DC-DC power converters are essential for various applications, including photovoltaic systems, green hydrogen production, battery charging, and DC microgrids. Partial Power Converters (PPC) are notable for their efficiency, processing only a fraction of total power and reducing conversion losses, but this performance is overshadowed by the high cost of its construction, associated with high-frequency transformers (HFT). This paper introduces a transformerless partial power AC-link step-down converter, eliminating the need for an HFT and reducing costs while improving power density. An experimental validation using a reduced-scale prototype demonstrates the converter's operation with a peak efficiency of 93.2% and overall efficiency above 92%, demonstrating the experimental viability of the converter. The proposed AC-link seen as a two-port network is shown to be very attractive for DC-DC step-down operations, and as a possible replacement of traditional PPC.