Sign in

Private company

LAGO Evergreen Credit

Investment fund that raised $141.6 million in 2025 (SEC Form D)1

In its 2026 annual report the company says: “LAGO Evergreen Credit is a Delaware statutory trust structured as an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended. The Company is managed by LAGO Asset Management, LLC, a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended.”4 It is headquartered in Chicago, Illinois.1

Last updated Oct 21, 2026.

Overview

  • HeadquartersChicago, Illinois1
  • Incorporated inDE2
  • Business address10 S. Wacker Dr., Suite 3540, Chicago, Il 606062
  • Filer category, Emerging growth company2
  • Legal formBusiness Trust
  • Kind of organizationInvestment fund1

See how the biggest companies compare on our leaderboards

LAGO Evergreen Credit (the “Company”) is a Delaware statutory trust structured as an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company qualifies and intends to elect to be taxed as a regulated investment company (“RIC”) under subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed as a Delaware statutory trust on October 30, 2024, and filed its initial registration statement on Form 10 on March 3, 2025 as subsequently amended on April 17, 2025 and May 2, 2025. As a BDC that has qualified as a RIC, the Company is required to comply with certain regulatory requirements. For example, as a BDC, at least 70% of the Company’s assets…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Fiscal year20252026
Cash$571.7K7
Total assets$190.9M7
Total liabilities$71.8M7
Shareholders’ equity$119.1M7
Shares outstanding4.7M shares75.2M shares7

Compare LAGO Evergreen Credit with another company

Corporate structure

LAGO Evergreen Credit sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • LAGO Evergreen Credit Chicago, Illinois
    • LAGO Evergreen SPE, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What LAGO Evergreen Credit reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$571.7K7 Dec 31, 2025

Properties, in its own words

The Company’s offices are located at 10 S. Wacker Drive, Suite 3540, Chicago, Illinois 60606. The Company believes that its office facilities are suitable and adequate for its business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 17, 2026.4

Leadership

Who has led LAGO Evergreen Credit, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Tim A. Gottfried2025–now

Chief financial officer

  1. Todd Knudsen2025–now

Chief operating officer

  1. Freniere Heather La2025–now
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerHeather E. La Freniere named Mar 13, 2025 to Apr 29, 202615
  • DirectorMark A. Buffingrton named Mar 13, 202516

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • LAGO Evergreen SPE, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 1, 20268-K Other events17
  2. Sep 29, 20268-K Entered a material agreement; New debt or obligation18
  3. Jul 17, 20268-K Unregistered sale of shares19
  4. Jun 30, 20268-K Other events20
  5. Apr 17, 20268-K Unregistered sale of shares21
  6. Mar 31, 20268-K Other events22
  7. Jan 16, 20268-K Unregistered sale of shares23
  8. Dec 30, 20258-K Other events24
  9. Dec 17, 20258-K Entered a material agreement; New debt or obligation25
  10. Oct 17, 20258-K Unregistered sale of shares26
  11. Sep 29, 20258-K Other events27
  12. Jul 18, 20258-K Unregistered sale of shares28
  13. May 2, 2025New chief executive Tim A. Gottfried becomes CEO8

Filings

46 filings to the SEC since October 2021: 1 annual reports, 5 quarterly reports, 14 major events, 8 insider forms, 4 private raises, 14 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Aug 10, 202610-Q EDGAR
  4. Jul 17, 20264 EDGAR
  5. Jul 17, 20268-K EDGAR
  6. Jun 30, 20268-K EDGAR
  7. May 7, 202610-Q EDGAR
  8. Apr 29, 2026D/A EDGAR
  9. Apr 17, 20268-K EDGAR
  10. Mar 31, 20268-K EDGAR
  11. Mar 17, 202610-K EDGAR
  12. Mar 3, 202640-17G EDGAR
  13. Jan 16, 20268-K EDGAR
  14. Dec 30, 20258-K EDGAR
  15. Dec 17, 20258-K EDGAR
  16. Nov 5, 202510-Q EDGAR
  17. Oct 17, 20258-K EDGAR
  18. Sep 29, 20258-K EDGAR
  19. Aug 11, 202510-Q EDGAR
  20. Jul 23, 2025APP ORDR EDGAR

The 46 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 16, 2026Knudsen ToddCFO, CCOBuy1,971$25.37$50.0KForm 4

From Forms 4 filed with the SEC.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$141.6M 2025–2025
Money received by yearMoney received by year, 2025–2025: $141.6M in all. Private raises (Form D) $141.6M.$0$50M$100M$150M2025 · Private raises (Form D): $141.6M2025
Figures by year
YearPrivate raises (Form D)Total
2025$141.6M$141.6M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Apr 1, 2025Raised $73.6 million in a private offering of equity15 Form D: 597 investors so far Form D
  2. Mar 3, 2025Raised $68.1 million in a private offering of equity16 Form D: 347 investors so far Form D

SEC filer profile

How LAGO Evergreen Credit is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLAGO Evergreen Credit1
  • CIK0002043759
  • Employer ID (EIN)33-18676424
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Business address10 S. Wacker Dr., Suite 3540, Chicago, IL 606061
  • Phone773-417-52461
  • Shares outstanding6,298,541 as of Aug 10, 20266
  • AuditorErnst & Young LLP, Atlanta, Georgia PCAOB ID 42; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 20, 20241
  • Filings46 in all: 8-K (14), 3 (7), 10-Q (5), 10-12G/A (2), 40-17G (2), 40-APP (2), APP NTC (2), CORRESP (2)1
    All 16 form types

    D (2), D/A (2), 10-12G (1), 10-K (1), 4 (1), 40-APP/A (1), APP ORDR (1), N-54A (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Latest 8-K (8-K) Oct 1, 2026

Risk factors and legal proceedings

The risks LAGO Evergreen Credit names in Item 1A of its 10-K filed Mar 17, 2026: 68 risks under these headings, as written.4

  • Risks Relating to the Company’s Business and Structure
  • Risks Relating to the Company’s Investments
  • Risks Relating to Our Shares
  • General Risk Factors
  • We have limited operating history and the Investment Adviser has limited experience managing a BDC.
  • Our Board may change our operating policies and strategies without prior notice or Shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Any investments that we may make could be considered speculative in nature and highly risky.
  • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.
  • We are dependent upon certain key systems, personnel and strong referral relationships of the Investment Adviser.
  • We cannot guarantee to replicate historical results achieved by the Investment Adviser.
  • Investment decisions may be undertaken on an expedited basis.
  • The ability to execute investment decisions may be limited.
The other 60 risks
  • Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings.
  • There are significant potential conflicts of interest that could impact our investment returns.
  • Our management and incentive fee structure may create a conflict of interest for the Investment Adviser.
  • We may invest alongside third parties, which could involve certain risks.
  • The terms of the Investment Advisory Agreement will be negotiated between related parties.
  • The Investment Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We operate in a highly competitive market for investment opportunities.
  • We may have a limited ability to make cash distributions.
  • We may fail to achieve targeted returns.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital.
  • The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.
  • We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.
  • We may borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • The Company is subject to significant costs as a result of being registered under the Exchange Act.
  • We are exposed to risks associated with changes in interest rates, including the current interest rate environment.
  • We may experience fluctuations in our operating results.
  • Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or enacted laws or regulations could require changes to certain business practices of us or such portfolio companies, negatively impact the operations, cash flows or financial condition of us or such portfolio companies, impose additional costs on us or such portfolio companies or otherwise adversely affect our business or the business of such portfolio companies.
  • The Investment Adviser could resign from its role and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • Our status as an “Emerging Growth Company” under the JOBS Act may make it more difficult to raise capital as and when we need it.
  • We are highly dependent on the information systems of the Investment Adviser and operational risks including systems failures could significantly disrupt our business, result in losses or limit our growth, which may, in turn, negatively affect our operating results and our ability to pay distributions.
  • The Net Asset Value of our Shares may fluctuate.
  • We cannot guarantee an appropriate commercial market.
  • There is currently no public market for our Shares, and the liquidity of your investment is limited.
  • Our investments may be concentrated.
  • We may be subject to risks associated with our investments in the health and wellness industry.
  • Our investments in the technology-business industry are subject to unique risks relating to technological developments, regulatory changes and changes in customer preferences.
  • We may be subject to risks associated with our investments in the business services industry.
  • We may be subject to risks associated with our investments in the data processing and ecommerce industries.
  • We may be subject to risks associated with our investments in the application software and technology marketplace industries.
  • Our portfolio companies will be managed by such portfolio company’s management team.
  • We may invest in less established companies.
  • We may have limited ability to exit investments.
  • We may be subject to risks associated with our investments in debt or equity ranking equal or senior to the Company’s investment.
  • We cannot guarantee additional capital for investments.
  • We may be subject to risks associated with bridge loans.
  • We may be subject to risks associated with covenant-lite loans
  • We may be exposed to losses resulting from default and foreclosure.
  • We may be subject to risks associated with general risks of investing in mezzanine debt and other junior securities.
  • The Company’s portfolio companies may prepay loans, which may reduce the Company’s yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • There may be circumstances in which our future debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Our Shares have limited liquidity.
  • Our Shareholders may experience dilution.
  • There can be no guarantee of returns.
  • Transfer of our Shares is subject to restrictions.
  • Federal Income Tax Risks
  • Although the Company intends to qualify as a RIC, no assurance can be given that the Company will be able to maintain RIC status.
  • We may have difficulty paying our required distributions under applicable tax rules if we recognize income before or without receiving cash representing such income.
  • Legislative or other actions relating to taxes could have a negative effect on us.
  • Risks Relating to the Company’s Investments—General Risk Factors
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Uncertainty resulting from the U.S. political climate could negatively impact our business, financial condition and results of operations.
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
  • A lack of a liquid secondary market may have an adverse effect on our investments.
  • Price declines and illiquidity may have an adverse effect on our investments.
  • Our investment prices may be highly volatile.
  • We may have difficulty sourcing investment opportunities.
  • We could be the target of litigation or regulatory investigations.
  • Cybersecurity failures and data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results.
  • Ineffective internal controls could impact our business and operating results.
  • Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company.

Legal proceedings

Neither the Company nor the Investment Adviser is currently subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company or the Investment Adviser.

From time to time, the Company or the Investment Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s Portfolio Companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon the Company’s financial condition or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
    SEC EDGAROther events
  18. 18
  19. 19
  20. 20
    SEC EDGAROther events
  21. 21
  22. 22
    SEC EDGAROther events
  23. 23
  24. 24
    SEC EDGAROther events
  25. 25
  26. 26
  27. 27
    SEC EDGAROther events
  28. 28