INDEPENDENT VERDICT
Park Square Capital is not a case where one Form D amount can stand in for the size of the manager. The September 18, 2026 SEC amendments show two directly related Luxembourg vehicles: Park Square Capital Credit Partners V, SCSp reported $98.9 million sold to three investors, while Park Square Capital Credit Partners V Feeder, SCSp reported $55.9 million sold to two investors. Both were formed in Luxembourg in 2024, both began selling interests on September 1, 2025, both rely on Rule 506(c), and both use the same 5, Rue du Cure address. The more important context is that Park Square's U.S. adviser record now reports about $18.9 billion in regulatory assets under management, while the firm itself says it manages more than $19 billion and has invested more than $35 billion since inception. Those figures are not contradictory. The $98.9 million and $55.9 million values belong to specific exempt-offering issuers; the roughly $19 billion figure belongs to the broader private-credit platform. The unique diligence issue is the relationship between the main Credit Partners V SCSp and its feeder: investors need to understand whether the feeder contributes capital into the main vehicle, whether economics differ by investor class, and why both vehicles independently file Form D in the United States.
CREDIT PARTNERS V AND THE FEEDER: TWO SEC ISSUERS, ONE FUNDRAISING ARCHITECTURE
The September 2026 filings make the legal separation unusually clear. Park Square Capital Credit Partners V, SCSp, CIK 0002084928, is a Luxembourg special limited partnership formed in 2024. Its amendment reports an indefinite offering, $98,900,000 sold, three investors and no reported commissions or finder fees. Park Square Capital Credit Partners V Feeder, SCSp, CIK 0002084922, is also a Luxembourg SCSp formed in 2024 and filed its own amendment minutes earlier the same day, reporting $55,900,000 sold to two investors. Both show the same first sale date of September 1, 2025 and both identify Lara Riachy, Godfrey Abel and Francois Bourgon as managers of the relevant general-partner entities. The main fund and feeder are therefore clearly affiliated but legally distinct. The filings do not themselves say that the feeder invests all assets into Credit Partners V, so that relationship should be verified from the current partnership and subscription documents rather than assumed solely from the name.
THE REAL STORY IS PARK SQUARE'S CREDIT STACK, NOT JUST ONE FUND
Park Square's official materials describe a private-credit platform built around three complementary strategies: large-sized senior debt, middle-market direct lending and junior capital solutions. Credit Partners sits in the large-sized senior-debt franchise, where Park Square says it has invested more than €10 billion in European broadly syndicated loans since the strategy began in 2007. This matters because Credit Partners V is not simply another generic direct-lending vehicle. The strategy is part of a long-running large-cap senior-credit business that can invest in primary senior secured loans and secondary performing credit. At the same time, Park Square's broader platform also originates unitranche and stretched-senior loans in the middle market and invests in subordinated debt and structured equity through junior-capital strategies. That multi-product credit stack explains why firm-wide AUM should not be attributed solely to Credit Partners V and why an LP evaluating this fund should focus on which part of the capital structure the vehicle is actually authorized to own.
2026 CLO EXPANSION CHANGES THE CREDIT PARTNERS CONTEXT
Park Square made a notable strategic move in February 2026 by launching a European CLO senior-debt platform alongside its existing Credit Partners business. The firm described the CLO strategy as a natural extension of the same large-sized senior-debt franchise and said the new platform would use its relationships with private-equity sponsors and banks to access primary syndicated loans. Park Square also stated that it would commit balance-sheet capital to certain CLO equity and risk-retention requirements. This development is relevant to Credit Partners V because both the fund and the CLO platform draw from the same broad European senior-loan ecosystem. The diligence question is therefore not only how Credit Partners V performs in isolation, but how loans are allocated among Credit Partners funds, separately managed accounts and CLO vehicles when multiple Park Square products want exposure to the same borrower. Park Square's scale can improve sourcing and access, but it also makes documented allocation procedures important.
WEBSITE / ENTITY PENETRATION: OLD ERA RECORD VERSUS CURRENT U.S. ADVISER
Park Square has an unusual adviser-history wrinkle that requires careful entity matching. An older record for Park Square Capital USA LP appears under CRD 296630 / SEC 802-113183 and shows an exempt-reporting-adviser withdrawal in February 2024. That record should not be mistaken for the current U.S. adviser status. The current Park Square Capital USA LP record uses CRD 338573 / SEC File No. 801-134917 and reports approximately $18.9 billion in regulatory AUM in 2026. The legal name therefore looks almost identical while the regulatory identifier changed. Park Square's public website independently states that the firm manages more than $19 billion, has invested more than $35 billion since inception, works with more than 140 institutional investors and operates globally from offices including London, New York, Frankfurt, Tokyo and Seoul. The current adviser AUM and the firm's own platform figure are broadly consistent, but neither should be treated as Credit Partners V fund size.
FINAL ASSESSMENT
Park Square Capital has a strong multi-source verification trail: two active September 2026 Form D amendments for Credit Partners V and its feeder, a current SEC-registered U.S. adviser record, a public website with a 2004 founding history, more than $19 billion of platform AUM, more than $35 billion invested since inception, and a clearly described credit strategy spanning senior debt, direct lending and junior capital. The most important case-specific issue is structure. Credit Partners V and its feeder share the same Luxembourg address, first-sale date and management chain but report separate sold amounts and investor counts, so their economic relationship needs to be read from the legal documents rather than inferred from branding. The 2026 CLO launch adds another layer because Park Square now manages additional vehicles competing for exposure within the same European loan market. For an investor, the key questions are therefore allocation, feeder mechanics, leverage, loan seniority, liquidity and fee layering—not whether a Park Square entity can be found in SEC records.
SEC SNAPSHOT
Brand: Park Square Capital
Main Vehicle: Park Square Capital Credit Partners V, SCSp CIK: 0002084928 SEC File No.: 021-558074 Form D/A Filing Date: September 18, 2026 Entity Type: Luxembourg Special Limited Partnership Jurisdiction: Luxembourg Year Organized: 2024 Principal Address: 5, Rue du Cure, Luxembourg, L-1368 Phone: +352 27 85 23 224 Industry Group: Pooled Investment Fund Fund Classification: Other Investment Fund Federal Exemption: Rule 506(c) Investment Company Act Exclusions: Sections 3(c)(1) and 3(c)(7) First Sale Date: September 1, 2025 Offering Amount: Indefinite Amount Sold: $98,900,000 Investors: 3 Minimum Investment Reported: $0 Sales Commissions: $0 Finders' Fees: $0
Feeder Vehicle: Park Square Capital Credit Partners V Feeder, SCSp CIK: 0002084922 SEC File No.: 021-558080 Form D/A Filing Date: September 18, 2026 Entity Type: Luxembourg Special Limited Partnership Jurisdiction: Luxembourg Year Organized: 2024 Principal Address: 5, Rue du Cure, Luxembourg, L-1368 Federal Exemption: Rule 506(c) Investment Company Act Exclusions: Sections 3(c)(1) and 3(c)(7) First Sale Date: September 1, 2025 Offering Amount: Indefinite Amount Sold: $55,900,000 Investors: 2 Minimum Investment Reported: $0 Sales Commissions: $0 Finders' Fees: $0
Related Persons Appearing in Both 2026 Filings: Lara Riachy Godfrey Abel Francois Bourgon
Role: Managers of the relevant general-partner entities
WEBSITE / ENTITY PENETRATION
Official Website: parksquarecapital.com Founded: 2004 Founder / Managing Partner: Robin Doumar Primary Business: Private Credit Firm-Reported AUM: More than $19 billion Capital Invested Since Inception: More than $35 billion Companies Invested In Since 2004: 245+ Institutional Investors: 140+ Current Core Strategies: Large-sized senior debt Middle-market direct lending Junior capital solutions
Current U.S. Adviser: Park Square Capital USA LP CRD: 338573 SEC Adviser File No.: 801-134917 2026 Regulatory AUM: Approximately $18.9 billion Current Registration: SEC-registered investment adviser
Older Similar-Name Regulatory Record: Park Square Capital USA LP Former CRD: 296630 Former SEC Number: 802-113183 Status: Exempt Reporting Adviser withdrawn February 14, 2024
Important Entity Finding: The older withdrawn record and the current registered adviser use essentially the same Park Square USA name but different CRD and SEC identifiers. Current regulatory status should be checked under CRD 338573, not the withdrawn CRD 296630 record.
CREDIT PARTNERS STRATEGY
Strategy Family: Large-sized senior debt Strategy History: Park Square states Credit Partners has invested in European broadly syndicated loans since 2007 Capital Invested in Strategy Since Inception: More than €10 billion, according to Park Square Typical Exposure: Senior secured loans Primary loan investments Secondary performing credit Large-cap sponsored businesses
Research Significance: Credit Partners V belongs to Park Square's established large-company senior-loan franchise rather than its middle-market direct-lending or junior-capital strategies.
2026 CLO EXPANSION
Launch Date: February 12, 2026 New Business: European CLO senior debt platform Relationship to Existing Business: Extension of Credit Partners large-sized senior debt strategy Leadership: Wlod Wator Ryan McGahon Reports To: Matthias Alt, Partner and Head of Credit Partners
Park Square Stated Commitment: Firm balance-sheet capital expected to support CLO equity and risk-retention requirements for certain vehicles.
Research Significance: Credit Partners funds and the CLO platform may operate in overlapping European syndicated-loan markets, making loan-allocation policies relevant to Fund V investors.
FIVE FACTS UNIQUE TO THIS CASE
- Credit Partners V and its feeder filed separate SEC amendments on the same morning of September 18, 2026 from the same Luxembourg address.
- The main SCSp reported $98.9 million sold to three investors, while the feeder reported $55.9 million sold to only two investors.
- Both vehicles share an identical September 1, 2025 first-sale date but remain legally separate issuers.
- Park Square's current U.S. adviser uses CRD 338573 / SEC 801-134917, while an older same-name Park Square USA record under CRD 296630 was withdrawn in 2024.
- In 2026 Park Square launched a European CLO platform alongside Credit Partners, creating a new allocation dimension within its established senior-loan franchise.
CORE INVESTOR QUESTIONS
- Does Credit Partners V Feeder invest substantially all of its capital into Credit Partners V
- Why are U.S. investors split between the main Luxembourg SCSp and a separate feeder
- Are management fees and carried interest charged at both feeder and underlying fund levels
- Do the main fund and feeder have identical liquidity, voting and withdrawal terms
- What investor categories are represented by the three main-fund investors versus the two feeder investors
- How much total capital has Credit Partners V raised globally outside the amounts reported in U.S. Form D filings
- How are broadly syndicated loan opportunities allocated between Credit Partners V and Park Square's 2026 CLO vehicles
- How are opportunities divided among Credit Partners funds, direct-lending vehicles and separately managed accounts
- Does Credit Partners V use fund-level leverage or subscription facilities
- What portion of the portfolio may be acquired in secondary markets rather than primary syndications
- What concentration limits apply by borrower, sponsor, sector and country
- Which administrator, auditor, depositary, custodian and legal counsel service the Luxembourg fund and feeder
ENTITY-SPECIFIC RISKS
A feeder structure can add another legal and operational layer between an investor and the underlying portfolio. The main fund and feeder may have different tax, governance or expense profiles despite sharing the Park Square brand. The $98.9 million and $55.9 million Form D sold amounts do not represent Park Square's total AUM or necessarily total global commitments to Credit Partners V. European broadly syndicated loans can become illiquid during stressed credit markets. Senior secured status reduces but does not eliminate default and recovery risk. Secondary loan purchases can expose the fund to mark-to-market volatility even when underlying borrowers continue performing. Park Square's new CLO platform creates potential competition for attractive senior-loan allocations. The existence of an older withdrawn Park Square USA regulatory record creates a genuine entity-verification risk if users search only by name rather than current CRD. Rule 506(c) status does not mean the SEC has approved the vehicle or verified the fund's credit quality.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for Park Square Capital Credit Partners V, SCSp. U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for Park Square Capital Credit Partners V Feeder, SCSp. SEC Investment Adviser Public Disclosure record for current Park Square Capital USA LP, CRD 338573 / SEC File No. 801-134917. SEC historical adviser record for former Park Square Capital USA LP, CRD 296630 / SEC 802-113183. Park Square Capital official website. Park Square Capital official investment-strategy materials. Park Square Capital February 2026 announcement launching its European CLO platform. Park Square Capital institutional-investor and fundraising disclosures.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and does not represent SEC approval, endorsement, licensing or validation of Park Square Capital, Credit Partners V or its feeder. In this case, the SEC filings confirm the existence and U.S. exempt-offering history of two separate Luxembourg vehicles, while current adviser records and Park Square's official disclosures describe the much broader manager platform. FilingDossier treats fund-level Form D amounts, adviser-level AUM and firm-level capital invested as different measurements and does not combine them into a single headline figure.