<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-06-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0002054995</issuerCik>
        <issuerName>Lincoln Partners Group Royalty Fund</issuerName>
        <issuerTradingSymbol>LNPIX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001642663</rptOwnerCik>
            <rptOwnerName>Partners Group Hearst Opportunities Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O PARTNERS GROUP (USA) INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1114 AVENUE OF THE AMERICAS, 37TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Affiliate of the Sub-Adviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class I Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>20000000</value>
                    <footnoteId id="F1"/>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The amount of shares purchased, the price and the amount of shares beneficially owned after the transaction are estimated using a net asset value (&quot;NAV&quot;) from April 30, 2026 due to the timing of the calculation of the Issuer's NAV, which is not available at the time of this filing.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Helen Flood</signatureName>
        <signatureDate>2026-06-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
