Material Agreement (Form 8-K)

On April 1, 2026, Partners Group Lending Fund, LLC (the "Fund") and Partners Group (USA) Inc. (the "Adviser") entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the "Amended Expense Agreement"), which amended certain provisions of the original Expense Support and Conditional Reimbursement Agreement dated August 31, 2023 (the "Original Agreement")

Under the Original Agreement, the Adviser waived the Base Management Fee, paid and/or absorbed a portion of the Fund's Other Operating Expenses in order that such expenses do not exceed 1.00% (on an annualized basis) of the Fund's Aggregate Capital Commitments (as such terms were defined in the Original Agreement, and, such limit, the "Expense Limitation").

The Amended Expense Agreement modifies the Expense Limitation such that Other Operating Expenses shall not exceed 1.00% of the Fund's net asset value rather than capital commitments. The Amended Expense Agreement has a term of one year and will automatically renew for additional one-year periods unless terminated on 30 days' written notice.

The information set forth above with respect to the Amended Expense Agreement does not purport to be complete in scope and is qualified in its entirety by the full text of the Amended Expense Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.