8-K: North Haven Private Income Fund Announces Key Leadership Appointments

North Haven Private Income Fund LLC has announced a significant leadership transition, appointing a new Chief Executive Officer, Chief Investment Officer, and Co-Presidents following the resignation of its CEO and Director, Jeffrey Levin.

Summary

• Jeffrey Levin resigned from his positions as Chief Executive Officer and a Director of North Haven Private Income Fund LLC, effective on or about July 25, 2025.
• Mr. Levin's resignation was not due to any disagreement with the Company.
• Michael Occi, age 41, was appointed as a Director, Chief Executive Officer, and principal executive officer, effective on or about July 25, 2025.
• Mr. Occi will also concurrently serve as CEO of Morgan Stanley Direct Lending Fund (MSDL), North Haven Private Income Fund A LLC (PIF A), LGAM Private Credit LLC (LGAM), T Series Middle Market Loan Fund LLC (T Series), and SL Investment Fund II LLC (SLIF).
• Ashwin Krishnan, age 49, was appointed as Chief Investment Officer, effective on or about July 25, 2025, also concurrently for MSDL, PIF A, LGAM, T Series, and SLIF.
• Orit Mizrachi, age 53, and Jeffrey Day, age 48, were appointed as Co-Presidents, effective on or about July 25, 2025, succeeding Mr. Occi, and concurrently for MSDL, PIF A, LGAM, T Series, and SLIF.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the appointment of highly experienced internal candidates to key leadership roles, ensuring continuity and deep institutional knowledge. The explicit statement that the outgoing CEO's resignation was not due to disagreement further contributes to a stable outlook.

Positives

• The resignation of former CEO Jeffrey Levin was explicitly stated not to be the result of any disagreement with the Company, indicating a smooth transition.
• New CEO Michael Occi has extensive experience within Morgan Stanley Investment Management, having served as the Company's Chief Administrative Officer and President, ensuring continuity and deep institutional knowledge.
• New CIO Ashwin Krishnan has been part of the Morgan Stanley Private Credit platform since its inception in 2009 and a member of the investment committee since 2019, bringing long-standing expertise.
• Co-President Orit Mizrachi has served as the Company's Chief Operating Officer since October 2021 and held senior positions at The Carlyle Group, demonstrating strong operational and financial leadership.
• Co-President Jeffrey Day is a Managing Director at Morgan Stanley and a member of the MS Private Credit Investment Committees, contributing significant capital markets and business development experience.
• The concurrent appointments across multiple related funds (MSDL, PIF A, LGAM, T Series, SLIF) suggest a unified and strengthened leadership structure across Morgan Stanley's private credit platform.

Future Outlook

The filing primarily details management changes and does not provide specific forward-looking financial guidance or strategic outlook beyond the effective dates of the new appointments. The appointments of experienced internal candidates suggest a continuation of the existing strategic direction under new leadership.

Industry Context

The appointments of seasoned professionals with deep roots in Morgan Stanley's private credit platform reflect a strategic move to reinforce leadership in a growing and competitive alternative asset class. The unified leadership across multiple related funds underscores a cohesive approach to managing private credit investments within the broader Morgan Stanley Investment Management ecosystem, aligning with industry trends towards integrated asset management platforms.

Management Changes

Corporate Governance

Related Party Transactions

• No family relationship exists between the new appointees (Messrs. Occi, Krishnan, Day, and Ms. Mizrachi) and any current director, executive officer, or nominee.
• No transactions or proposed transactions exist where the new appointees have a material interest subject to Item 404(a) of Regulation S-K.

Stakeholder Impact

• Shareholders: The appointment of experienced internal leaders, particularly with no stated disagreement for the outgoing CEO's departure, may instill confidence in the stability and strategic direction of the Company.
• Employees: New leadership at the CEO, CIO, and Co-President levels will shape the company culture and operational strategies, potentially impacting employee morale and career paths.
• Customers/Clients: The continuity of leadership from within Morgan Stanley's private credit platform may reassure clients regarding the consistency and expertise in managing their investments.

Next Steps

• The new appointments of Michael Occi as CEO and Director, Ashwin Krishnan as CIO, and Orit Mizrachi and Jeffrey Day as Co-Presidents will become effective on or about July 25, 2025.

Key Dates

Recommendation

The filing details significant management changes, including the appointment of a new CEO, CIO, and Co-Presidents. While these are key leadership roles, the transition appears smooth, with the outgoing CEO's resignation not attributed to disagreement, and the new appointees are experienced internal candidates. This suggests continuity and stability rather than a fundamental shift in strategy or performance. Without additional financial or operational data, a 'hold' recommendation is appropriate, as the changes do not immediately signal a strong buy or sell opportunity but rather a reinforcement of existing operations.

Keywords

Leadership Change, CEO Appointment, CIO Appointment, Private Credit, Morgan Stanley Investment Management, Corporate Governance, Executive Resignation, Investment Management, Financial Services