Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

INVESTMENT
ADVISORY AGREEMENT

BETWEEN

NORTH HAVEN PRIVATE INCOME FUND LLC

AND

MS CAPITAL PARTNERS ADVISER INC.

 

This
Investment Advisory Agreement (this “Agreement”) is made as of November 4, 2021, by and between North
Haven Private Income Fund LLC, a Delaware limited liability company (the “Company”), and MS Capital Partners Adviser
Inc., a Delaware corporation (the “Adviser”).

 

WHEREAS,
the Company is a newly organized non-diversified, closed-end management investment company that has elected to be regulated as a business
development company (“BDC”) under the Investment
Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940
Act”);

 

WHEREAS,
the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated
thereunder, the “Advisers Act”);

 

WHEREAS,
the Company desires to retain the Adviser to provide investment advisory services to the Company in the manner and on the terms and conditions
hereinafter set forth; and

 

WHEREAS, the Adviser is willing
to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Adviser hereby agree as follows:

 

Section 1.     Duties
of the Adviser.

 

(a)            Retention
of Adviser. The Company hereby appoints the Adviser

 

to act as the investment adviser to the Company
and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the board of directors of the
Company (the “Board”), for the period and upon the terms herein set forth in accordance with:

 

(i)            the
investment objective, policies and restrictions that are set forth in the Company’s Registration Statement on Form 10 or other
registration statements the Company may file with the SEC, as applicable, filed with the Securities and Exchange Commission (the “SEC”),
as supplemented, amended or superseded from time to time, and in the Company’s confidential private placement memorandum,
as amended from time to time, or as may otherwise be set forth in the Company’s reports filed in compliance with the Securities
Exchange Act of 1934, as amended, as applicable;

 

(ii)            during
the term of this Agreement, all other applicable federal and state laws, rules and regulations, and the Company’s certificate
of formation and limited liability company agreement, as they may be amended from time to time (the “Organizational Documents”);

 

     

     

    

 

(iii)            such
investment policies, directives, regulatory restrictions as the Company may from time to time establish or issue and communicate to the
Adviser in writing; and

 

(iv)            the
Company’s compliance policies and procedures as applicable to the Adviser and as administered by the Company’s chief compliance
officer.

 

(b)            Responsibilities
of Adviser. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of
this Agreement:

 

(i)            determine
the composition and allocation of the Company’s investment portfolio, the nature and timing of any changes therein and the manner
of implementing such changes;

 

(ii)            identify,
evaluate and negotiate the structure of the investments made by the Company;

 

(iii)            perform
due diligence on prospective portfolio companies;

 

(iv)            execute,
close, service and monitor the Company’s investments;

 

(v)            determine
the securities and other assets that the Company shall purchase, retain or sell;

 

(vi)            arrange
financings and borrowing facilities for the Company;

 

(vii)            provide
the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require
for the investment of its funds; and

 

(viii)            to
the extent permitted under the 1940 Act and the Advisers Act, on the Company’s behalf, and in coordination with any Sub-Adviser
(as defined below) and any administrator, provide significant managerial assistance to those portfolio companies to which the Company
is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things,
monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise
officers of portfolio companies and provide other organizational and financial consultation.

 

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(c)            Power
and Authority. To facilitate the Adviser’s performance of these undertakings, but subject to the restrictions contained herein,
the Company hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more Sub-Advisers),
and the Adviser hereby accepts, the power and authority to act on behalf of and in the name of the Company to effectuate investment decisions
for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition and disposition of
the Company’s investments, the placing of orders for other purchase or sale transactions on behalf of the Company or any entity
in which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments,
and the engagement of any services providers deemed necessary or appropriate by the Adviser to the exercise of such power and authority.
In the event that the Company determines to acquire debt or other financing (or to refinance existing debt or other financing), the Adviser
shall use commercially reasonable efforts to arrange for such financing on the Company’s behalf, subject to the oversight and approval
of the Board. If it is necessary for the Adviser to make investments or obtain financing on behalf of the Company through a special purpose
vehicle, the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments
or obtain financing through such special purpose vehicle in accordance with applicable law. The Company also grants to the Adviser power
and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion,
appropriate, necessary or advisable to carry out its duties pursuant to this Agreement, including the authority to open accounts and
deposit, maintain and withdraw funds of the Company or any of its subsidiaries in any bank, savings and loan association, brokerage firm
or other financial institution.

 

(d)            Acceptance
of Appointment. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein
for the compensation provided herein, subject to the limitations contained herein. Unless and until it resigns or is removed as investment
adviser to the Company in accordance with this Agreement, the Adviser, to the extent of its powers as set forth in this Agreement, shall
be an agent of the Company for the purpose of the Company’s business, and action taken by the Adviser in accordance with such powers
shall bind the Company.

 

(e)            Sub-Advisers.
The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each a “Sub-Advisory Agreement”)
with other investment advisers (each a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the
Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and/or
the Company, with the scope of such services and oversight to be set forth in each Sub-Advisory Agreement.

 

(i)            The
Adviser and not the Company shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser
shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees
and expenses otherwise payable to the Adviser under this Agreement.

 

(ii)            Any
Sub-Advisory Agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and the Advisers Act,
including without limitation, the requirements of the 1940 Act relating to Board and Company unitholder approval thereunder, and other
applicable federal and state law.

 

(iii)            Any
Sub-Adviser shall be subject to the same fiduciary duties as are imposed on the Adviser pursuant to this Agreement, the 1940 Act and the
Advisers Act, as well as other applicable federal and state law.

 

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(f)            Independent
Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as
expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed
an agent of the Company.

 

(g)            Record
Retention. Subject to review by and the overall control of the Board, the Adviser shall maintain
and keep all books, accounts and other records of the Adviser that relate to activities performed by the Adviser hereunder as required
under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains and keeps for the Company shall at all
times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered
to the Company upon the termination of this Agreement or otherwise on written request by the Company. The Adviser further agrees that
the records that it maintains and keeps for the Company shall be preserved in the manner and for the periods prescribed by the 1940 Act,
unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain copies, or originals where
required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. The Adviser
shall maintain records of the locations where books, accounts and records are maintained among the persons and entities providing services
directly or indirectly to the Adviser or the Company.

 

Section 2.     Expenses
Payable by the Company.

 

(a)            Adviser
Personnel. All investment personnel of the Adviser, when and to the extent engaged in providing investment advisory services and
managerial assistance hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall
be provided and paid for by the Adviser and not by the Company.

 

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(b)            Company’s
Costs. Subject to the limitations on expense reimbursement of the Adviser as set forth in Sections 2(a) and (c), the Company,
either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its investment operations and its investment
transactions, including costs and expenses relating to: the Company’s initial organizational costs and operating costs incurred
prior to the filing of its election to be regulated as a BDC; the costs associated with any offerings of the Company’s securities;
calculating individual asset values and the Company’s net asset value (including the cost and expenses of any third-party valuation
services); out-of-pocket expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of
its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on
prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination
fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately
made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing the Company’s
rights; the Base Management Fee (as defined below) and any Incentive Fees (as defined below) payable under this Agreement; certain costs
and expenses relating to distributions paid by the Company; administration fees payable under the administration agreement, by and between
the Company and MS Private Credit Administrative Services LLC (in such capacity, the “Administrator”), dated as of
November 4, 2021 (the “Administration Agreement”) and any sub-administration agreements, including related
expenses; arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements; the allocated costs
incurred by the Adviser or the Administrator in providing managerial assistance to those portfolio companies that request it; amounts
payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing
of prospective or actual investments; the costs associated with subscriptions to data service, research-related subscriptions and expenses
and quotation equipment and services used in making or holding investments and dues and expenses incurred in connection with membership
in industry or trade organizations; fees and expenses payable under any dealer manager agreements; escrow agent, distribution agent,
transfer agent and custodial fees and expenses; costs of derivatives and hedging; commissions and other compensation payable to brokers
or dealers; federal, state and local registration fees; any fees payable to rating agencies; the cost of effecting any sales and repurchases
of the Company’s units and other securities, including servicing fees; U.S. federal, state and local taxes; costs incurred in connection
with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; independent director
fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of
compliance with the 1940 Act, the Sarbanes-Oxley Act of 2002, as amended, and applicable federal and state securities laws, and attestation
and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including
the compensation of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements
or other notices to the Company’s unitholders (including printing and mailing costs), the costs of any unitholders’ meetings
and the costs and expenses of preparations for the foregoing and related matters; the costs of specialty and custom software expense
for monitoring risk, compliance and overall investments; fees and expenses associated with marketing efforts; the Company’s fidelity
bond; any necessary insurance premiums; extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant
to any agreement to provide indemnification entered into by the Company); direct fees and expenses associated with independent audits,
agency, consulting and legal costs; costs of winding up; and all other expenses incurred by either the Administrator or the Company in
connection with administering the Company’s business, including payments under the Administration Agreement based upon the Company’s
allocable portion of the compensation paid to the Company’s Chief Financial Officer and Chief Compliance Officer and reimbursing
third-party expenses incurred by the Administrator under the Administration Agreement in carrying out its administrative services, including,
but not limited to, the fees and expenses associated with performing compliance functions. The presence of an item in or its absence
from the foregoing list, on the one hand, and the list of Company expenses set forth in Section 4(b) of Administration Agreement,
on the other, shall in no way be construed to limit the responsibility of the Company for such expense under either agreement.

 

For avoidance of doubt, it is agreed and understood
that, from time to time, the Adviser or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth
herein or otherwise and that the Company shall reimburse the Adviser or its affiliates for all such costs and expenses that have been
paid by the Adviser or its affiliates on behalf of the Company.

 

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(c)            Portfolio
Company’s Compensation. In certain circumstances the Adviser, any Sub-Adviser, or any of their respective Affiliates
(as defined below), may receive compensation from a portfolio company, in connection with the Company’s investment in such portfolio
company. Any compensation received by the Adviser, Sub-Adviser, or any of their respective Affiliates, attributable to the Company’s
investment in any portfolio company, in excess of any of the limitations in or exemptions granted from the 1940 Act, any interpretation
thereof by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, any Sub-Adviser or the Company
by the SEC, shall be delivered promptly to the Company and the Company will retain such excess compensation for the benefit of its unitholders.

 

Section 3.     Compensation
of the Adviser.

 

The
Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management
fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth.
Any of the fees payable to the Adviser under this Agreement for any partial calendar quarter shall be appropriately prorated based on
the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.

 

(a)            Base
Management Fee. The Base Management Fee is calculated at an annual rate of 1.25% of the Company’s average net asset value at
the end of the two most recently completed calendar months. The Adviser may, in its discretion, defer payment of the Base Management
Fee, without interest, to any subsequent month. Base Management Fees for any partial month are prorated based on the number of days in
the month.

 

(b)            Incentive
Fee. The Incentive Fee is divided into two parts: (1) an income incentive fee and (2) a capital gains incentive fee.

 

(i)            Income
Incentive Fee. The income incentive fee is earned on pre-incentive fee net investment income of the Company. For purposes of calculating
the income incentive fee, “pre-incentive fee net investment income” is defined as interest income, distribution income
and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Base Management Fee,
expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and
outstanding preferred units, but excluding the Incentive Fee and any servicing fees and/or distribution fees paid to broker-dealers. Pre-incentive
fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments
with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received
in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined
to be uncollectible in cash.

 

(1)            Pre-incentive
fee net investment income shall be compared to a “Hurdle Rate” of 1.25% per quarter (5.0% annualized). The Company
shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

 

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(A)            no
incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s pre-incentive fee
net investment income does not exceed the Hurdle Rate;

 

(B)            100%
of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that
exceeds the Hurdle Rate but is less than 1.43% in any calendar quarter (5.72% annualized). This portion of the pre-incentive fee net investment
income (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “catch-up.” The “catch-up”
is meant to provide the Adviser with approximately 12.5% of the Company’s pre-incentive fee net investment income as if a Hurdle
Rate did not apply if pre-incentive fee net investment income exceeds 1.43% in any calendar quarter; and

 

(C)            12.5%
of the pre-incentive fee net investment income, if any, that exceeds 1.43% in any calendar quarter (5.72% annualized), which reflects
that once the Hurdle Rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income is paid to the
Adviser.

 

(ii)            Capital
Gains Incentive Fee. The Company shall pay the Adviser a capital gains incentive fee calculated and payable in arrears in cash as
of the end of each calendar year or upon the termination of this Agreement in an amount equal to 12.5% of the Company’s realized
capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar
year or upon the termination of this Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative
basis, less the aggregate amount of any previously paid capital gain incentive fees. For the purpose of computing the incentive fee on
capital gains, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference
assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation
on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation
of the capital gains incentive fee.

 

(c)            Waiver
or Deferral of Fees.

 

The Adviser shall have the right
to elect to waive or defer all or a portion of the Base Management Fee and/or Incentive Fee that would otherwise be paid to it. Prior
to the payment of any fee to the Adviser, the Company shall obtain written instructions from the Adviser with respect to any waiver or
deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect
to any calendar quarter or year shall be deferred without interest and may be paid over in any such other quarter prior to the termination
of this Agreement, as the Adviser may determine upon written notice to the Company.

 

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Section 4.     Covenant
of the Adviser.

 

The Adviser covenants that
it is registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall maintain such registration
until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all material
respects with all applicable federal and state laws governing its operations and investments, except to the extent that any such noncompliance
would not reasonably be expected to have a material adverse effect on the ability of the Adviser to fulfill its obligations under this
Agreement. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant
to Rule 17j-1 under the 1940 Act, as such code of ethics may be amended from time to time.

 

Section 5.     Brokerage
Commissions.

 

The Adviser is hereby authorized,
to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account
factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such
amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker
or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio,
and is consistent with the Adviser’s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with
regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups,
nor participate in any business arrangements which would circumvent this restriction.

 

Section 6.     Other
Activities of the Adviser.

 

The services of the Adviser
to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including,
without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital,
however structured, having investment objectives similar to or different from those of the Company, and nothing in this Agreement shall
limit or restrict the right of any officer, director, equityholder (and their equityholders or members, including the owners of their
equityholders or members), or employee of the Adviser to engage in any other business or to devote his or her time and attention in part
to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including
fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject
to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein.

 

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During
the term of this Agreement and for a period of one year following any termination or nonrenewal of this Agreement for any reason, the
Company shall not, directly or indirectly on behalf of itself or any other person or entity: (a) solicit the employment of or employ
any partners, stockholders, directors, trustees, officers, employees, consultants and/or associated persons (each, an “Associate”)
of the Adviser, any Sub-Adviser or any of their respective Affiliates (collectively, “Adviser Persons”)
or any person or entity who was an Associate of an Adviser Person during the one-year period preceding such proposed solicitation or
employment, or (b) induce, persuade or attempt to induce or persuade the discontinuation of, or in any way interfere or attempt
to interfere with, the relationship between an Adviser Person and any Associate of such Adviser Person or any person or entity who was
an Associate of such Adviser Person during the one-year period preceding such proposed inducement, persuasion or interference or attempted
inducement, persuasion or interference. The parties intend that any provision of this Section 6 held invalid, illegal or unenforceable
only in part or degree because of the duration or geographic scope thereof shall remain in full force to the extent not held invalid,
illegal or unenforceable.

 

For
purposes of this Agreement, “Affiliate” or “Affiliated” or any derivation thereof means
with respect to any individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association
(“Person”): (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 10%
or more of the outstanding voting securities of such other Person; (b) any Person 10% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly
controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general
partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general
partner.

 

Section 7.     Responsibility
of Dual Directors, Officers and/or Employees.

 

If any person who is a director,
officer, equityholder or employee of the Adviser is or becomes a director, officer, unitholder and/or employee of the Company and acts
as such in any business of the Company, then such director, officer, equityholder and/or employee of the Adviser shall be deemed to be
acting in such capacity solely for the Company, and not as a director, officer, equityholder or employee of the Adviser or under the control
or direction of the Adviser, even if paid by the Adviser.

 

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Section 8.     Indemnification.

 

Subject to Section 9,
the Adviser, any Sub-Adviser, each of their respective directors, trustees, officers, equityholders or members (and their equityholders
or members, including the owners of their equityholders or members), agents, employees, controlling persons (as determined under the
1940 Act (“Controlling Persons”)), any other person or entity Affiliated with the Adviser or Sub-Adviser (including
each of their respective directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners
of their equityholders or members), agents, employees or Controlling Persons) and any other person or entity acting on behalf of, the
Adviser or Sub-Adviser (each an “Indemnified Party” and, collectively, the “Indemnified Parties”)
shall not be liable to the Company or any unitholder thereof for any action taken or omitted to be taken by the Adviser or any Sub-Adviser
in connection with the performance of any of their duties or obligations under this Agreement or otherwise as an investment adviser of
the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary
duty with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Indemnified Parties
(each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in satisfaction of judgments, in compromises
and settlement, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim
or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated (“Losses”) incurred by the
Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including
an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of
any of the Indemnified Parties’ duties or obligations under this Agreement, any Sub-Advisory Agreement, or otherwise as an investment
adviser of the Company to the extent such Losses are not fully reimbursed by insurance and otherwise to the fullest extent such indemnification
would not be inconsistent with the Organizational Documents, the 1940 Act, the laws of the State of New York and other applicable law.

 

Section 9.     Limitation
on Indemnification.

 

Notwithstanding anything in
Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect any of the Indemnified Parties against,
or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of, any Losses to the Company or its security
holders to which the Indemnified Parties would otherwise be subject primarily attributable to the willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s or Sub-Adviser’s duties or by reason of the reckless disregard of the Adviser’s
or Sub-Adviser’s duties and obligations under this Agreement or any Sub-Advisory Agreement (to the extent applicable, as the same
shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

 

In addition, notwithstanding
any of the foregoing to the contrary, the provisions of Section 8 and this Section 9 shall not be construed so as to provide
for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain
circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification
would be in violation of applicable law, but shall be construed so as to effectuate the provisions of Section 8 and this Section 9
to the fullest extent permitted by law.

 

Section 10. Effectiveness, Duration and Termination
of Agreement.

 

(a)            Term
and Effectiveness. This Agreement shall become effective as of the first date written above. Once effective, this Agreement shall
remain in effect for two years, and thereafter shall continue automatically for successive one-year periods; provided that such continuance
is specifically approved at least annually by: (i) the vote of the Board, or by the vote of a majority of the outstanding voting
securities of the Company and (ii) the vote of a majority of the Independent Directors, in accordance with the requirements of the
1940 Act, or as otherwise permitted under Section 15 of the 1940 Act.

 

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(b)       Termination. This Agreement may be terminated at any
time, without the payment of any penalty, (i) by the Company upon 60 days’ prior written notice to the Adviser: (A) upon
the vote of a majority of the outstanding voting securities of the Company (as “majority of the outstanding voting securities”
is defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote of the Independent Directors; or (ii) by the Adviser
upon not less than 60 days’ prior written notice to the Company. This Agreement shall automatically terminate in the event of its
 “assignment” (as such term is defined for purposes of construing Section 15(a)(4) of the 1940 Act). The
provisions of Sections 8 and 9 shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof,
notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid,
the Adviser shall be entitled to any amounts owed to it under Section 3 through the date of termination or expiration and Sections
8 and 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

(c)            Duties
of Adviser Upon Termination. The Adviser shall promptly upon termination:

 

(i)            deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering
the period following the date of the last accounting furnished to the Board;

 

(ii)            deliver
to the Board all assets and documents of the Company then in custody of the Adviser; and

 

(iii)            cooperate
with the Company to provide an orderly transition of services.

 

Section 11.     Notices.

 

Any notice under this Agreement
shall be given in writing, addressed and delivered, emailed or mailed, postage prepaid, to the other party at the address listed below
or at such other address for a party as shall be specified in a notice given in accordance with this Section.

 

Section 12.        Amendments.

 

This Agreement may be amended
by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in conformity with the requirements
of the 1940 Act.

 

Section 13.     Severability.

 

If any provision of this Agreement
shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this
Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder
hereof.

 

Section 14.     Counterparts.

 

This Agreement may be executed
in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument
binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

    - 11 -

     

    

 

Section 15.         Governing Law.

 

Notwithstanding the place
where this Agreement may be executed by any of the parties hereto and the provisions of Sections 8 and 9, this Agreement shall be construed
in accordance with the laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement
shall also be construed in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent
the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers
Act, the 1940 Act and the Advisers Act shall control.

 

Section 16.     Third
Party Beneficiaries.

 

Except for any Sub-Adviser
and any Indemnified Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement
is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed
to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

 

Section 17.     Entire
Agreement.

 

This Agreement contains the
entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof.

 

Section 18.     Insurance.

 

The
Company shall acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the
Adviser and any Sub-Adviser each as an additional insured party (each an “Additional Insured Party” and collectively
the “Additional Insured Parties”).
Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make all premium payments required
to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company,
in advance of the due date of such premium, its allocated share of the premium. Irrespective of whether the Adviser and any Sub-Adviser
is a named Additional Insured Party on such policy, the Company shall provide the Adviser and any Sub-Adviser with written notice upon
receipt of any notice of: (a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal
of such policy or (c) any coverage limitation or reduction with respect to such policy. The foregoing provisions of this Section 18
notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is not available
upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of
the 1940 Act) of the Board.

 

(signature page follows)

 

    - 12 -

     

    

 

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.

 

	 	NORTH
    HAVEN PRIVATE INCOME FUND LLC
	 	a
    Delaware limited liability company
	 	 
	 	1585
    Broadway
	 	New
    York, NY 10036
	 	 
	 	By:	/s/
    Orit Mizrachi
	 	 	Name:
    Orit Mizrachi
	 	 	Title:
     Chief Operating Officer and Secretary
	 	 
	 	MS
    CAPITAL PARTNERS ADVISER INC.
	 	a
    Delaware corporation
	 	 
	 	1585
    Broadway
	 	New
    York, NY 10036
	 	 
	 	By:	/s/
    Orit Mizrachi
	 	 	Name:
    Orit Mizrachi
	 	 	Title:
    Executive Director

 

[Signature Page to Investment Advisory Agreement]Exhibit 10.2

 

INVESTMENT SUB-ADVISORY AGREEMENT

 

Between

 

MS CAPITAL PARTNERS ADVISER, INC.

 

and

 

EATON VANCE MANAGEMENT

 

for

 

NORTH HAVEN PRIVATE INCOME FUND LLC

 

AGREEMENT made this as of
13th day of January, 2022, between MS Capital Partners Adviser, Inc., a Delaware corporation (the “Adviser”), and Eaton
Vance Management, a Massachusetts business trust (the “Sub-Adviser”).

 

WHEREAS, the Adviser has entered
into an Investment Advisory and Administrative Agreement (the “Advisory Agreement”) with North Haven Private Income Fund LLC,
a Delaware limited liability company (the “Fund”), relating to the provision of portfolio management services to the Fund;
and

 

WHEREAS, the Advisory Agreement
provides that the Adviser may delegate any or all of its portfolio management responsibilities under the Advisory Agreement to one or
more sub-investment advisers; and

 

WHEREAS, the Adviser and the
Directors of the Fund desire to retain the Sub-Adviser to render portfolio management services to the Fund in the manner and on the terms
set forth in this Investment Sub-Advisory Agreement (the “Agreement”);

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, the Adviser and the Sub-Adviser agree as follows:

 

1.            Duties
of the Sub-Adviser. The Adviser hereby employs the Sub-Adviser to act as investment sub-adviser for the Fund and to, at the direction
of the Adviser (which may be changed or revoked at any time in the Adviser’s sole discretion upon notice to the Sub-Adviser) (i) provide
recommendations as to bank loans and other liquid securities (the “Liquid Portfolio”) that may be appropriate for investment
by the Fund, (ii) manage on a discretionary basis all or a portion of the Fund’s Liquid Portfolio in accordance with parameters
established by the Adviser and communicated to the Sub-Adviser from time to time, as may be modified in the Adviser’s sole discretion,
and (iii) execute trades for the Liquid Portfolio, for the period and on the terms set forth in this Agreement.

 

(a)            The
Sub-Adviser hereby accepts such employment and undertakes to afford to the Fund the advice and assistance of the Sub-Adviser’s organization
in the choice of investments and in the purchase and sale of securities for the Fund and to furnish, for the use of the Fund, office space
and all necessary office facilities, equipment and personnel for servicing the investments of the Fund and for administering its investment
affairs and to pay the salaries and fees of all officers of the Fund who are members of the Sub-Adviser’s organization and all personnel
of the Sub-Adviser performing services relating to research and investment activities. The Sub-Adviser shall for all purposes herein be
deemed to be an independent contractor and shall, except as otherwise expressly provided or authorized, have no authority to act for or
represent the Adviser or the Fund in any way or otherwise be deemed an agent of the Adviser or the Fund.

 

     

     

    

 

(b)            The
Sub-Adviser shall provide the Fund with such investment management and supervision as the Adviser may, from time to time, consider
necessary for the proper supervision of the Fund’s investments. The services to be provided by the Sub-Adviser hereunder will
apply to the portion of the Fund’s assets that Adviser or the Directors of the Fund shall from time to time designate, which
will consist of a portion of the Fund’s assets as set forth in Section 1(a) hereof. The Sub-Adviser shall take, on
behalf of the Fund, all actions that it deems necessary or desirable to implement the investment policies of the Fund and the
instructions of the Adviser pursuant to Section 1(a) hereof.

 

(c)            If
so directed, the Sub-Adviser shall place all orders for the purchase or sale of portfolio investments for the account of the Fund either
directly with the issuer or with brokers, dealers, futures commission merchants, or other market participants selected by the Sub-Adviser,
and, to that end, the Sub-Adviser is authorized as the agent of the Fund to give instructions to the custodian of the Fund as to deliveries
of investments and payments of cash for the account of the Fund. In connection with the selection of such brokers, dealers, futures commission
merchants, or other market participants and the placing of such orders, the Sub-Adviser shall use its best efforts to seek to execute
security transactions at prices that are advantageous to the Fund and (when a disclosed commission is being charged) at commission rates
that are reasonable in relation to the benefits received. Subject to the policies and procedures adopted by the Board of Directors of
the Fund, in selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide
brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the
Sub-Adviser and the Sub-Adviser is expressly authorized to cause the Fund to pay any broker or dealer who provides such brokerage and
research services a commission for executing a security transaction which is in excess of the amount of commission another broker or dealer
would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable
in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular
transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to the Fund and to other accounts
over which they exercise investment discretion.

 

(d)            The
Sub-Adviser shall furnish such reports, evaluations, information or analyses to the Fund and the Adviser as the Fund’s Board of
Directors or the Adviser may reasonably request from time to time, or as the Sub-Adviser may deem to be desirable.

 

(e)            The
Sub-Adviser shall exercise reasonable care in the performance of its duties under the Agreement and will conduct its activities hereunder
in compliance with the applicable requirements of the 1940 Act and all rules and regulations thereunder, all other applicable federal
and state laws, any applicable procedures adopted by the Fund’s Board that have been provided to the Sub-Adviser, and the provisions
of the Fund’s private placement memorandum, each as may be amended. The Sub-Adviser will furnish to regulatory authorities having
the requisite authority any information or reports in connection with its services in respect to the Fund which may be requested by such
authorities in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and
regulations.

 

2.            Compensation
of the Sub-Adviser. For the services, payments and facilities to be furnished hereunder by the Sub-Adviser, to the extent the Adviser
receives at least such amount from the Fund pursuant to the Advisory Agreement, the Sub-Adviser shall be entitled to receive from the
Adviser the compensation specified in Appendix A hereto. The Adviser is solely responsible for the payment of the compensation
to the Sub-Adviser, and the Sub-Adviser agrees to seek payment of its compensation solely from the Adviser. The Fund shall have no liability
for Sub-Adviser's compensation hereunder.

 

    2

     

    

 

3.            Allocation
of Charges and Expenses. It is understood that the Fund will pay all expenses other than those expressly stated to be payable by the
Sub-Adviser hereunder or by the Adviser or Administrator under the Advisory Agreement.

 

4.            Other
Interests. It is understood that Directors and officers of the Fund and shareholders of the Fund are or may be or become
interested in the Sub-Adviser as trustees, officers, employees, shareholders or otherwise and that trustees, officers, employees and
shareholders of the Sub-Adviser are or may be or become similarly interested in the Fund, and that the Sub-Adviser may be or become
interested in the Fund as a shareholder or otherwise. It is also understood that trustees, officers, employees and shareholders of
the Sub-Adviser may be or become interested (as directors, trustees, officers, employees, shareholders or otherwise) in other
companies or entities (including, without limitation, other investment companies) and that the Sub-Adviser or its subsidiaries or
affiliates may enter into advisory or management agreements or other contracts or relationships with such other companies or
entities.

 

The services of the Sub-Adviser
to the Adviser for the benefit of the Fund are not to be deemed to be exclusive and the Sub-Adviser is free to render services to others
and engage in other business activities. It is understood that the Sub-Adviser and its affiliates perform investment services, including
rendering investment advice, to varied clients. It is understood that the Sub-Adviser or any of its affiliates may give advice or take
action for other accounts that may differ from, conflict with, or be adverse to advice given or taken for the Fund. It is understood that
certain securities or instruments may be held in some accounts but not in others, or the accounts may have different levels of holdings
in certain securities or instruments and the accounts may remit different levels of fees to the Sub-Adviser. In addition, it is understood
that the Sub-Adviser or any of its affiliates may give advice or take action with respect to the investments of the Fund that may not
be given or taken with respect to one or more accounts with similar investment programs, objectives, and strategies. The Fund acknowledges
that the Sub-Adviser, its affiliates, and their respective officers, directors, and/or employees may from time to time have positions
in or transact in securities and other investments recommended to clients, including the Fund. Such transactions may differ from or be
inconsistent with the advice given, or the timing or nature of the Sub-Adviser’s action or actions with respect to the Fund. The
Sub-Adviser may aggregate the Fund’s orders with orders of its proprietary accounts and/or orders of other clients to the extent
permitted by applicable law and/or the Fund’s co-investment exemptive relief.

 

5.            Limitation
of Liability of the Sub-Adviser. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations
or duties hereunder on the part of the Sub-Adviser, the Sub-Adviser shall not be subject to liability to the Adviser or the Fund or to
any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses
that may be sustained in the acquisition, holding, or disposition of any security or other investment.

 

6.            Duration
and Termination of this Agreement. This Agreement shall become effective upon the date of its execution, and, unless terminated as
herein provided, shall remain in full force and effect through and including the second anniversary of the execution of this Agreement
and shall continue in full force and effect indefinitely thereafter, but only so long as such continuance after such second anniversary
is specifically approved at least annually (i) by the Board of Directors of the Fund or by vote of a majority of the outstanding
voting securities of the Fund and (ii) by the vote of a majority of those Directors of the Fund who are not interested persons of
the Sub-Adviser, the Adviser, or the Fund cast in person at a meeting called for the purpose of voting on such approval.

 

    3

     

    

 

This Agreement may be terminated
as to the Fund without the payment of any penalty by (i) the Adviser, subject to the approval of the Directors of the Fund; (ii) the
vote of the Directors of the Fund; (iii) the vote of a majority of the outstanding voting securities of the Fund at any annual or
special meeting; or (iv) the Sub-Adviser, in each case on sixty (60) days’ written notice. This Agreement shall terminate automatically
in the event of its assignment or in the event that the Advisory Agreement shall have terminated for any reason. In the event of termination
for any reason, all records of the Fund shall promptly be returned to the Adviser or the Fund, free from any claim or retention of rights
in such record by the Sub-Adviser, although the Sub-Adviser may, at its own expense, make and retain a copy of such records.

 

7.            Amendments
of the Agreement. This Agreement may be amended by a writing signed by both parties hereto, provided that no amendment to this Agreement
shall be effective until approved in a manner consistent with the requirements of the 1940 Act.

 

8.            Limitation
of Liability. Notice is hereby given that this Agreement is executed on behalf of each the Adviser and the Fund by a duly
authorized officer of each respective organization, in his or her capacity as an officer and not individually. The Sub-Adviser
expressly acknowledges the provisions in the Amended and Restated Limited Liability Company Agreement of the Fund and of the Adviser
limiting the personal liability of Directors, officers, and the shareholders of the Fund and the Adviser, respectively, and the
Sub-Adviser hereby agrees that it shall have recourse to the Fund or the Adviser, respectively, for payment of claims or obligations
as between the Fund or the Adviser, respectively, and the Sub-Adviser arising out of this Agreement and shall not seek satisfaction
from the Directors or officers of the Fund or the Adviser or the shareholders of the Fund or the Adviser.

 

Notice is also hereby given
that this Agreement is executed on behalf of the Sub-Adviser by a duly authorized officer, in his or her capacity as an officer and not
individually. The Adviser and the Fund expressly acknowledge the provisions in the Declaration of Trust limiting the personal liability
of directors, officers, and the shareholders of the Sub-Adviser and the Adviser and Fund hereby agree that they shall have recourse to
the Sub-Adviser, for payment of claims or obligations arising out of this Agreement and shall not seek satisfaction from the directors
or officers of the Sub-Adviser or the shareholders of the Sub-Adviser.

 

9.            Third
Party Beneficiaries. The Fund is a third-party beneficiary to this Agreement. Aside from the Fund, nothing in this Agreement, express
or implied, is intended to or shall confer upon any person not a party hereto (including, but not limited to, shareholders of the Fund)
any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

10.            Books
and Records. The Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Fund and further
agrees to surrender promptly to the Fund any of such records upon the Fund’s or the Adviser's request in compliance with the requirements
of Rule 31a-3 under the 1940 Act, although the Sub-Adviser may, at its own expense, make and retain a copy of such records. The Sub-Adviser
further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1
under the 1940 Act.

 

    4

     

    

 

11.            Certain
Definitions. The terms “assignment” and “interested persons” when used herein shall have the respective meanings
specified in the 1940 Act, as now in effect or as hereafter amended subject, however, to such exemptions as may be granted by any rule,
regulation or order by the SEC. The term “vote of a majority of the outstanding voting securities” shall mean the vote, at
a meeting of shareholders, of the lesser of (a) 67 per centum or more of the shares of the Fund present or represented by proxy at
the meeting if the shareholders of more than 50 per centum of the outstanding shares of the Fund are present or represented by proxy at
the meeting, or (b) more than 50 per centum of the outstanding shares of the Fund. In addition, where the effect of a requirement
of the 1940 Act reflected in any provision of this Agreement is modified or interpreted by any applicable order or orders of the SEC,
any rules or regulations adopted by, or interpretative releases of, the SEC, or any applicable guidance issued by the staff of the
SEC, such provision will be deemed to incorporate the effect of such order, rule, regulation, interpretative release, or guidance.

 

12.            Use
of the Name Eaton Vance” The Sub-Adviser hereby consents to the use of the name “Eaton Vance” in the Fund’s
marketing materials, private placement memorandum and any required or appropriate filings with the Securities and Exchange Commission
(“SEC”); provided, however, that such consent (except with respect to SEC filings) shall be conditioned upon the employment
of the Sub-Adviser or one of its affiliates as the investment Sub-Advisor of the Fund. The name “Eaton Vance” or any variation
thereof may be used, from time to time, in other connections and for other purposes by the Sub-Adviser and its affiliates and other investment
companies that have obtained consent to the use of the name “Eaton Vance.”

 

13.            Miscellaneous.

 

(a)            If
any term or provision of this Agreement or the application thereof to any person or circumstance is held to be invalid or unenforceable
to any extent, the remainder of this Agreement or the application of such provision to other persons or circumstances shall not be affected
thereby and shall be enforced to the fullest extent permitted by law.

 

(b)            This
Agreement shall be governed by and interpreted in accordance with the laws of The Commonwealth of Massachusetts.

 

(c)            This
Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. This Agreement may be executed in written form or using electronic or digital technology,
whether it is a computer-generated signature, an electronic copy of the party’s true ink signature, DocuSign, facsimile or otherwise.
Delivery of an executed counterpart of the Agreement by facsimile, e-mail transmission via portable document format (.pdf), DocuSign,
or other electronic means will be equally as effective and binding as delivery of a manually executed counterpart.

 

[Signature page follows.]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the day and year first above written.

 

	 	MS CAPITAL PARTNERS ADVISER, INC
	 	 
	 	By:	/s/ Orit Mizrachi
	 	Name:	Orit Mizrachi
	 	Title:	Executive Director and not individually
	 	 
	 	EATON VANCE MANAGEMENT
	 	 
	 	By:	/s/ Andrew Sveen
	 	Name:	Andrew Sveen
	 	Title:	Director of Bank Loans

 

	Acknowledged and agreed to as of the day and year first above written:	 
	 	 
	NORTH HAVEN PRIVATE INCOME FUND LLC	 
	 	 
	By:	/s/ Orit Mizrachi	 
	Name:	Orit Mizrachi	 
	Title:	Chief Operating Officer and not individually	 

 

    6

     

    

 

APPENDIX A

 

Annual Investment Sub-Advisory Fee

 

For the services, payments and facilities furnished
by the Sub-Adviser under this Agreement, the Sub-Adviser is entitled to receive from the Adviser the compensation set forth below:

 

An annual rate of 0.4% based on the average value
of assets managed by the Sub-Adviser at the end of the two most recently completed calendar months.

 

In case of initiation or termination of the Agreement
during any month with respect to the Fund, the fee for that month shall be reduced proportionately on the basis of the number of calendar
days during which the Agreement is in effect.

 

Such compensation shall be paid quarterly in arrears.
The Sub-Adviser may, from time to time, waive all or a part of the above compensation

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