear of all liens, restrictions, charges, proxies, encumbrances, conditional sale agreements or other obligations relating to their sale or transfer, and not subject to any adverse claim; (c) on request, the tendering Shareholder will execute and deliver any additional documents deemed by the Transfer Agent or the Fund to be necessary or desirable to complete the sale, assignment and transfer of the tendered Shares (and all Distributions); and (d) the tendering Shareholder has read and agreed to all of the terms of the Offer, including this Offer to Purchase and the Letter of Transmittal.

IF YOU WANT TO TENDER ALL OR A PORTION OF YOUR SHARES, YOU MUST DELIVER THE LETTER OF TRANSMITTAL AND OTHER REQUIRED DOCUMENTS IN ACCORDANCE WITH THE INSTRUCTIONS IN THE LETTER OF TRANSMITTAL. ANY DOCUMENTS DELIVERED TO THE FUND OR ANY OTHER PERSON WILL NOT BE FORWARDED TO THE TRANSFER AGENT AND WILL NOT BE DEEMED TO BE PROPERLY TENDERED.

***Return of Unpurchased Shares.*** If any tendered Shares are not purchased or are properly withdrawn on or prior to the Expiration Date, such Shares will be returned to the tendering Shareholder promptly after the expiration or termination of the Offer or the proper withdrawal of the Shares, without expense to the Shareholder.

**5. Withdrawal Rights.** Any Shareholder tendering Shares pursuant to this Offer may withdraw tendered Shares at any time until the Expiration Date or, if the Fund has not accepted such tendered Shares, on or after August 21, 2025 (which is 40 business days from the date of commencement of the Offer). A form to use to give notice of withdrawal (the "Notice of Withdrawal") is enclosed with this Offer to Purchase. Any such request should be made a sufficient time ahead of the Expiration Date to ensure timely delivery. To be effective, any Notice of Withdrawal must be timely received by the Transfer Agent as specified in the instructions to the Notice of Withdrawal. If you tendered your Shares through your broker, dealer, commercial bank, trust company or other nominee, you must instruct the broker, dealer, commercial bank, trust company or other nominee to arrange for the withdrawal of your Shares. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by the Fund, in its sole discretion, and such determination shall be final and binding. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be re-tendered until the Expiration Date by following the procedures for tenders described above.

**6. Purchases and Payment.** For purposes of the Offer, the Fund will be deemed to have accepted Shares that are tendered if and when it gives written notice to the tendering Shareholder of its election to purchase such Shares.

If a Shareholder tenders Shares and the Fund purchases those Shares, upon the terms and subject to the conditions of the Offer, the Fund will effect payment in cash for those Shares within five business days of the last date that Shareholders may tender Shares for the repurchase offer.

There is no assurance that our Board will exercise its discretion to offer to repurchase Shares or that there will be sufficient funds available to accommodate all of your requests for repurchase. As a result, the Fund may repurchase less than the full amount of Shares that you request to have repurchased. If the Fund does not repurchase the full amount of your Shares that you have requested to be repurchased, or if the Fund determines not to make repurchases of its Shares, you will likely not be able to dispose of your Shares, even if the Fund under-performs.

Other than the early repurchase deduction described below (if applicable), the Fund does not expect to impose any charges on repurchases of Shares in the Fund.

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As described in the Prospectus and except as described below, the amount payable to any Shareholder that sells Shares in a repurchase offer that has a valuation date within the 12-month period following the original issue date of such Shares will be reduced by 2% of the aggregate net asset value of such Shares repurchased by the Fund; this reduction is referred to herein as an "early repurchase deduction." Payment of the early repurchase deduction will be made by reducing the repurchase proceeds. The early repurchase deduction will be retained by the Fund for the benefit of remaining Shareholders. Shares that are issued pursuant to the DRIP and tendered shall not be subject to the early repurchase deduction. In addition, the Fund may waive the early repurchase deduction in respect of repurchase of Shares resulting from the death, divorce or qualified disability of a Shareholder. Shares repurchased will be treated as having been repurchased on a "first in-first out" basis, for purposes of determining whether and to what extent the early repurchase deduction is applicable. Under the "first in-first out" method, the portion of Shares repurchased will be deemed to have been taken from the earliest Shares purchased by such Shareholder, except that in all cases shares issued pursuant to the DRIP will be treated as having been repurchased first.

A Shareholder who tenders some but not all of such Shareholder's Shares for repurchase will be required to maintain a minimum account balance of $500 in the Fund. Such minimum account balance requirement may be waived by the Fund, in its sole discretion. The Fund reserves the right to purchase all your Shares in the Fund if you tender less than all of your Shares and the number of Shares you tender would cause your account in the Fund to have a value lower than the required minimum balance.

The Fund expects that the purchase price for Shares acquired pursuant to the Offer to Purchase will be derived from cash flow from operations, borrowings, offering proceeds, or the sale of assets. Payment for repurchased Shares may adversely impact the Fund's liquidity and impair the Fund's ability to grow the business. In addition, making repurchases may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment-related expenses as a result of higher portfolio turnover rates.

**7. Certain Conditions of the Offer.** The Fund reserves the right, at any time and from time to time, to extend the period of time during which the Offer is pending by notifying Shareholders of such extension. If the Fund elects to extend the tender period, the Valuation Date may occur after June 30, 2025. During any such extension, all Shares previously tendered and not withdrawn will remain subject to the Offer. The Fund also reserves the right, at any time and from time to time, up to and including acceptance of tenders pursuant to the Offer, to: (a) cancel the Offer and in the event of such cancellation, not to purchase or pay for any Shares tendered pursuant to the Offer; (b) amend the Offer; or (c) postpone the acceptance of Shares tendered. If the Fund determines to amend the Offer or to postpone the acceptance of Shares tendered, it will, to the extent necessary, extend the period of time during which the Offer is open as provided above and will promptly notify Shareholders.

Please note that just as you have the opportunity to withdraw shares that you have tendered under certain circumstances, the Fund has the right to cancel, amend or postpone the Offer at any time before accepting tendered Shares. The Fund may cancel the Offer, amend the Offer or postpone the acceptance of tenders made pursuant to the Offer if: (a) the Fund would not be able to liquidate portfolio securities in a manner that is orderly and consistent with the Fund's investment objectives and policies in order to purchase Shares tendered pursuant to the Offer; (b) there is, in the Board's judgment, any (i) legal action or proceeding instituted or threatened challenging the Offer or that otherwise would have a material adverse effect on the Fund, (ii) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or New York State that is material to the Fund, (iii) limitation imposed by Federal or state authorities on the extension of credit by lending institutions, (iv) suspension of trading on any organized exchange or over-the-counter market where the Fund has a material investment, (v) commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States that is material to the Fund, (vi) material decrease in the estimated net asset value of the Fund from the estimated net asset value of the Fund as of the commencement of the Offer, or (vii) other event or condition that would have a material adverse effect on the Fund or its Shareholders if Shares tendered pursuant to the Offer were purchased; or (c) the trustees of the Fund that are not "interested persons" (as defined in the 1940 Act) of the Fund determine that it is not in the best interest of the Fund to purchase Shares pursuant to the Offer. However, there can be no assurance that the Fund will exercise its right to extend, amend or cancel the Offer or to postpone acceptance of tenders pursuant to the Offer.

**8. Certain Information About the Fund.** The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the 1940 Act and is organized as a Delaware statutory trust. The principal executive office of the Fund is located at 405 Colorado Street, Suite 1500, Austin, TX 78701 and the telephone number is (512) 721-2900. The Shares are not traded on any established trading market.

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Pursuant to a Subscription Agreement, dated as of May 1, 2024 (the "EFLIC Agreement"), by and between one of the Fund's Shareholders, Equitable Financial Life Insurance Company ("EFLIC"), and the Fund, which provided for the acquisition of Shares by EFLIC in connection with the seeding of the Fund, EFLIC has agreed not to submit for repurchase or transfer, directly or indirectly, all or any portion of its Shares acquired pursuant to the EFLIC Agreement (or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such Shares), except with the Fund's prior written consent, until the fifth anniversary of the date on which the Fund elected to be regulated as a business development company under the 1940 Act. After such anniversary, the total amount of repurchases of Shares held by EFLIC or its affiliates eligible for repurchase will be limited to no more than 1.67% of the total Shares outstanding per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Shares does not exceed the overall Share repurchase plan limit of 5% of the Shares outstanding per calendar quarter, the repurchase limit on Shares held by EFLIC or its affiliates shall not apply to that quarter, and EFLIC or its affiliates shall be entitled to repurchase up to the overall Share repurchase plan limit.

On November 29, 2024, EFLIC sold its Shares in the Fund to an affiliate, Equitable Financial Services LLC ("EFS"). Pursuant to such sale, EFS agreed to be bound by the same transfer restrictions provided for in the EFLIC Agreement.

This summary does not purport to be complete and is qualified in its entirety by reference to the EFLIC Agreement, a form of which is included as Exhibit (d)(1) to the Issuer Tender Offer Statement on Schedule TO filed by the Fund and is incorporated herein by reference. Shareholders and other interested parties should read the EFLIC Agreement for a more complete description of the provisions summarized above.

Except as previously disclosed by the Fund, including in its Prospectus and its most recently filed quarterly report on Form 10-Q, the Fund does not have any plans or proposals that relate to or would result in: (a) the acquisition by any person of additional Shares (other than the Fund's intention to accept purchases for Shares from time to time, the DRIP or otherwise in the discretion of the Fund) or the disposition of Shares (except for periodic discretionary solicitations of tender offers); (b) an extraordinary transaction, such as a merger, reorganization or liquidation, involving the Fund; (c) any material change in the present distribution policy or indebtedness or capitalization of the Fund (other than pursuant to borrowing arrangements made in the ordinary course of business); (d) any change in the identity of the investment adviser or trustees of the Fund, or in the management of the Fund including, but not limited to, any plans or proposals to change the number or the term of the trustees, to change any material term of the investment advisory arrangements with the Adviser; (e) a sale or transfer of a material amount of assets of the Fund (other than as the trustees determine may be necessary or appropriate to fund any portion of the purchase price for Shares acquired pursuant to this Offer to Purchase or in connection with the ordinary portfolio transactions of the Fund); (f) any other material change in the Fund's structure or business; or (g) any changes in the Fund's organizational documents or Prospectus or other actions that may impede the acquisition of control of the Fund by any person.

Except as previously disclosed in the Fund's filings with the Securities and Exchange Commission (the "SEC"), the Fund does not know of any contract, agreement, arrangement, or understanding, whether contingent or otherwise or whether or not legally enforceable, between (i) the Fund, any of the Fund's executive officers or trustees, any person controlling the Fund, or any executive officer or director of any corporation ultimately in control of the Fund and (ii) any other person with respect to any securities of the Fund (including any contract, agreement, arrangement, or understanding concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations).

As of March 31, 2025, the following persons (the named individuals being the trustees and executive officers of the Fund) own the number of Shares indicated in the below table (based on beneficial ownership as defined under Exchange Act Rule 13d-3):

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| | | |
|:---|:---|:---|
| **Person** | **Shares** | **Percentage of the<br>Fund's<br>Outstanding<br>Shares** |
| J. Brent Humphries |  |  |
|  Matthew Bass |  |  |
|  John G. Jordan |  |  |
|  Richard S. Pontin |  |  |
|  Terry Sebastian |  |  |
|  Wesley Raper |  |  |
|  Jennifer Friedland |  |  |
|  All directors and officers as a group (7 persons) |  |  |
|  EFS<sup>(1)</sup> | 4400000 | 93.65% |

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<sup>(1)</sup> Based upon a Schedule 13G filed by EFS on December 6, 2024. The business address for EFS is 1345 Avenue of the Americas, New York, New York 10105.

Based on information available to the Fund, none of the persons listed above intends to tender any of their Shares in the Offer.

During the past sixty (60) days, the Fund has not issued any Shares to the Adviser, trustees or officers of the Fund. Except as previously disclosed in the Fund's filings with the SEC, there have been no other transactions in Shares effected during the past sixty (60) days by the Fund, the Adviser, or any trustee or executive officer of the Fund, or any person controlling the Fund or the Adviser.

**9. Tender by DRIP Participants**. If you are a participant in the DRIP and elect to tender your Shares in full, any Shares issued to you under the DRIP subsequent to the Expiration Date will be considered part of your prior tender, and your participation in the DRIP will be terminated as of the Valuation Date. Any distributions to be paid to you on or after the Valuation Date will be paid in cash on the scheduled distribution payment date.

If you are a participant in the DRIP and elect to tender a portion of your Shares, your participation with respect to your Shares that were tendered will be terminated as of the Valuation Date. For the avoidance of doubt, your participation in the DRIP with respect to the Shares that were tendered will be terminated as of the Valuation Date regardless of whether all the Shares tendered are ultimately repurchased. Any distributions to be paid to you on or after the Valuation Date from the tendered Shares (whether or not the Shares were repurchased) will be paid in cash on the scheduled distribution payment date.

**10. Certain Federal Income Tax Consequences.** The following discussion is a general summary of the U.S. federal income tax consequences of the purchase of Shares by the Fund from Shareholders pursuant to the Offer. This summary is based on U.S. federal income tax law as of the date hereof, including the Internal Revenue Code of 1986, as amended (the "Code"), applicable Treasury regulations, Internal Revenue Service ("IRS") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. For more detailed information regarding tax considerations applicable to a purchase of Shares by the Fund pursuant to the Offer, and ownership of Shares of the Fund in general, see the Fund's Prospectus. Shareholders should also consult their own tax advisers regarding their particular situation and the potential tax consequences of a purchase of their Shares by the Fund pursuant to the Offer, including but not limited to potential state, local and foreign taxation, as well as any applicable transfer taxes.

Except where noted, this discussion deals only with Shares held as capital assets and does not deal with all tax consequences that may be relevant to Shareholders in light of their particular circumstances or to Shareholders subject to special tax rules (including, without limitation, partnerships or other pass-through entities (and investors therein), dealers or traders in securities, financial institutions, tax-exempt organizations, insurance companies, U.S. expatriates, persons liable for the alternative minimum tax, persons holding Shares as a part of a hedging, conversion or constructive sale transaction or straddle, nonresident alien individuals present in the United States for more than 182 days during the taxable year in which their Shares are repurchased pursuant to the Offer or U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar). In addition, this discussion does not address any considerations in respect of any withholding required pursuant to the Foreign Account Tax Compliance Act of 2010 (including the Treasury regulations promulgated thereunder and intergovernmental agreements entered into in connection therewith).

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As used herein, the term "U.S. Shareholder" refers to a Shareholder who is (i) an individual citizen or resident of the United States, (ii) a corporation created or organized in or under the laws of the United States or any State thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of the source of such income, or (iv) a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons (as defined in the Code) have the authority to control all substantial decisions of the trust or (b) the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person. The term "Non-U.S. Shareholder" refers to a Shareholder who is an individual, corporation, estate or trust and is not a U.S. Shareholder. Except for the discussion under "Non-U.S. Shareholders" and "Backup Withholding," the following discussion is limited to U.S. Shareholders.

**Sale or Exchange of Shares.** Under Section 302(b) of the Code, a Shareholder whose Shares are repurchased pursuant to the Offer generally will be treated as having sold the Shares and will recognize gain or loss for U.S. federal income tax purposes, so long as either (a) such Shareholder tenders, and the Fund repurchases, all of such Shareholder's Shares (i.e., reduces such Shareholder's percentage ownership of the Fund to 0%), (b) such Shareholder meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the Fund following the completion of the Offer, or (c) the tender otherwise results in a distribution that is "not essentially equivalent to a dividend," which determination depends on a Shareholder's particular facts and circumstances, including the initial size of and extent to which a Shareholder's ownership percentage interest in the Fund is reduced. For these purposes, a shareholder's ownership of the Fund is determined after applying the ownership attribution rules under Section 318 of the Code. The gain or loss recognized by a Shareholder in such case generally will equal the difference between the price paid by the Fund for the Shares pursuant to the Offer and the Shareholder's adjusted tax basis in the Shares sold. A tendering Shareholder's gain or loss will generally be a capital gain or loss. A capital gain or loss will generally be treated as a long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less. The maximum U.S. federal income tax rate applicable to capital gains recognized by a non-corporate Shareholder is currently (i) the same as the applicable ordinary income rate for short-term capital gains and (ii) 20% for long-term capital gains. In addition, the Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, estates and trusts to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains, and (ii) any net gain from the sale, exchange or other taxable disposition of the Shares.

In the event that a tendering Shareholder's ownership (or deemed ownership under Section 318 of the Code) of Shares of the Fund is not reduced to the extent required under the tests described above, such Shareholder would generally be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to the Shares held by the Shareholder after the tender (a "Section 301 distribution"). Such distribution, which would equal the price paid by the Fund to such Shareholder for the Shares sold, would be taxable as a dividend to the extent of the Fund's current and/or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the Shareholder's tax basis in the Shares, and thereafter as capital gain. If any amounts received by a Shareholder are treated as a dividend, the tax basis (after any adjustment for a return of capital) in the Shares sold pursuant to the Offer will generally be transferred to any remaining Shares held by the Shareholder. It is not expected that any amount treated as a dividend will be eligible for the dividends received deduction allowed to corporations or for the reduced U.S. federal income tax rates that are currently imposed on certain "qualified dividend income" received by non-corporate Shareholders.

Provided that no tendering Shareholder is treated as receiving a Section 301 distribution as a result of the Offer, Shareholders whose percentage ownership of the Fund increases as a result of the Offer will not be treated as realizing constructive distributions by virtue of that increase. In the event that any tendering Shareholder is deemed to receive a Section 301 distribution as a result of the Offer, it is possible that Shareholders whose percentage ownership of the Fund increases as a result of the Offer, including Shareholders who do not tender any Shares pursuant to the Offer, may be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount determined by the increase in their percentage ownership of the Fund as a result of the Offer. Any such constructive distribution would be treated as a dividend to the extent of the Fund's current and/or accumulated earnings and profits allocable to it.

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Under the "wash sale" rules under the Code, provided the tender of Shares pursuant to the Offer is treated as a sale or exchange (and not a distribution as described above), loss recognized on Shares sold pursuant to the Offer will ordinarily be disallowed to the extent the Shareholder acquires, or enters into a contract or option to acquire, other Shares of the Fund (whether through automatic reinvestment of dividends or otherwise) or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the Offer. In that event, the basis and holding period of the Shares (or substantially identical stock or securities) acquired will be adjusted to reflect the disallowed loss. Any loss realized by a Shareholder on the sale of Shares held by the Shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the Shareholder with respect to such Shares. A Shareholder's ability to utilize capital losses may be limited under the Code.

**Non-U.S. Shareholders.** Generally, if a Non-U.S. Shareholder's sale of Shares pursuant to the Offer is respected as a sale or exchange for U.S. federal income tax purposes pursuant to Section 302(b) of the Code (as discussed above), any gain realized by the Non-U.S. Shareholder will not be subject to U.S. federal income tax or to any U.S. tax withholding, provided that such gain is not effectively connected with a trade or business carried on in the United States by the Non-U.S. Shareholder. If, however, all or a portion of the proceeds received by a tendering Non-U.S. Shareholder is treated for U.S. federal income tax purposes as a distribution by the Fund that is a dividend, or if a Non-U.S. Shareholder is otherwise treated as receiving a deemed distribution that is a dividend by reason of the Shareholder's increase in its percentage ownership of the Fund resulting from other Shareholders' sale of Shares pursuant to the Offer, and, as discussed in greater detail in the Fund's Prospectus, absent a statutory exemption (for example, the exemption for any "capital gain dividend," "interest-related dividend," or "short-term capital gain dividend"), the dividend received or deemed received by the Non-U.S. Shareholder will be subject to a U.S. withholding tax of 30% (or an applicable lower treaty rate). Such withholding will not apply, however, if the dividend income is effectively connected with a trade or business carried on in the United States by the Non-U.S. Shareholder and the Non-U.S. Shareholder complies with applicable certification requirements (generally, by furnishing an IRS Form W-8ECI). If any gain or dividend income realized in connection with the tender of Shares by a Non-U.S. Shareholder is effectively connected with a trade or business carried on in the United States by the Non-U.S. Shareholder, such gain or dividend will generally be taxed at the regular rates applicable to U.S. Shareholders. In addition, if the Non-U.S. Shareholder is a non-U.S. corporation, it may be subject to a branch profits tax of 30% (or an applicable lower treaty rate) on its effectively connected income. In order to qualify for an exemption from withholding for effectively connected income or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding (as discussed below), a Non-U.S. Shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8ECI, W-8BEN or W-8BEN-E, as applicable, or any substitute form). Because an applicable withholding agent may not be able to determine if a particular Non-U.S. Shareholder qualifies for sale or exchange treatment pursuant to Section 302(b) of the Code, such agent may withhold U.S. federal income tax equal to 30% of the gross payments payable to a Non-U.S. Shareholder unless the agent determines that an exemption or a reduced rate of withholding is available as discussed above.

However, a Non-U.S. Shareholder may be eligible to obtain a refund of all or a portion of any tax withheld if such Non-U.S. Shareholder establishes that it qualifies for sale or exchange treatment pursuant to Section 302(b) of the Code or is otherwise able to establish that no tax or a reduced amount of tax is due. See the section of the Fund's Prospectus entitled "Certain U.S. Federal Income Tax Considerations-Foreign Shareholders" for further information concerning the taxation of Non-U.S. Shareholders. Non-U.S. Shareholders are urged to consult their tax advisors regarding the application of U.S. federal income tax rules, including withholding, to their tender of Shares.

**Backup Withholding.** The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any U.S. Shareholder who fails to properly furnish the Fund with a correct taxpayer identification number and a certification that such Shareholder is not subject to backup withholding (generally, through the provision of a properly executed IRS Form W-9). A Non-U.S. Shareholder generally can establish an exemption from backup withholding by certifying as to its foreign status (generally, through the provision of a properly executed IRS Form W-8BEN, W-8BEN-E or other applicable Form W-8).

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Shareholders should provide the Fund with a completed IRS Form W-9, W-8BEN or W-8BEN-E, as applicable, or other appropriate form in order to avoid backup withholding on the payment they receive from the Fund regardless of how they are taxed with respect to their tendered Shares. Backup withholding is not an additional tax and any amount withheld may be credited against a Shareholder's U.S. federal income tax liability, and may entitle the Shareholder to a refund, provided in each case that the appropriate information is timely furnished to the IRS.

**Other Tax Consequences.** The Fund's purchase of Shares in the Offer may directly result in, or contribute to a subsequent, limitation on the Fund's ability to use capital loss carryforwards to offset future gains. Therefore, in certain circumstances, Shareholders who remain Shareholders following completion of the Offer may pay taxes sooner, or pay more taxes, than they would have had the Offer not occurred.

Payments for repurchased Shares may require the Fund to liquidate all or a portion of its portfolio holdings. Such action could give rise to increased taxable distributions to Shareholders, including distributions of ordinary income or short-term capital gains taxable to individuals as ordinary income.

Under Treasury Regulations directed at tax shelter activity, if a Shareholder recognizes a loss of $2 million or more for an individual Shareholder or $10 million or more for a corporate Shareholder, such Shareholder must file with the IRS a disclosure statement on Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company ("RIC"), such as the Fund, are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper.

Shareholders should consult their own tax advisers concerning any possible disclosure obligation with respect to their disposition of Shares pursuant to the Offer.

**11. Miscellaneous.** The Offer is not being made to, nor will tenders be accepted from, Shareholders in any jurisdiction in which the Offer or its acceptance would not comply with the securities or Blue Sky laws of such jurisdiction. The Fund is not aware of any jurisdiction in which the Offer or tenders pursuant thereto would not be in compliance with the laws of such jurisdiction. However, the Fund reserves the right to exclude Shareholders from the Offer in any jurisdiction in which it is asserted that the Offer cannot lawfully be made.

The Fund believes such exclusion is permissible under applicable laws and regulations, provided the Fund makes a good faith effort to comply with any state law deemed applicable to the Offer.

The Fund has filed an Issuer Tender Offer Statement on Schedule TO with the SEC, which includes certain information relating to the Offer summarized herein. A free copy of such statement may be obtained by contacting the Transfer Agent at +1 (800) 221-5672, or from the SEC's internet web site, http://www.sec.gov.

**Financial Statements** 

The audited financial statements of the Fund as of December 31, 2024 and the unaudited financial statements of the March 31, 2025 filed with the SEC on EDGAR on March 31, 2025 and May 15, 2025, respectively, are incorporated herein by reference. The Fund will prepare and make available to Shareholders the audited annual financial statements of the Fund within 90 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

The Fund is a public reporting company under Section 13(a) of the Exchange Act and files its reports electronically on the EDGAR system.

Reports and other information about the Fund are available on the EDGAR Database on the SEC's internet site (*www.sec.gov*), and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

## Ex-99.(A)(1)(Iii)

**Exhibit (a)(1)(iii)** 

***Letter of Transmittal***

***Regarding Shares in AB Private Lending Fund***

***Tendered Pursuant to the Offer to Purchase***

***Dated June 26, 2025***

*The Offer and withdrawal rights will expire on August 1, 2025 and* 

*this Letter of Transmittal must be received in good order by* 

*the Fund's Transfer Agent, by mail, by 11:59 p.m.,* 

*Eastern Time, on August 1, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the* 

*instructions included herein* 

Ladies and Gentlemen:

The undersigned hereby tenders to AB Private Lending Fund, a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware statutory trust (the "Fund"), the shares of beneficial interest in the Fund (the "Shares") or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated June 26, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase, and any amendments and supplements thereto, constitute the "Offer"). *The Offer and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the Fund to reject any and all tenders determined by it, in its sole discretion, not to be received timely or in the appropriate form.*

**IMPORTANT: If you hold Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you must contact that institution in order to tender your Shares and request that your broker, dealer, commercial bank, trust company or other nominee effect the tender for you.** 

The undersigned hereby sells to the Fund the Shares or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer Shares tendered hereby and all dividends, distributions (including, without limitation, distributions of additional Shares) and rights declared, paid or distributed in respect of such Shares that are declared, paid or distributed in respect of a record date occurring on or after the valuation date of the Offer (collectively, "Distributions"), that when such Shares are accepted for repurchase by the Fund, the Fund will acquire good, marketable and unencumbered title thereto and to all Distributions, free and clear of all liens, restrictions, charges, proxies, encumbrances, conditional sale agreements or other obligations relating to the sale thereof, and that none of such Shares or Distributions will be subject to any adverse claim. The undersigned, upon request, shall execute and deliver all additional documents deemed by the Transfer Agent or the Fund to be necessary or desirable to complete the sale, assignment and transfer of Shares tendered hereby and all Distributions.

The undersigned name(s) on this Letter of Transmittal must correspond exactly with the name(s) on the books and records of the Fund maintained by Alliance Bernstein Investor Services, Inc., the Fund's transfer agent (the "Transfer Agent"). The undersigned recognizes that, under certain circumstances as set forth in the Offer to Purchase, the Fund may amend, extend or terminate the Offer or may not be required to purchase any of the Shares tendered hereby. In any such event, the undersigned understands that the Shares not purchased, if any, will continue to be held by the undersigned and will not be tendered.

The undersigned understands that upon acceptance of Shares by the Fund for payment will constitute a binding agreement between the undersigned and the Fund upon the terms and subject to the conditions of the Offer. The undersigned acknowledges that, in accordance with the terms and subject to the conditions of the Offer, a cash payment will be made to the undersigned if the Fund accepts for purchase the Shares timely and properly tendered hereby. The cash payment(s) of the purchase price for the Shares or portion thereof of the undersigned (less the 2.0% "early repurchase deduction," as applicable), as described in Section 6 "Purchases and Payment" of the Offer to Purchase, will be made on behalf of the Fund to the account identified by the undersigned below or, if no instructions are indicated, to the account on record with the Transfer Agent for the payment of dividends. The undersigned understands that in no event will the undersigned receive any interest on the purchase price for the Shares tendered.

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If the undersigned is a participant in the Fund's distribution reinvestment plan ("DRIP"), the undersigned will continue to participate in the DRIP unless the Transfer Agent is otherwise notified by the undersigned in accordance with the terms of the DRIP. Notwithstanding the foregoing, if the undersigned tenders their Shares in full and all or any portion of such tender is accepted by the Fund, the undersigned's participation in the DRIP will be automatically terminated as of the valuation date of the Offer, and any distributions due but not yet paid as of such date will be paid in cash on the scheduled distribution payment date. Shares that are issued pursuant to the DRIP and tendered shall not be subject to the early repurchase deduction.

No alternative, conditional or contingent tenders will be accepted. All tendering shareholders, by execution of this Letter of Transmittal, waive any right to receive any notice of the acceptance of their Shares for payment.

All questions as to validity, form and eligibility (including time of receipt), including questions as to the proper completion or execution of any Letter of Transmittal or other required documents will be determined by the Fund in its sole and absolute discretion (which may delegate power in whole or in part to the Transfer Agent) which determination will be final and binding. The Fund reserves the absolute right to reject any or all tenders (i) determined by it not to be received timely or in appropriate form or (ii) for which the acceptance of, or payment for, would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any defect or irregularity in the surrender of any Shares whether or not similar defects or irregularities are waived in the case of any other shareholder. A surrender will not be deemed to have been validly made until all defects and irregularities have been cured or waived. The Fund and the Transfer Agent shall make reasonable efforts to notify any person of any defect in any Letter of Transmittal submitted to the Transfer Agent.

**Backup Withholding.** Under U.S. federal income tax laws, the Transfer Agent will be required to withhold a portion of the amount of any payments made to certain shareholders pursuant to the Offer. In order to avoid such backup withholding, each tendering shareholder or payee that is a United States person (for U.S. federal income tax purposes) who has not previously submitted to the Transfer Agent a correct, completed and signed Internal Revenue Service ("IRS") Form W-9, should provide the Transfer Agent with such shareholder's or payee's correct taxpayer identification number ("TIN") by completing a Form W-9 with the required certifications being made under penalties of perjury. A copy of such form may be obtained from the Transfer Agent or downloaded from the Internal Revenue Service's website at the following address: <u>http://www.irs.gov</u>. If such shareholder is an individual, the TIN is such shareholder's social security number. If the Transfer Agent is not provided with the correct TIN, the shareholder may be subject to penalties imposed by the IRS and payments that are made to such shareholder with respect to Shares purchased pursuant to the Offer may be subject to backup withholding. If backup withholding applies with respect to such non-exempt United States person, the Transfer Agent is required to withhold 24% of any payments of the purchase price made to the shareholder. Backup withholding is not an additional tax. Rather, the tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may be obtained from the IRS provided that the required information is furnished to the IRS in a timely manner.

In order to avoid backup withholding, a foreign shareholder who has not previously submitted to the Transfer Agent a correct, completed and signed version of the appropriate IRS tax form should submit to the Transfer Agent a properly completed applicable IRS Form W-8 (IRS Form W-8BEN for foreign individuals; or IRS Form W-8BEN-E for certain foreign entities; or other applicable IRS forms), including certification of such shareholder's foreign status, signed under penalties of perjury. Copies of such forms may be obtained from the Transfer Agent or downloaded from the Internal Revenue Service's website at the following address: <u>http://www.irs.gov</u>.

Certain shareholders or payees (including, among others, corporations, non-resident foreign individuals and foreign entities) are not subject to these backup withholding and reporting requirements but should certify their exemption by completing the applicable Form W-9 or W-8 if they have not previously submitted to the Transfer Agent a correct, completed and signed version of the appropriate IRS tax form, or if their applicable Form W-8 is no longer current. Failure to complete the applicable Form W-9 or W-8 will not, by itself, cause Shares to be deemed invalidly tendered, but may require the Transfer Agent to withhold a portion of the amount of any payments made of the purchase price pursuant to the Offer.

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**NOTE: FAILURE TO COMPLETE AND RETURN THE APPLICABLE FORM W-9 OR FORM W-8 MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER IF THE TRANSFER AGENT DOES NOT HAVE A CORRECT, COMPLETED AND SIGNED VERSION OF THE APPROPRIATE IRS TAX FORM ON FILE.** 

**What Number to Give the Transfer Agent** 

Each United States shareholder is generally required to give the Transfer Agent its social security number or employer identification number. If the tendering shareholder has not been issued a TIN and has applied for a number or intends to apply for a number in the near future, the shareholder should write "Applied For" in Section A, sign and date a Form W-9. Notwithstanding that "Applied For" is written in Section A, the Transfer Agent will withhold 24% of all payments of the purchase price to such shareholder until a TIN is provided to the Transfer Agent. Such amounts will be refunded to such surrendering shareholder if a TIN is provided to the Transfer Agent within 60 days. **Please consult your own accountant or tax advisor for further guidance regarding the completion of IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E, or another version of IRS Form W-8 to claim exemption from backup withholding, or contact the Transfer Agent.**

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

Method of delivery of this Letter of Transmittal is at the option and risk of the owner thereof. If delivering via regular mail or overnight delivery, please deliver this Letter of Transmittal in its entirety to the Transfer Agent:

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| | |
|:---|:---|
| **Regular or Overnight Mail:** | Alliance Bernstein Investor Services, Inc.<br> Attention: AB Private Lending Fund<br> 8000 IH 10 W, 13<sup>th</sup> Floor<br> San Antonio, TX 78230 |

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**DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY TO THE TRANSFER AGENT.** 

**IT IS UNDERSTOOD THAT THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE OPTION AND RISK OF THE UNDERSIGNED AND THAT THE RISK OF LOSS OF THIS LETTER OF TRANSMITTAL AND OTHER DOCUMENTS SHALL PASS ONLY AFTER THE TRANSFER AGENT HAS ACTUALLY RECEIVED THE LETTER OF TRANSMITTAL. IF DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT ALL SUCH DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.** 

**<u>VALUATION DATE</u>: June 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), on August 1, 2025** 

[*Remainder of Page Intentionally Left Blank*]

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**PARTS 1, 2, 3, 4, AND 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST.** 

**A SEPARATE LETTER OF TRANSMITTAL MUST BE COMPLETED FOR EACH ACCOUNT TENDERING SHARES.** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**PLEASE SEND COMPLETED FORMS TO YOUR FINANCIAL ADVISOR / PORTFOLIO MANAGER** 

**PART 1 - NAME (AS IT APPEARS ON YOUR AB PRIVATE LENDING FUND STATEMENT) AND CONTACT INFORMATION** 

Fund Name:

Fund Account #:

Account Name/Registration:

Share Class:

Address:

City, State, Zip:

Telephone Number:

Email Address:

Financial Intermediary Firm Name:

Financial Intermediary Account #:

Financial Advisor Name:

Financial Advisor Telephone #:

**PART 2 - REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Shares.** 

☐ Full Repurchase

☐ Partial Repurchase\* of Class I Shares (please only provide a number of Class I Shares, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase\* of Class D Shares (please only provide a number of Class D Shares, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase\* of Class S Shares (please only provide a number of Class S Shares, **<u>not</u>** a dollar amount) 

\* If the requested partial repurchase would put the account balance below the required minimum balance, the Fund may instead repurchase all of your Shares. Such minimum account balance requirement may be waived by the Fund, in its sole discretion.

**PART 3 - REPURCHASE TYPE *(Check one, required)***

☐ Normal ☐ Death ☐ Disability ☐ Divorce

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Our share repurchase plan contains limitations on the number of Shares that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period, and we may elect to repurchase fewer Shares than have been requested in any particular quarter, or none at all. If the number of Shares subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each shareholder's request will be reduced on a pro-rata basis.

**PART 4 - PAYMENT** 

Payments will be directed back to the account from which your subscription funds were debited. Contact your financial intermediary or account manager if you have any questions.

**PART 5 - SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Prospectus and the Offer to Purchase, and all capitalized terms used herein and not otherwise defined have the meaning as defined in the Fund's Prospectus. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the shares in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering shareholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

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| | | |
|:---|:---|:---|
| Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
| Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

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## Ex-99.(A)(1)(Iv)

**Exhibit (a)(1)(iv)** 

**Form of Letter from the Fund to Shareholders** 

**in Connection with the Fund's Acceptance of the Request to Repurchase Shares** 

AB PRIVATE LENDING FUND

c/o AB Private Credit Investors, LLC

405 Colorado Street, Suite 1500

Austin, TX 78701

[DATE]

[SHAREHOLDER NAME/ADDRESS]

Dear Shareholder:

This letter relates to the tender offer by AB Private Lending Fund (the "Fund") to purchase up to 5% of the Fund's Class I common shares of beneficial interest (the "Class I Shares"), Class D common shares of beneficial interest (the "Class D Shares") and Class S common shares of beneficial interest (the "Class S Shares" and together with the Class I shares and the Class D Shares, the "Shares") or portions thereof, upon the terms and subject to the conditions set forth in the Fund's Offer to Purchase, dated June 26, 2025 (together with any amendments or supplements thereto, the "Offer to Purchase"), and in the accompanying Letter of Transmittal (together with any amendments or supplements thereto and with the Offer to Purchase, the "Offer"). The Fund has accepted for purchase [ ]% of the Shares that were properly tendered and not properly withdrawn in connection with the Offer.

Accordingly, this letter serves to inform you that the Fund has received and accepted for purchase, as of [ ], 2025, a corresponding percentage of your tender of Shares in the Offer (which percentage takes into account any proration in the event the Fund's tender offer is oversubscribed, as applicable). For more details, please see the Fund's Amendment No. 1 to its Tender Offer Statement on Schedule TO relating to the Offer, as filed with the Securities and Exchange Commission.

In accordance with the terms of the Offer, the Fund will effect payment for your properly tendered and accepted Shares in cash to you in an aggregate amount equal to the net asset value of the properly tendered and accepted Shares as of June 30, 2025, less the 2% "early repurchase deduction" (if such deduction is applicable to your investment).

If you have any questions, please contact the Fund's Transfer Agent, Alliance Bernstein Investor Services, Inc., at +1 (800) 221-5672.

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|:---|
| Sincerely, |
| AB Private Lending Fund |

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## Ex-99.(A)(1)(V)

**Exhibit (a)(1)(v)** 

***Notice of Withdrawal of Tender***

***Regarding Shares in AB Private Lending Fund***

***Tendered Pursuant to the Offer to Purchase Dated June 26, 2025***

*The Offer and withdrawal rights will expire on August 1, 2025* 

*and this Notice of Withdrawal must be received by* 

*the Fund's Transfer Agent, by mail, by 11:59 p.m.,* 

*Eastern Time, on August 1, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and follow the transmittal instructions included herein* 

**Complete this Notice of Withdrawal of Tender and return it to Alliance Bernstein** 

**Investor Services, Inc., the Fund's transfer agent (the "Transfer Agent"), as follows:** 

*For delivery by registered, regular, certified or* 

*express mail, by overnight courier or by* 

*personal delivery:* 

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| | |
|:---|:---|
| **Regular or Overnight Mail:** | Alliance Bernstein Investor Services, Inc.<br> Attention: AB Private Lending Fund<br> 8000 IH 10 W, 13<sup>th</sup> Floor<br> San Antonio, TX 78230 |

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**You are responsible for confirming that this Notice is received timely by the Transfer Agent at the address above. If you fail to confirm receipt of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.** 

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**AB PRIVATE LENDING FUND** 

**NOTICE OF WITHDRAWAL OF TENDER** 

Ladies and Gentlemen:

The undersigned hereby withdraws the tender of its Class I common shares of beneficial interest (the "Class I Shares"), Class D common shares of beneficial interest (the "Class D Shares") and/or Class S common shares of beneficial interest (the "Class S Shares" and together with the Class I shares and the Class D Shares, the "Shares"), of AB Private Lending Fund (the "Fund") that previously was submitted by the undersigned in a Letter of Transmittal, dated _____________, 2025.

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|:---|
| Fund Name: |
| Fund Account #: |
| Account Name/Registration: |
| Address: |
| City, State, Zip: |
| Telephone Number: |
| Email Address: |
| Financial Intermediary Firm Name: |
| Financial Intermediary Account #: |
| Financial Advisor Name: |
| Financial Advisor Telephone: |

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The undersigned represents that the undersigned is the beneficial owner of the Shares in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing shareholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

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| | | |
|:---|:---|:---|
| Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
| Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

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*This AB Private Lending Fund Notice of Withdrawal Form is valid only in conjunction with the terms of the Offer to Purchase dated June 26, 2025.*

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

FORM TO-I

(Form Type)

AB Private Lending Fund

(Name of Issuer)

AB Private Lending Fund

(Name of Person(s) Filing Statement)

<u>Table 1: Transaction Valuation</u> 

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction <br>Valuation | Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of <br>Filing Fee |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid | $5945470.86<sup>(1)</sup> | 0.00015310 | $910.26<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid | $0.0 |  | $0.0 |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $5945470.86 <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $910.26<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  | $0.0 |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  | $889.61<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $20.65<sup>(2)(3)</sup> |

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(1) Calculated as the aggregate maximum purchase price for Class I common shares of beneficial interest (the
"Class I Shares"), Class D common shares of beneficial interest (the "Class D Shares") and Class S common shares of beneficial interest (the "Class S Shares" and together with the Class I
shares and the Class D Shares, the "Shares") of AB Private Lending Fund (the "Company"), based upon the net asset value per Share as of May 30, 2025. This amount is based upon the offer to purchase up to 234,906 Shares.

(2) Calculated at $153.10 per $1,000,000.00 of the Transaction Valuation in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as modified by Fee Rate Advisory No. 1 for Fiscal Year 2025.

(3) An aggregate fee of $851.01 was paid with the filing of the Schedule TO-I by the Company (File No. 005-94609) on December 27, 2024 (the "December 2024 Schedule TO-I"). The final
transaction fee due pursuant to the final amendment to the December 2024 Schedule TO-I filed on February 6, 2025 was $0, as no Shares were tendered in connection with the related tender offer. Pursuant to
Rule 0-11(a)(2) under the Exchange Act, the $851.01 filing fee paid in connection with the December 2024 Schedule TO-I is being used to offset a portion of the filing
fee in connection with this Schedule TO-I.

An aggregate fee of $38.60 was paid with the filing of the Schedule TO-I by the Company (File No. 005-94609) on March 27, 2025 (the "March 2025 Schedule TO-I"). The final transaction fee due pursuant to the final amendment to the March 2025 Schedule TO-I filed on May 1, 2025 was $0, as no Shares were tendered in connection with the related tender offer. Pursuant to Rule 0-11(a)(2) under the Exchange Act, the $38.60 filing fee paid in connection with the March 2025 Schedule TO-I is being used to offset a portion of the filing fee in connection with this Schedule TO-I.

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<u>Table 2: Fee Offset Claims and Sources</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Registrant<br> or<br> Filer<br> Name | Form<br> or<br> Filing<br> Type | File<br> Number | Initial<br> Filing<br> Date | Filing<br> Date | Fee<br> Offset<br> Claimed | Fee<br> Paid<br> with<br> Fee<br> Offset<br> Source |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Claims |  | SC TO-I | 005-94609 | December<br> 27, 2024 |  | $851.01 |  |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Sources | AB Private Lending Fund | SC TO-I | 005-94609 |  | December<br> 27, 2024 |  | $851.01 |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Claims |  | SC TO-I | 005-94609 | March<br> 27, 2025 |  | $38.60 |  |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Sources | AB Private Lending Fund | SC TO-I | 005-94609 |  | March<br> 27, 2025 |  | $38.60 |

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