INDEPENDENT VERDICT
Park Square Capital presents a substantially deeper institutional evidence trail than a private-fund sponsor whose public footprint consists only of a recent Form D. The clearest current U.S. regulatory entry is Park Square Capital Credit Partners V, SCSp, a Luxembourg limited partnership filing under SEC CIK 0002084928. Its September 18, 2026 Form D/A reports an indefinite offering of pooled investment fund interests under Rule 506(c), a first sale dated September 1, 2025, $98.9 million sold to three investors and no Form D minimum investment. The vehicle is headquartered at 5, Rue du Cure, Luxembourg, and its filing identifies Lara Riachy and Godfrey Abel among the related executive persons. That $98.9 million figure should be described narrowly: it is the amount reported sold through this particular U.S. Regulation D offering, not Park Square Capital's global assets under management, not the fund's necessarily current NAV and not the capital raised by every vehicle in the Credit Partners strategy.
The broader sponsor evidence is materially stronger. Park Square says it was founded in 2004 and operates as a global private-credit investor across senior debt, mid-market direct lending, subordinated debt and structured equity. In February 2026 the firm reported more than $19 billion of assets under management, more than $33 billion invested since inception and more than 140 employees across offices including London, New York, Paris, Frankfurt, Stockholm, Tokyo, Seoul, Luxembourg, Sydney and Dallas. By May 2026 its investor-relations materials stated that more than 140 institutional investors participated across the platform and that more than $35 billion had been deployed since inception. These figures are manager-level statistics and should remain separate from the $98.9 million shown in the Credit Partners V Form D. The same official evidence also makes the strategy relationship clearer: Park Square describes Credit Partners as its established large-company senior-debt business, with more than €10 billion invested in European broadly syndicated loans since the strategy's 2007 inception. In February 2026 the firm expanded that platform by launching a European CLO strategy under Matthias Alt, Head of Credit Partners, demonstrating that Credit Partners is an operating credit franchise rather than merely the legal name appearing in a new SEC filing.
Park Square's legal-product architecture is more complicated than the headline brand, which is precisely why entity separation matters. Credit Partners V, SCSp is a Luxembourg vehicle incorporated in 2024 and currently using the same 5, Rue du Cure Luxembourg operating address found across several Park Square entities. The SEC filing claims both Sections 3(c)(1) and 3(c)(7) of the Investment Company Act and Rule 506(c) under Regulation D. Separately, Park Square operates Park Square Capital Credit Investments SCSp, SICAV-RAIF – Credit Partners Evergreen, for which official PRIIPs materials describe an actively managed strategy investing principally in European and North American corporate debt, including leveraged loans, high-yield bonds and subordinated debt. The Evergreen documentation allows up to 25% of net assets in higher-yielding subordinated investments and describes a leveraged strategy, while also warning that redemptions can be limited. Public SEC investment schedules independently show outside institutional portfolios holding interests in Park Square vehicles: for example, a June 2026 SEC-filed schedule for CAZ Strategic Opportunities Fund reported a $5 million cost basis and approximately $5.4 million value for Credit Partners Evergreen, while another SEC-filed portfolio reported an investment in Park Square Capital Credit Opportunities III. Those holdings do not prove performance for Credit Partners V, but they independently corroborate that Park Square's credit products are actually owned by third-party institutional vehicles rather than existing only in sponsor marketing materials.
The most important research distinction is between Park Square's similarly named fund families. Credit Partners V should not be conflated with Park Square Capital Partners V. Park Square announced the final close of Capital Partners V in September 2025 with more than €2.4 billion of LP commitments and approximately €4 billion of investable capital when leverage and committed co-investment were included. That fund belongs to Park Square's junior-capital strategy and succeeded Capital Partners IV, which the firm says closed with €2.2 billion of investable capital in 2021. Credit Partners, by contrast, is Park Square's large-cap senior-debt platform. The near-identical naming can easily produce inaccurate research if "Capital Partners V" fundraising figures are copied into an article about "Credit Partners V." A second useful institutional signal comes from Park Square's continued expansion. In November 2025 Park Square and Nomura announced a U.S. private-credit alliance supporting the firm's inaugural dedicated U.S. senior direct-lending vehicle, with Nomura committing $150 million as an anchor limited partner. Earlier institutionalization evidence includes Bonaccord Capital Partners' 2022 non-voting minority investment in Park Square. Taken together, the evidence shows a multi-strategy private-credit manager expanding geographically and structurally, but investors still need to determine exactly which Park Square legal vehicle they are being offered rather than assuming every product shares identical economics or portfolio exposures.
The principal diligence questions therefore shift away from basic sponsor existence and toward credit quality, leverage, liquidity and fund-level economics. Park Square itself discloses that private-credit portfolios can include highly leveraged borrowers, subordinated instruments, difficult-to-value private debt, currency exposure and fund-level financing; rising borrowing costs can also hurt both portfolio companies and leveraged investment vehicles. Investors in Credit Partners V should request its actual current NAV and commitments, portfolio-company list or concentration schedule, weighted-average yield and spread, senior versus subordinated exposure, floating-rate exposure, default and non-accrual statistics, realized loss history, leverage limits, borrowing facilities, covenant protections, geographic and sector concentrations, valuation policy, auditor, administrator, management fee, carried-interest or incentive structure, subscription mechanics and redemption or transfer restrictions. The September 2026 Form D is strong evidence that an exempt U.S. offering exists, while Park Square's operating history, institutional investor base, third-party holdings, U.S. expansion and public product documentation substantially strengthen identity verification. None of those facts, however, demonstrate that Credit Partners V will achieve a particular return or prevent losses during a credit downturn.
SEC SNAPSHOT
ISSUER: Park Square Capital Credit Partners V, SCSp
SEC CIK: 0002084928
SEC FILE NUMBER: 021-558074
LATEST FORM D/A: September 18, 2026
ENTITY TYPE: Limited Partnership / Luxembourg SCSp
JURISDICTION: Luxembourg
YEAR FORMED: 2024
PRINCIPAL ADDRESS: 5, Rue du Cure L-1368 Luxembourg Luxembourg
PHONE: +352 27 85 23 224
FIRST SALE: September 1, 2025
SECURITY TYPE: Pooled Investment Fund Interests
FEDERAL EXEMPTION: Rule 506(c)
INVESTMENT COMPANY ACT EXCLUSIONS CLAIMED: Section 3(c)(1) Section 3(c)(7)
OFFERING DURATION: More than one year
TOTAL OFFERING: Indefinite
LATEST SEC-REPORTED AMOUNT SOLD: $98,900,000
LATEST SEC-REPORTED INVESTORS: 3
SEC-REPORTED MINIMUM INVESTMENT: $0
SALES COMMISSIONS: $0 reported
FINDERS' FEES: $0 reported
RELATED PERSONS IDENTIFIED: Lara Riachy Godfrey Abel
IMPORTANT CAPITAL DISTINCTION:
$98.9M: Amount reported sold in the Credit Partners V U.S. Regulation D offering as of September 18, 2026.
It is NOT automatically: Current fund NAV Current Credit Partners V total commitments Park Square global AUM Credit Partners strategy AUM Capital Partners V fundraising Current investor equity
PARK SQUARE CAPITAL PLATFORM:
FOUNDED: 2004
STRATEGY: Private credit
CORE AREAS: Senior debt Large-cap corporate credit Mid-market direct lending Subordinated debt Structured equity Credit opportunities CLOs
FIRM AUM: More than $19 billion reported by Park Square in February 2026
CAPITAL INVESTED SINCE INCEPTION: More than $33 billion reported in February 2026 More than $35 billion deployed reported as of May 2026
INSTITUTIONAL INVESTORS: 140+ across the platform according to Park Square
EMPLOYEES: 140+ reported
OFFICE NETWORK INCLUDES: London New York Paris Frankfurt Stockholm Tokyo Seoul Luxembourg Sydney Dallas
CREDIT PARTNERS STRATEGY:
FOCUS: Large-company senior debt
HISTORY: Operating since approximately 2007 according to Park Square
EUROPEAN BROADLY SYNDICATED LOANS INVESTED: More than €10 billion reported by Park Square
HEAD OF CREDIT PARTNERS: Matthias Alt
2026 PLATFORM EXPANSION: European CLO strategy launched
RELATED PUBLIC PRODUCT: Credit Partners Evergreen
EVERGREEN STRATEGY EVIDENCE: European and North American corporate debt Leveraged loans High-yield bonds Senior debt Up to 25% subordinated investments under published KID terms Potential fund-level leverage Limited redemption rights
IMPORTANT ENTITY DISTINCTION:
Park Square Capital Credit Partners V, SCSp: Current Luxembourg vehicle with September 18, 2026 U.S. Form D/A and $98.9M reported sold.
Park Square Capital Credit Partners V Feeder, SCSp: Separate feeder vehicle with its own SEC CIK and September 18, 2026 Form D/A.
Park Square Capital Credit Investments SCSp, SICAV-RAIF – Credit Partners Evergreen: Separate Luxembourg evergreen credit product.
Park Square Capital Partners V: Different fund family focused on junior capital.
CAPITAL PARTNERS V: More than €2.4B LP commitments reported by Park Square. Approximately €4B investable capital including leverage and committed co-investment. Do NOT attribute these figures to Credit Partners V.
U.S. EXPANSION:
NOMURA ALLIANCE: Announced November 2025
VEHICLE: Park Square Capital U.S. Loan Partners
NOMURA COMMITMENT: $150 million anchor LP commitment announced by the firms
STRATEGY: U.S. senior direct lending
WEBSITE / ENTITY PENETRATION:
Park Square Capital operating website — CONFIRMED Credit Partners strategy — CONFIRMED Credit Partners V SEC issuer — CONFIRMED September 18, 2026 Form D/A — CONFIRMED $98.9M Form D amount sold — CONFIRMED Three Form D investors — CONFIRMED Luxembourg address — CONFIRMED Credit Partners Evergreen product documentation — CONFIRMED Third-party institutional ownership of Park Square funds — INDEPENDENTLY CORROBORATED $19B+ platform AUM — COMPANY REPORTED $33B+ invested since inception — COMPANY REPORTED $35B+ deployed by May 2026 — COMPANY REPORTED 140+ institutional investors — COMPANY REPORTED Nomura $150M U.S. Loan Partners commitment — JOINTLY ANNOUNCED Bonaccord minority ownership — CONFIRMED BY PARK SQUARE Current Credit Partners V NAV — NOT PUBLICLY CONFIRMED Current total Credit Partners V commitments — NOT CONFIRMED BY FORM D Current portfolio holdings — REQUIRES FUND DOCUMENTATION Current leverage — REQUIRES FUND DOCUMENTATION Current default / non-accrual rate — REQUIRES FUND DOCUMENTATION Fund-specific net performance — REQUIRES FUND DOCUMENTATION Fund-specific management fee — REQUIRES FUND DOCUMENTATION Fund-specific carried interest — REQUIRES FUND DOCUMENTATION Auditor / administrator — VERIFY FROM CURRENT FUND DOCUMENTS
CORE INVESTOR QUESTIONS:
What are Credit Partners V's current total commitments and NAV How much of the fund has been called How much remains available for deployment What percentage is senior secured debt What percentage is subordinated debt What percentage is first-lien versus second-lien What are current portfolio leverage levels What is weighted-average borrower leverage What is weighted-average interest coverage What percentage of loans are floating rate What is the weighted-average spread How many portfolio companies are held What are the largest borrower concentrations What are the largest sector exposures How much exposure is European versus North American What is the historical default rate What is the historical realized loss rate How many positions are currently on non-accrual How are private loans valued Who provides independent valuation review What borrowing facilities does the fund use What fund-level leverage limit applies What management fee applies What carried interest or incentive allocation applies Is there a preferred return or hurdle What expenses are charged to the fund What transfer restrictions apply What liquidity is available before fund termination Who is the current auditor Who is the administrator How are conflicts among Park Square strategies allocated
CORE RISKS:
Private-credit default risk Highly leveraged borrower risk Interest-rate risk Refinancing risk Illiquidity Private valuation uncertainty Subordinated-credit risk Covenant deterioration Economic-cycle sensitivity Sector concentration Geographic concentration Currency exposure Fund-level leverage Subscription-line or financing risk Counterparty risk Recovery-value uncertainty Portfolio-company bankruptcy Sponsor-backed borrower risk Fee and expense drag Limited transferability Strategy allocation conflicts Form D amount sold is not current NAV Manager-level AUM is not fund-level AUM
PRIMARY EVIDENCE REVIEWED:
U.S. Securities and Exchange Commission Park Square Capital Credit Partners V, SCSp CIK 0002084928 Form D/A September 18, 2026
U.S. Securities and Exchange Commission Park Square Capital Credit Partners V Feeder, SCSp CIK 0002084922 Form D/A September 18, 2026
Park Square Capital official materials Credit Partners strategy Firm history Institutional investor information February 2026 CLO platform announcement November 2025 Nomura strategic alliance September 2025 Capital Partners V final close Bonaccord minority investment announcement
Park Square Capital PRIIPs / KID documentation Credit Partners Evergreen
SEC-filed institutional investment schedules Used to independently corroborate third-party holdings in Park Square credit vehicles
IMPORTANT FORM D NOTICE:
SEC Form D is a notice of an exempt securities offering. Filing Form D does not mean that the SEC has approved Park Square Capital, Credit Partners V, the investment strategy, the reported valuation of any portfolio asset or the expected return of the fund.
The September 18, 2026 filing establishes a current U.S. regulatory record for Park Square Capital Credit Partners V and reports $98.9 million sold to three investors. Investors should separately verify the current offering memorandum, partnership agreement, audited financial statements, capital-account statement, portfolio schedule, valuation policy, leverage, fees, conflicts and liquidity terms before relying on the offering.
INDEPENDENT ASSESSMENT:
The strongest aspect of Park Square's verification profile is not one headline fundraising number but the consistency among multiple independent evidence layers: current SEC Form D filings, a long-running global private-credit operating platform, extensive official strategy documentation, identifiable Luxembourg legal vehicles, externally disclosed institutional investors and independently filed third-party fund holdings.
The principal remaining uncertainty is fund-specific rather than sponsor-specific.
Public evidence strongly establishes the existence and institutional scale of Park Square Capital and its Credit Partners franchise. Public evidence does not, by itself, disclose enough information to determine Credit Partners V's current NAV, exact portfolio, leverage, realized loss experience, net investor returns or complete fee structure.
Those items require the current fund documents and audited financial statements.
FilingDossier therefore separates verified regulatory identity from investment-performance conclusions.
Form D confirms the offering.
It does not guarantee the outcome.