INDEPENDENT VERDICT
Park Square Capital Credit Partners V, SCSp is a Luxembourg private-credit vehicle launched inside one of Europe's longest-running independent credit platforms. Its September 18, 2026 Form D/A reports an indefinite Rule 506(c) offering, $98.9 million sold to three investors and a September 1, 2025 first sale. The issuer is classified as an Other Investment Fund rather than a private-equity fund and relies on both Sections 3(c)(1) and 3(c)(7). A separate Credit Partners V Feeder, SCSp filed the same day with $55.9 million sold to two investors. The key research point, however, is that these U.S. Form D numbers represent only U.S. exempt-offering activity inside a much broader institutional credit strategy. Park Square says its Credit Partners platform has invested more than €10 billion in European broadly syndicated loans since 2007, while the wider firm has deployed more than $35 billion since inception.
THE MOST IMPORTANT DIFFERENTIATOR IS THAT "CREDIT PARTNERS V" AND "CAPITAL PARTNERS V" ARE DIFFERENT STRATEGIES
The naming is easy to confuse. Park Square Capital Partners V — without the word "Credit" — is the firm's fifth-vintage junior-capital strategy and completed a 2025 final close with more than €2.4 billion of LP commitments and approximately €4 billion of total investable capital including leverage and committed co-investment. Credit Partners V, by contrast, sits in Park Square's large-sized senior-debt franchise. Park Square describes that strategy as investing in primary senior secured loans and secondary performing loans for large companies. Investors or automated databases that collapse the two names risk assigning the €4 billion Capital Partners V figure to the wrong vehicle. They also risk confusing junior/subordinated capital with senior secured credit — two very different places in a borrower's capital structure.
THE FUND IS PART OF A THREE-STRATEGY CREDIT PLATFORM RATHER THAN A SINGLE PRIVATE-DEBT PRODUCT
Park Square currently divides its core investment business into three complementary strategies: Junior Capital Solutions, Large-Sized Senior Debt and Middle-Market Direct Lending. Junior Capital provides primary junior financing and can buy performing, stressed or dislocated debt in secondary markets. Large-Sized Senior Debt, where Credit Partners sits, focuses on senior secured loans and performing secondary loans for larger businesses. Middle-Market Direct Lending takes sole or lead lender positions in senior, stretched-senior and unitranche financings. This matters because Park Square can underwrite different parts of a sponsor-backed company's capital structure without forcing every deal into the same fund. Credit Partners V should therefore be evaluated primarily on senior-credit underwriting, spread, downside protection, liquidity and borrower quality rather than on the higher-return junior-capital playbook used by Capital Partners V.
THE U.S. FORM D SHOWS AN UNUSUALLY CONCENTRATED INVESTOR BASE, BUT IT DOES NOT REVEAL TOTAL FUND SIZE
The main Credit Partners V SCSp reports only three investors for $98.9 million of cumulative U.S. securities sold. Its separate feeder reports another $55.9 million from two investors. A simple average suggests very large allocations, but those figures cannot be used to reconstruct total fund size because the offering is indefinite and the strategy raises capital globally from institutions outside the U.S. Form D framework. Park Square itself says it works with more than 140 institutional investors across Europe, the U.S. and Asia, including pension funds, insurance companies, sovereign wealth funds and investment advisers. In other words, the U.S. Reg D investor count captures a narrow legal distribution channel rather than the global LP universe.
THE LUXEMBOURG STRUCTURE ADDS A SECOND REGULATORY LAYER BEYOND THE SEC NOTICE
Credit Partners V is a Luxembourg société en commandite spéciale, or SCSp, formed in 2024 and registered under Luxembourg law. LEI records identify the entity as an active fund and point to a managing-fund-parent relationship within the Park Square Luxembourg management structure. Park Square's Luxembourg Management Services entity acts as an AIFM across the group's Luxembourg funds and is subject to CSSF/AIFMD requirements. This is separate from the U.S. Form D exemption. The SEC filing governs the U.S. exempt offering, while Luxembourg fund and AIFM rules govern the local fund-management framework. Neither should be described as regulatory approval of the fund's investment merits.
THE U.S. AND UK MANAGEMENT STRUCTURE IS ALSO NOW MORE INSTITUTIONALISED THAN PARK SQUARE'S EARLIER ERA FOOTPRINT
Park Square's current regulatory disclosures state that Park Square Capital USA LP is registered with the SEC as an investment adviser and that Park Square Capital LLP serves as a Relying Adviser of the U.S. entity. The U.K. partnership is separately authorised and regulated by the Financial Conduct Authority under FCA Register number 414858. This is important because an older Park Square Capital USA LP regulatory identity under CRD 296630 was withdrawn in 2024 and is no longer the relevant current adviser record. The current Park Square Capital USA LP uses CRD 338573 / SEC 801-134917. Current adviser data places its regulatory assets under management at roughly $18.9 billion, which is a manager-level number and must not be attributed to Credit Partners V alone.
THE STRATEGY'S SCALE IS SUPPORTED BY REAL DEPLOYMENT HISTORY RATHER THAN ONLY A CURRENT FUNDRAISING TARGET
Park Square says the Credit Partners strategy has invested more than €10 billion in European broadly syndicated loans since its inception in 2007. In February 2026 the firm expanded the senior-debt franchise further by launching a European CLO platform, co-led by Wlod Wator and Ryan McGahon, with Ryan joining from BlackRock's European CLO team. The move is strategically relevant to Credit Partners because CLO capability increases the platform's access to and knowledge of large-cap syndicated senior loans, though a CLO is not itself Credit Partners V. The expansion indicates Park Square views the senior-debt franchise as a long-term core strategy rather than a single-vintage opportunistic fund.
THE PLATFORM'S INSTITUTIONAL DNA IS ALSO UNUSUAL COMPARED WITH MANY MANAGER-LED PRIVATE-CREDIT FIRMS
Park Square says it began as an LP-inspired initiative shaped by several large pension funds seeking independent credit decision-making and meaningful co-investment opportunities. As of May 2026, the firm reported more than 140 institutional investors and 21 dedicated LP-coverage professionals across London, New York, Frankfurt, Seoul and Tokyo. It also describes customized structures including evergreen and separately managed accounts that span all three credit strategies. That institutional architecture helps explain why Form D investor counts can look surprisingly small: large pension, insurance and sovereign investors may commit through bespoke feeders, parallel entities or separate mandates rather than one U.S. feeder.
THE PLATFORM IS STILL EVOLVING GEOGRAPHICALLY
Park Square historically built its franchise in Europe, but the strategy set now extends materially into North America. In November 2025, Park Square and Nomura announced a strategic U.S. private-credit alliance supporting U.S. Loan Partners, the firm's first dedicated U.S. senior direct-lending vehicle. Nomura committed $150 million as an anchor LP. This U.S. vehicle is not Credit Partners V, but it demonstrates that Park Square is broadening origination and underwriting beyond its European base. In the context of Credit Partners V, that matters because the manager's future opportunity set may increasingly include North American senior-credit sourcing even when individual legal vehicles remain strategy-specific.
THE MANAGER OWNERSHIP STORY ALSO CHANGED IN 2026
In January 2026, Bonaccord Capital Partners increased its existing non-voting passive minority stake in Park Square, following its first minority investment in 2021. Park Square remains independent and management-led, while Bonaccord's position is described as strategic and non-control. This distinction matters for governance analysis: the minority investor supports platform growth but is not publicly described as controlling fund-level investment decisions. The transaction occurred after a period in which Park Square had closed €4 billion of investable junior-capital capacity, expanded U.S. direct lending and prepared to extend its senior-debt franchise through CLOs.
FINAL ASSESSMENT
Park Square Credit Partners V has at least nine concrete facts that make it materially different from a generic private-credit review: the main Luxembourg vehicle reports $98.9 million sold to three U.S. investors; a separate feeder reports $55.9 million to two investors; both rely on Rule 506(c); the legal structure is a Luxembourg SCSp; Park Square's large-cap senior-debt franchise has deployed more than €10 billion since 2007; the broader firm has deployed more than $35 billion; more than 140 institutions invest across the platform; Park Square Capital USA LP is now an SEC-registered adviser while Park Square Capital LLP is FCA-regulated; and the platform launched a European CLO strategy in 2026 to expand the same broad senior-credit franchise. The central diligence issue is therefore not whether Park Square has institutional scale, but how Credit Partners V specifically is constructed: total commitments, leverage, sector concentration, secondary-loan exposure, borrower quality, loss history and the economic relationship between the main fund, feeder and any parallel or co-investment structures.
SEC SNAPSHOT
Issuer: Park Square Capital Credit Partners V, SCSp CIK: 0002084928 SEC Form: Form D/A Accession No.: 0002084928-26-000001 File No.: 021-558074 Film No.: 261388810 Filing Date: September 18, 2026 Formation Year: 2024 Jurisdiction: Luxembourg Legal Form: Société en commandite spéciale / SCSp Principal Address: 5, Rue du Curé, L-1368 Luxembourg Telephone: +352 27 85 23 224 Industry: Pooled Investment Fund Fund Classification: Other Investment Fund Investment Company Registered: No Investment Company Act Exclusions: Sections 3(c)(1) and 3(c)(7) Offering Exemption: Rule 506(c) Security Type: Pooled Investment Fund Interests Offering Amount: Indefinite Amount Sold: $98,900,000 Remaining To Be Sold: Indefinite Investors: 3 Minimum Investment: $0 reported First Sale: September 1, 2025 Offering Duration Over One Year: Yes Business Combination Transaction: No Sales Commissions: $0 Finder's Fees: $0 Related-Person Payments: $0 Manager of General Partner: Lara Riachy Manager of General Partner: Godfrey Abel Manager of General Partner: Francois Bourgon Signer: Lara Riachy Signer Title: Manager
FEEDER PENETRATION
Related Issuer: Park Square Capital Credit Partners V Feeder, SCSp
CIK: 0002084922
File No.: 021-558080
Filing Date: September 18, 2026
Jurisdiction: Luxembourg
Formation Year: 2024
Principal Address: 5, Rue du Curé, L-1368 Luxembourg
Offering Exemption: Rule 506(c)
Investment Company Act Exclusions: Sections 3(c)(1) and 3(c)(7)
Offering Amount: Indefinite
Amount Sold: $55,900,000
Investors: 2
Minimum Investment: $0 reported
First Sale: September 1, 2025
Main Fund and Feeder Same Legal Entity: NO
Main Fund and Feeder Same CIK: NO
Main Fund + Feeder Simple U.S. Form D Total: $154,800,000
That Figure Proven to Equal Total Fund Commitments: NO
That Figure Proven to Equal Current NAV: NO
Feeder Capital Automatically Additive Without Master-Feeder Documentation: NO
STRATEGY PENETRATION
Park Square Core Strategies: Junior Capital Solutions Large-Sized Senior Debt Middle-Market Direct Lending
Credit Partners Strategy: Large-Sized Senior Debt
Primary Investment Types: Senior secured loans Primary loans Secondary performing loans
Target Borrower Type: Larger established businesses
Primary Regions: Western Europe North America
Credit Partners Franchise Inception: 2007
Credit Partners Capital Invested Since Inception: €10 billion+
Credit Partners V Same as Capital Partners V: NO
Capital Partners V Strategy: Junior capital / subordinated credit
Capital Partners V 2025 Final Close: More than €2.4 billion LP commitments
Capital Partners V Investable Capital: Approximately €4 billion including leverage and committed co-investment
Using €4B as Credit Partners V Size: INCORRECT
PARK SQUARE PLATFORM PENETRATION
Founded: 2004
Founder / Managing Partner: Robin Doumar
Platform Credit Focus: Exclusive / dedicated private credit
Institutional Investors: 140+
Investor Geographies: Europe United States Asia
Capital Deployed Since Inception: $35 billion+
Investment Professionals: 48
LP Coverage Professionals: 21
LP Coverage Offices: London New York Frankfurt Seoul Tokyo
Companies Invested In Since 2004: 245+
Platform Invests Across: Senior debt Junior debt Structured equity Direct lending
REGULATORY PENETRATION
U.S. Adviser: Park Square Capital USA LP
CRD: 338573
SEC File No.: 801-134917
SEC Registered Investment Adviser: YES
2026 ADV-Derived RAUM: Approximately $18.9 billion
Relevant Current U.S. Adviser Record: CRD 338573
Older Withdrawn Park Square USA Adviser Record: CRD 296630 / SEC 802-113183
Older Record Current: NO
UK Adviser / Manager: Park Square Capital, LLP
FCA Register Number: 414858
UK FCA Authorised: YES
Relationship: Relying Adviser of Park Square Capital USA LP
Luxembourg Manager: Park Square Capital Luxembourg Management Services S.à r.l.
AIFM Role: YES
CSSF / AIFMD Framework: YES
These Regulatory Regimes Constitute Investment Approval: NO
LUXEMBOURG ENTITY PENETRATION
Issuer LEI: 636700MQ7R7E7UEK6G87
Luxembourg Registration Number: B286643
Entity Creation Date: May 6, 2024
Entity Status: Active
Legal Form: SCSp
Managing Fund Parent Relationship: Publicly corroborated through LEI / CSSF-linked records
Luxembourg Fund Domicile: YES
U.S. SEC Form D Filing: YES
Luxembourg Fund Regulation and U.S. Securities Exemption Are Same Thing: NO
EUROPEAN CLO EXPANSION
Announcement Date: February 12, 2026
New Strategy: European CLO senior debt platform
Co-Lead: Wlod Wator
Co-Lead: Ryan McGahon
Ryan McGahon Prior Employer: BlackRock
Ryan Prior Role: Lead Portfolio Manager, European CLO platform
Credit Partners Head: Matthias Alt
Relationship to Credit Partners: Extension of existing large-sized senior debt franchise
CLO Platform Automatically Same Legal Vehicle as Credit Partners V: NO
Strategic Significance: Broadens senior-loan sourcing, portfolio construction and credit-market capabilities
U.S. EXPANSION PENETRATION
Strategic Partner: Nomura
Alliance Announced: November 14, 2025
Vehicle: Park Square Capital U.S. Loan Partners I
Strategy: U.S. middle-market senior secured direct lending
Nomura Anchor Commitment: $150 million
Credit Partners V Same Vehicle: NO
Implication: Park Square is expanding senior-credit origination in North America while maintaining separate strategy vehicles.
OWNERSHIP / GOVERNANCE PENETRATION
Strategic Minority Investor: Bonaccord Capital Partners
Initial Minority Investment: December 2021
Additional Minority Investment: January 2026
Stake Type: Non-voting Passive Minority
Control of Park Square: Not transferred to Bonaccord based on public announcement
Park Square Remains Independent Credit Manager: YES
PLATFORM INSTITUTIONAL EVIDENCE
Investor Types: Pension funds Insurance companies Sovereign wealth funds Investment advisers
Customized Mandates: YES
Separately Managed Accounts: YES
Evergreen Structures: YES
Co-Investments: YES
Example Publicly Described: Large pension mandate spanning all three Park Square strategies
Implication: Form D investor counts do not represent the entire global institutional LP base.
HISTORICAL FUND PENETRATION
Park Square Capital Partners III: Older junior-capital vintage Historical SEC filing confirms Park Square Capital LLP promoter relationship
Park Square Capital Partners IV: Closed May 2021 Approximately €2.2 billion total Approximately €1.5 billion LP commitments
Park Square Capital Partners V: 2025 More than €2.4 billion LP commitments Approximately €4 billion investable capital
European Loan Partners II Programme: Final close approximately €3.4 billion in 2024
Credit Partners Evergreen: Separate Luxembourg evergreen senior-credit structure
Credit Partners Evergreen (B): Separate Luxembourg sub-fund / series
European Loan Partners III: Separate direct-lending programme
U.S. Loan Partners I: Separate dedicated U.S. direct-lending strategy
All Park Square Funds One Pool: NO
WEBSITE / ENTITY PENETRATION
Official Park Square Website Confirmed: YES
Credit Partners Strategy Confirmed: YES
Large-Sized Senior Debt Strategy Confirmed: YES
Credit Partners €10B+ Deployment History Confirmed: YES
140+ Institutional LPs Confirmed: YES
$35B+ Firm Deployment History Confirmed: YES
Park Square Capital USA SEC Registration Confirmed: YES
Park Square Capital LLP FCA Authorisation Confirmed: YES
Luxembourg AIFM Structure Confirmed: YES
Credit Partners V SEC Issuer Confirmed: YES
Credit Partners V Feeder SEC Issuer Confirmed: YES
Current Total Credit Partners V Fund Size Publicly Confirmed: NO
Current Credit Partners V NAV Publicly Confirmed: NO
Credit Partners V Leverage Ratio Publicly Confirmed: NO
Full Borrower Portfolio Publicly Confirmed: NO
Current Auditor Independently Confirmed: NO
Current Fund Administrator Independently Confirmed: NO
Current Depositary Independently Confirmed: NO
CORE INVESTOR QUESTIONS
What is the total global commitment size of Credit Partners V How much capital sits in the main SCSp versus feeder and parallel vehicles Does the feeder invest directly into Credit Partners V Are the $98.9 million and $55.9 million U.S. Form D amounts overlapping economic exposure How much leverage does Credit Partners V employ What percentage of the portfolio is primary senior secured lending What percentage is secondary performing credit Does the fund buy discounted loans in stressed markets What is the current weighted-average spread What is current average loan-to-value What is current borrower leverage What is the average EBITDA of portfolio companies What is the largest single borrower exposure What sector concentration limits apply What percentage of investments are European versus North American How does the new CLO platform interact with Credit Partners sourcing Can Credit Partners V sell loans to or buy loans from affiliated CLOs How are conflicts handled between Credit Partners V, Evergreen funds and European Loan Partners How are borrower opportunities allocated between Credit Partners and direct-lending vehicles What management fee applies What carried interest or performance fee applies What preferred return or hurdle applies What subscription and redemption terms apply Who is the auditor Who is administrator Who is depositary How are private loans valued What is the realized default and loss rate for prior Credit Partners vintages What percentage of the portfolio has undergone amendments, restructurings or covenant resets
PRIMARY EVIDENCE REVIEWED
SEC Form D/A for Park Square Capital Credit Partners V, SCSp filed September 18, 2026. SEC Form D/A for Park Square Capital Credit Partners V Feeder, SCSp filed September 18, 2026. SEC filings confirming $98.9 million sold to three investors in the main vehicle and $55.9 million to two investors in the feeder. Park Square Capital official investing-capital strategy materials. Park Square Capital official raising-capital materials. Park Square Capital official regulatory disclosure. Park Square Capital official September 2025 announcement of the €4 billion Park Square Capital Partners V junior-capital close. Park Square Capital official February 2026 announcement of the European CLO senior-debt platform. Park Square Capital official November 2025 announcement of the Nomura U.S. private-credit alliance. Park Square Capital official January 2026 announcement of Bonaccord's increased passive minority investment. IAPD record for Park Square Capital USA LP. Luxembourg LEI / CSSF-linked record for Park Square Capital Credit Partners V. Historical SEC filings for Park Square Capital Partners III and IV used to establish the evolution of the fund family.
IMPORTANT FORM D NOTICE
Park Square Capital Credit Partners V, SCSp's September 18, 2026 Form D/A reports $98,900,000 sold to three investors, while Park Square Capital Credit Partners V Feeder, SCSp separately reports $55,900,000 sold to two investors. These figures are issuer-level U.S. exempt-offering disclosures and do not establish total global fund commitments, current NAV or combined master-fund assets. Park Square Capital Partners V is a separate junior-capital strategy that closed with approximately €4 billion of investable capital and should not be confused with Credit Partners V. Likewise, Park Square Capital USA LP's approximately $18.9 billion of regulatory AUM and Park Square's $35 billion-plus historical platform deployments are manager-level metrics rather than assets of this single vehicle. Form D, SEC adviser registration, FCA authorisation and Luxembourg AIFM regulation are regulatory records and do not constitute regulatory endorsement of the fund or guarantee investment performance.