First Eagle Investments Offers Private Credit Fund for Income-Oriented Investors

Structured as an evergreen business development company (“BDC”), the Fund provides individual investors access to First Eagle’s established direct lending platform.

New York, April 7, 2025— First Eagle Private Credit Fund (the “Fund”) is pleased to announce the launch of its public offering. Leveraging First Eagle Investments’ long standing alternative credit experience and its disciplined approach to US direct lending, the Fund seeks to provide income-oriented investors with monthly income by investing primarily in directly originated, senior secured first lien loans to US middle-market companies. The Fund is structured as a perpetual, non-exchange-traded BDC, and intends to provide investors with quarterly liquidity through a share repurchase program, at the discretion of the Fund’s board of trustees, alongside the potential to benefit from the illiquidity premia typical of private assets.

The Fund is managed by senior members of First Eagle Alternative Credit (“FEAC”), including Michelle Handy, Chief Investment Officer of Direct Lending; Robert Hickey, Chief Investment Officer; Larry Klaff, Head of Asset-Based Lending; and Garrett Stephen and Brian Murphy, Co-Heads of Origination. FEAC’s credit investment team managed approximately $16 billion of investments in private loans as of December 31, 2024.

Focusing on middle market borrowers with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) between $5 million and $50 million, the management team will invest primarily in directly originated cash flow loans, directly originated asset-based loans, and club deals. First Eagle intends to be the sole lender in directly originated deals, providing investors exposure to credits that would otherwise be inaccessible and in the process promote differentiation from other private credit funds in the market. Downside mitigation is a key consideration in the loan underwriting process, and the management team emphasizes ongoing maintenance covenants and a first lien on borrower assets. The Fund also will hold broadly syndicated loans and high yield bonds, primarily for liquidity management purposes.

“We have been managing direct lending portfolios across various market environments on behalf of our institutional clients for more than 15 years, and the First Eagle Private Credit Fund is a natural extension of us delivering our capabilities to income-oriented investors,” said Handy. “With more than 50 investment professionals and a unique focus on core and lower middle market borrowers, we believe the attributes of the Fund should resonate with a range of investors globally.”

“For US wealth clients seeking a differentiated source of current income and the potential for resilience across market cycles, the launch of the First Eagle Private Credit Fund comes at an opportune time,” said Frank Riccio, Head of US Wealth Solutions at First Eagle. “As a leading provider of US middle market financing solutions, First Eagle Alternative Credit has a long track record of success in direct lending, and I believe its long tenured, highly experienced team is well positioned to harness the diverse opportunities in the space for individual investors.”

About First Eagle Private Credit Fund

First Eagle Private Credit Fund (“FEPCF”) is First Eagle Investment’s non-listed business development company (“BDC”). Leveraging First Eagle’s long standing alternative credit experience and its disciplined approach to US direct lending, FEPCF aims to provide income-oriented investors access to private credit in a continuously offered fund structure. It is part of First Eagle’s $5 billion-plus direct lending platform, which provides directly originated, senior secured, floating rate loans to US middle market companies. For more information about FEPCF, please visit www.FirstEagleBDC.com.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $144 billion in assets under management as of December 31, 2024. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com.

* The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”) and Napier Park Global Capital (“Napier Park”), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of December 31, 2024. It includes $0.6 billion of committed and other non-fee- paying capital from First Eagle Alternative Credit, LLC and $3.4 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.

About First Eagle Alternative Credit 

First Eagle Alternative Credit is an alternative credit manager for both direct lending and broadly syndicated investments with approximately $17 billion in assets under management as of December 31, 2024*. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms and is a wholly owned subsidiary of First Eagle Investments. For more information on First Eagle Alternative Credit, please visit www.feac.com.

* Amounts shown reflect the fair value of invested capital, which includes any related unfunded delayed draw commitments and/or unfunded revolving credit facilities, and outstanding committed investor capital for any investment vehicles, partnerships, and separately managed accounts for which FEAC provides advisory services to. Certain investment vehicles managed by FEAC can enter into credit facilities which allow such investment vehicles to incur borrowings for investment purposes in excess of the committed investor capital. The committed amount of such credit facilities, whether drawn or undrawn, may be included in the assets under management by FEAC. For CLOs and related warehouses, the aggregate par value of the underlying collateral plus cash is included in the assets under management by FEAC.

Forward-Looking Statements

Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. FEPCF believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or FEPCF’s prospectus and other filings). Except as otherwise required by federal securities laws, FEPCF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Media Contacts
First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com 

First Eagle Alternative Credit
Leigh Crosby
617-790-6060
leigh.crosby@firsteagle.com

FEPCF is a non-exchange traded business development company (“BDC”) that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in FEPCF. All investments involve the risk of loss of principal.

Club Loans are directly originated first lien senior secured loans or asset-based loans in which the Fund co-invests with a small number of third-party private debt providers.

Covenants are agreements between multiple parties that create a legally binding agreement on how each party is to perform. Covenants in loan agreements place limits on the borrower and lender as part of the loan agreement.

Current Income FEPCF will distribute 90% of annual net income, with distributions expected on a monthly basis. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of trustees. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. 

Evergreen Structure: A fund structure where the fund is continually accepting additional capital and making new investments.

Direct Lending involves loans where the Fund lends directly to the borrower and holds the loan generally on its own or only with affiliates and in some cases, third-party lenders. 

Senior secured first lien loans are debt secured by the assets or other collateral of a company and can include liens and claims on certain assets. First lien debt has the first claim on collateral. 

Syndicated Loans are generally originated by a bank and then syndicated, or sold, in several pieces to other investors.

Summary of Risk Factors
•    We have limited prior operating history and there is no assurance that we will achieve our investment objectives.
•    Our Board of Trustees (the “Board”) may amend our third amended and restated agreement and declaration of trust without prior shareholder approval.
•    The majority of our portfolio investments will be recorded at fair value as determined in good faith by First Eagle Investment Management, LLC (the “Adviser”), as valuation designee pursuant to Rule 2a-5 under the 1940 Act, pursuant to policies and procedures approved by the Board and under the oversight of the Board, and, as a result, there could be uncertainty as to the value of our portfolio investments.
•    Because subscriptions must be submitted at least five (5) business days prior to the first calendar day of each month, you will not know the NAV per share at which you will be subscribing at the time you subscribe.
•    You should not expect to be able to sell your common shares of beneficial interest (the “Common Shares”) regardless of how we perform.
•    We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop prior to any listing.
•    Because you may be unable to sell your Common Shares, your ability to reduce your exposure in any market downturn will be limited.
•    We intend to implement a share repurchase program, but only a limited number of Common Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
•    An investment in our Common Shares is not suitable for you if you need access to the money you invest in a specified time frame. See “Suitability Standards” and “Share Repurchase Program” in FEPCF’s Prospectus.
•    You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in FEPCF’s Prospectus.
•    We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources.
•    Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser, First Eagle Alternative Credit, LLC (“FEAC” and, together with the Adviser, the “Advisers”) or their affiliates, that may be subject to reimbursement to the Adviser, FEAC or their affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. For the avoidance of doubt, the Advisers’ waiver of management, incentive and subadvisory fees for the period from the effective date of the registration statement relating to this offering through June 30, 2025, is not subject to future recoupment in favor of the Advisers.
•    When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.
•    We may default under our credit facilities.
•    Provisions in a credit facility may limit our investment discretion.
•    We qualify as an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act, as amended (the “JOBS Act”), and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
•    Our investments in prospective private and middle market portfolio companies are risky, and we could lose all or part of our investment. Certain companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns.
•    Our investments in lower credit quality obligations are risky and highly speculative, and we could lose all or part of our investment.
•    We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
•    The Advisers and their affiliates, senior management and employees have certain conflicts of interest, including with respect to the allocation of investment opportunities.
•    We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
•    If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy, which would have a material adverse effect on our business, financial condition and results of operations, including, but not limited to, the tax status of any distributions. 
 

Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund and may be viewed online at http://www.FirstEagleBDC.com or by calling us at 800.747.2008. Please read the prospectus carefully before investing. 

Investments are not FDIC insured or bank guaranteed and may lose value. 

FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.

FEPCF is offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services to FEPCF. Check the background of FEFD on FINRA’s Broker Check.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. First Eagle Alternative Credit is the brand name for one of the subsidiary investment advisers engaged in the alternative credit business.

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