Independent Verdict
LGIM America US Intermediate Credit Fund, LLC has a well-established and independently verifiable regulatory trail.
The fund is a Delaware limited liability company under CIK 0002034178. Its original SEC Form D appeared on September 6, 2024, followed by subsequent filings in 2025 and two closely spaced filings in September 2026. The latest public record reviewed by FilingDossier is a Form D/A amendment filed September 18, 2026.
More importantly, the filing directly identifies Legal & General Investment Management America, Inc. as the fund's manager and investment adviser. This is not merely a similarly named company inferred from branding: the relationship is explicitly disclosed in the Form D. The adviser is also an SEC-registered investment adviser operating today as L&G – Asset Management, America.
The available evidence therefore provides a substantially stronger regulatory and organizational trail than is typical for a newly identified private fund.
However, the existence of the Form D and the adviser's SEC registration should not be interpreted as SEC approval of the investment, validation of fund performance or a guarantee against losses.
Key Findings
- Legal name: LGIM America US Intermediate Credit Fund, LLC
- CIK: 0002034178
- SEC Form D file number: 021-523408
- Legal structure: Delaware limited liability company
- Formation year disclosed: 2024
- Principal address: 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606
- Latest filing reviewed: Form D/A dated September 18, 2026
- Exemption: Rule 506(b) of Regulation D
- Fund category: Pooled Investment Fund / Other Investment Fund
- The fund is not registered as an investment company under the Investment Company Act of 1940
- Manager and investment adviser: Legal & General Investment Management America, Inc.
- Current public branding: L&G – Asset Management, America
- Adviser SEC file: 801-69862
- Adviser CRD: 149156
- L&G reports approximately $288.1 billion of U.S. AUM as of June 30, 2026.
SEC Filing Snapshot
Issuer: LGIM America US Intermediate Credit Fund, LLC
CIK: 0002034178
SEC File No.: 021-523408
Entity Type: Limited Liability Company
Jurisdiction: Delaware
Formation Year: 2024
Principal Address: 71 South Wacker Drive Suite 800 Chicago, Illinois 60606
Phone: 312-585-0405
Industry: Pooled Investment Fund
Fund Type: Other Investment Fund
Investment Company Act Registration: No
Exemption: Rule 506(b)
Latest Filing Reviewed: Form D/A
Latest Filing Date: September 18, 2026
The September 18 filing continues to identify the issuer under the same CIK, Delaware jurisdiction and Chicago operating address.
This Is Not a One-Time Form D
One of the more important findings is the filing history.
LGIM America US Intermediate Credit Fund first filed a Form D with the SEC on September 6, 2024. SEC records show an amended filing on September 8, 2025. A further Form D was submitted on September 8, 2026, followed by another amendment on September 18, 2026.
That matters because the fund cannot reasonably be characterized as an anonymous entity that suddenly appeared in EDGAR in September 2026.
Instead, there is now a multi-year sequence of regulatory filings attached to the same CIK and Form D file number.
This improves entity traceability.
It does not, however, independently establish investment performance.
Who Actually Manages the Fund
This point is unusually clear in the Form D.
The filing lists:
Legal & General Investment Management America, Inc.
as a related person and promoter.
The filing then expressly clarifies its role as:
Manager and Investment Adviser.
The same Chicago address appears for both the fund and the investment manager:
71 South Wacker Drive, Suite 800 Chicago, Illinois 60606.
This is significantly stronger evidence than merely matching a fund name to a large asset manager.
Here, the adviser relationship appears directly inside the fund's regulatory filing.
Investment Adviser Verification
Legal & General Investment Management America, Inc. is not simply an unregulated affiliate using the Legal & General name.
Public adviser records identify the firm as an SEC-registered investment adviser.
Key identifiers include:
CRD: 149156
SEC File No.: 801-69862
The firm's current public-facing name is:
L&G – Asset Management, America.
L&G states that its U.S. asset-management business was established in 2006 and that Legal & General Investment Management America, Inc. is a wholly owned subsidiary within the broader L&G asset-management structure.
That provides a direct regulatory and corporate connection between the private fund and an identifiable institutional asset manager.
Website Penetration
Official website:
am.landg.us.com
The L&G website identifies Legal & General Investment Management America, Inc. as the legal entity operating under the L&G – Asset Management, America brand.
The website also identifies the business as an SEC-registered investment adviser and explicitly notes that SEC registration does not imply any particular level of skill or training.
This website-to-regulatory match is important.
The following elements align:
Legal entity name
Chicago institutional presence
SEC investment-adviser status
L&G ownership structure
investment-management business
and the fund's disclosure naming the adviser as its manager.
We did not identify an obvious mismatch between the manager named in Form D and the investment platform presented on the official website.
How Large Is L&G – Asset Management, America
According to L&G's own website, as of June 30, 2026:
L&G – Asset Management globally reported approximately $1.617 trillion in assets under management.
L&G – Asset Management, America reported approximately $288.1 billion in AUM.
The U.S. operation reported approximately 260 employees.
Separate Form ADV-derived data shows approximately $267 billion of regulatory assets under management as of July 1, 2026. The difference is not necessarily contradictory because company-reported AUM and Form ADV regulatory AUM can use different definitions and include different categories of assets.
That distinction is important.
Investors should not treat a parent or manager's total AUM as the assets of this specific fund.
What Does "US Intermediate Credit" Likely Mean
The name provides useful context, although the Form D itself does not provide a detailed investment mandate.
"Intermediate Credit" generally refers to fixed-income or credit portfolios whose duration sits between short-duration and long-duration strategies.
L&G – Asset Management, America emphasizes fixed income, credit and liability-aware institutional investment capabilities on its public platform.
However, FilingDossier would not infer the precise portfolio composition of this specific vehicle solely from the fund name.
Investors should obtain the private placement memorandum or investment-management documents to determine:
the duration target,
credit-quality limits,
benchmark,
corporate versus structured-credit exposure,
high-yield allocation,
derivatives usage,
leverage limits,
and liquidity provisions.
2026 Capital Activity
A third-party Form D database reports that the September 8, 2026 filing reflected approximately $126.8 million of incremental capital associated with the fund.
The same database shows approximately $82.4 million associated with the 2024 filing history.
These figures are useful for contextual research but should not automatically be interpreted as current net asset value.
Form D capital figures can represent securities sold or fundraising activity rather than current portfolio value, and capital may subsequently be invested, redeemed, transferred or revalued.
For that reason, audited fund financial statements remain the stronger source for current assets and performance.
Why the September 18 Amendment Matters
The latest filing is an amendment rather than the first appearance of the vehicle.
The September 18, 2026 record confirms the continued existence of the same fund identity, the same CIK and the same investment-management relationship.
The filing again identifies Legal & General Investment Management America, Inc. as manager and investment adviser and lists Kristina St. Charles among the related persons.
The important point is continuity.
There is no indication in the reviewed records that the September amendment represents a new unrelated fund using an old name.
Rule 506(b)
The offering relies on Rule 506(b) of Regulation D.
Rule 506(b) allows qualifying securities offerings to proceed without a conventional SEC public-offering registration, provided the issuer complies with the applicable exemption requirements.
For investors, however, the key distinction is simple:
Form D is a notice filing.
It is not an SEC approval document.
It does not establish that the SEC has reviewed:
the portfolio,
the fund's valuation,
performance numbers,
management fees,
counterparty exposure,
audited financial statements,
or investment suitability.
Investment Company Act Exemption
The fund indicates that it is not registered as an investment company under the Investment Company Act of 1940.
The original SEC filing references Section 3(c)(7).
Section 3(c)(7) structures are commonly used for private investment funds whose securities are owned by qualified purchasers and that do not make a public offering.
This is an important structural distinction.
The fund's investment adviser may be SEC registered while the private fund itself remains exempt from registration as an investment company.
Those are two separate regulatory concepts.
What We Think
The strongest feature of LGIM America US Intermediate Credit Fund is not simply that it has a Form D.
Its regulatory chain is unusually easy to verify.
The issuer has:
a stable CIK,
a multi-year Form D history,
a consistent Chicago address,
an explicitly named manager and investment adviser,
a manager with a separate SEC investment-adviser registration,
an identifiable CRD and SEC file number,
and an official institutional website whose corporate identity matches the regulatory record.
That substantially reduces the entity-identification uncertainty often encountered when researching smaller private funds.
The key remaining diligence issues therefore move away from basic identity verification and toward fund economics.
Investors still need to understand:
what the fund actually owns,
how its assets are valued,
its performance history,
credit losses,
duration exposure,
liquidity,
fees,
auditor,
administrator,
custody arrangements,
and redemption restrictions.
Those questions cannot be answered from Form D alone.
Adviser-Level Regulatory History
One area that warrants separate diligence is the regulatory history of the investment adviser.
The Form ADV record for Legal & General Investment Management America includes a disclosed SEC regulatory action initiated in March 2021 involving civil and administrative penalties, a cease-and-desist order and censure.
The existence of a historical regulatory matter does not by itself establish a current problem with this fund.
However, institutional investors performing full due diligence should review the underlying SEC order, the conduct involved, the resolution and any remedial measures rather than ignoring the disclosure.
This is exactly the type of information that should be evaluated separately from the simple question of whether the fund's SEC filing exists.
Risk Factors
1. Private Fund Disclosure Is Limited
Form D provides only a narrow set of regulatory information and does not disclose the complete portfolio or full financial statements.
2. Credit Risk
A credit-focused strategy may experience losses if issuers default, spreads widen or credit quality deteriorates.
3. Interest-Rate and Duration Risk
Intermediate-duration fixed-income portfolios can decline when market interest rates rise.
4. Liquidity Risk
A private pooled investment vehicle may impose restrictions on redemptions, transfers or withdrawals that differ substantially from publicly traded funds.
5. Manager AUM Is Not Fund AUM
L&G's approximately $288.1 billion U.S. AUM should not be confused with assets held specifically by LGIM America US Intermediate Credit Fund.
6. Historical Adviser Regulatory Disclosure
The adviser's Form ADV contains a historical SEC regulatory action that sophisticated investors may want to review as part of manager-level due diligence.
Final Assessment
LGIM America US Intermediate Credit Fund, LLC has a verifiable SEC filing history dating back to September 2024 and continues to appear in the SEC filing system in September 2026.
The entity trail is particularly strong because its Form D explicitly identifies Legal & General Investment Management America, Inc. as manager and investment adviser.
That manager can independently be matched to:
CRD 149156,
SEC File No. 801-69862,
the L&G – Asset Management, America website,
and a substantial U.S. institutional asset-management operation.
For FilingDossier, the principal unresolved questions are therefore not basic identity questions.
They are investment-level questions.
An investor should obtain and review the offering memorandum, subscription documents, audited financial statements, performance record, fee schedule, valuation methodology, liquidity terms and service-provider disclosures before committing capital.
SEC Form D is a notice of an exempt securities offering. It does not constitute SEC approval, investment-company registration, verification of investment performance or a guarantee of investor protection.
Published on FilingDossier: September 20, 2026.
This article is based on publicly available regulatory and company information and is provided for independent research and due-diligence purposes only.