Direct Lending Evergreen (L) Fund SCA SICAV-RAIF

The absence of prior EDGAR filings from this manager combined with three named GPs and a 06b exemption signals a newly-launched or Luxembourg-domiciled operation that has not previously raised in the U.S. registered market, suggesting the manager is either building a dedicated U.S. allocation channel for existing European LPs or entering the U.S. direct lending market for the first time with a partnership structure designed to share deal sourcing and underwriting across the GP team.

Filing an amendment in May 2026 to a direct lending evergreen fund reflects LP demand for floating-rate yield in a higher-for-longer rate environment; evergreen structures appeal to allocators seeking perpetual dry powder and quarterly or semi-annual distributions rather than a fixed fund life, and timing this raise after multiple quarters of Fed rate signals indicates the manager is capitalizing on LP appetite for uncapped origination capacity.

Verify whether this amendment signals a material change to the target size, fee schedule, key-man provisions, or LP consent rights from an initial filing—EDGAR shows no prior manager history, so confirm with the manager directly whether this $323M vehicle is a seed closing or an increase from an earlier cap, as the amendment status suggests terms or structure have shifted since initial formation.