Private company

First Eagle Private Credit Fund

First Eagle Private Credit Fund is an investment fund that raised $302.7 million in 2023 (SEC Form D).2 It is headquartered in New York, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, United States2
  • Incorporated inDE3
  • Business address1345 Avenue Of The Americas, 48Th Floor, New York, Ny 101053
  • Filer category, Emerging growth company3
  • Legal formOther2
  • Kind of organizationInvestment fund2
  • LEI254900GIMY83WUIGX7892
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00018901072

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We are a non-diversified closed-end management investment company that was formed as a statutory trust in Delaware on October 20, 2021, commenced operations on July 10, 2023, and has elected to be regulated as a BDC under the Investment Company Act of 1940 (the “ 1940 Act ” ). In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company ( “RIC”) , under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) . We are externally managed by First Eagle Investment Management, LLC ( “ FEIM ” or the “ Adviser ” ). The Adviser oversees the management of the Company ’ s activities and supervises the activities of the investment subadviser. First Eagle Alternative Credit, LLC ( “ FEAC ” or the “ Subadviser ” and, together with the Adviser, the “ Advisers ” ), an alternative credit adviser that is wholly-owned by FEIM, serve…5 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

Net income6$31.3M in 2025+29% since 2024
0$10.0M$20.0M$30.0M$40.0M2024: $24.3M$24.3M20242025: $31.3M$31.3M2025+29%
Fiscal year2023202420252026
Operating expenses$25.0M6$42.2M6
Interest$9.7M9
Net income$24.3M6$31.3M6
Earnings per share$2.019
Earnings per share (diluted)$2.019
Shares (weighted, basic)12.1M shares9
Shares (weighted, diluted)12.1M shares9

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Corporate structure

First Eagle Private Credit Fund sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of First Eagle Private Credit Fund

  • FEPCF Founders Fund, L.P. Filed SC 13D/A on First Eagle Private Credit Fund, latest Mar 5, 2024 (3 filings since Jul 20, 2023)
  • First Eagle Private Credit Fund New York, New York, United States
    • FEPC Fund Servicer, LLC Subsidiary · Delaware, United States
    • First Eagle Private Credit Fund BSL SPV I, LLC Subsidiary · Delaware, United States
    • First Eagle Private Credit Fund SPV, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); 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 First Eagle Private Credit Fund 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$73.3M6 Dec 31, 2025$21.3M6 Dec 31, 2024+243.9%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 1345 Avenue of the Americas, New York, New York 10105 and are provided by the Administrator in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 16, 2026.5

Leadership

Who has led First Eagle Private Credit Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher J. Flynn2023

President

  1. Christopher J. Flynn2023
2025
Board members and other officers (16)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorDavid O'Connor named Jun 12, 202427
  • Executive OfficerJennifer Wilson named Jun 12, 202427

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FEPC Fund Servicer, LLC Delaware4
  • First Eagle Private Credit Fund BSL SPV I, LLC Delaware4
  • First Eagle Private Credit Fund SPV, LLC Delaware4

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

Timeline

  1. Oct 5, 20268-K Entered a material agreement28
  2. Sep 22, 20268-K Regulation FD disclosure; Other events29
  3. Sep 1, 20268-K Other events30
  4. Aug 20, 20268-K Regulation FD disclosure; Other events31
  5. Aug 12, 20268-K Executive or director change32
  6. Jul 23, 20268-K Results of operations; Regulation FD disclosure; Other events33
  7. Jun 23, 20268-K Shareholder vote; Regulation FD disclosure; Other events34
  8. May 21, 20268-K Regulation FD disclosure; Other events35
  9. Apr 23, 20268-K Results of operations; Regulation FD disclosure; Other events36
  10. Mar 24, 20268-K Regulation FD disclosure; Other events37
  11. Feb 23, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events38
  12. Jan 23, 20268-K Results of operations; Unregistered sale of shares; Regulation FD disclosure39
  13. Jun 14, 2023New chief executive Christopher J. Flynn becomes CEO11
  14. Mar 15, 2023Founded First Eagle Private Credit Fund is founded2

Calendar

Coming up

  1. Around Oct 22, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results33
  2. Apr 23, 2026Reported quarterly or annual results36
  3. Jan 23, 2026Reported quarterly or annual results39
  4. Oct 24, 2025Reported quarterly or annual results40
  5. Jul 28, 2025Reported quarterly or annual results41
  6. Apr 25, 2025Reported quarterly or annual results42
  7. Jan 30, 2025Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

145 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 45 major events, 27 insider forms, 3 large holders, 2 private raises, 55 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 24, 2026424B3 EDGAR
  3. Sep 22, 20268-K EDGAR
  4. Sep 4, 2026SC TO-I/A EDGAR
  5. Sep 1, 2026DEFA14A EDGAR
  6. Sep 1, 20268-K EDGAR
  7. Aug 25, 2026424B3 EDGAR
  8. Aug 20, 20268-K EDGAR
  9. Aug 13, 202610-Q EDGAR
  10. Aug 12, 20268-K EDGAR
  11. Aug 4, 2026SC TO-I EDGAR
  12. Jul 24, 2026424B3 EDGAR
  13. Jul 23, 20268-K EDGAR
  14. Jun 24, 2026424B3 EDGAR
  15. Jun 23, 20268-K EDGAR
  16. Jun 5, 2026SC TO-I/A EDGAR
  17. May 22, 2026424B3 EDGAR
  18. May 21, 20268-K EDGAR
  19. May 15, 202640-17G EDGAR
  20. May 14, 202610-Q EDGAR

The 145 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

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 1, 2024First Eagle Investment Management, LLC10% ownerBuy2,058,460$24.29$50.0MForm 4
Oct 6, 2023FEPCF Founders Fund GP LLC10% ownerBuy5,213,274$24.23$126.3MForm 4
Oct 6, 2023NEXTERA ENERGY INC10% ownerBuy3,097,524$24.21$75.0MForm 4
Jul 10, 2023First Eagle Investment Management, LLC10% ownerBuy1,052,000$25.00$26.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 12, 2023Raised $302.7 million in a private offering of securities Form D: 3 investors so far Form D

SEC filer profile

How First Eagle Private Credit Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFirst Eagle Private Credit Fund1
  • CIK0001890107
  • Employer ID (EIN)87-69755955
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address1345 Avenue Of The Americas, 48Th Floor, New York, NY 101051
  • Phone800-450-44241
  • Shares outstanding12,458,544 shares as of Mar 16, 20265
  • Public float$0 as of Dec 31, 20256
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 3, 20231
  • Filings154 in all: 8-K (45), 3 (21), 424B3 (14), 10-Q (10), SC TO-I (8), SC TO-I/A (8), 4 (4), SC 13D/A (4)1
    All 34 form types

    10-K (3), 40-17G (3), 40-APP (3), 40-APP/A (3), 3/A (2), CORRESP (2), DEF 14A (2), N-2 (2), POS EX (2), SC 13D (2), 10-12G (1), 10-12G/A (1), 486BPOS (1), 8-A12G (1), APP NTC (1), APP ORDR (1), APP WDG (1), D (1), D/A (1), DEFA14A (1), DRS (1), DRS/A (1), EFFECT (1), N-2/A (1), N-54A (1), PRE 14A (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 5, 2026

Risk factors and legal proceedings

The risks First Eagle Private Credit Fund names in Item 1A of its 10-K filed Mar 16, 2026: 70 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • Risks Related to Our Investments
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • Risks Related to Business Development Companies
  • Risks Related to Debt Financing
  • Federal Income Tax Risks
  • Risks Relating to an Investment in the Common Shares
  • We are a relatively new company and have a limited operating history.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • We may suffer credit losses.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our financial condition and results of operations depend on our ability to manage future growth effectively.
The other 65 risks
  • We may experience fluctuations in our periodic operating results.
  • We are exposed to risks associated with changes in interest rates, including fluctuations in interest rates which could adversely affect our profitability.
  • The failure of major financial institutions, namely banks, or sustained financial market illiquidity, could adversely affect our and/or our portfolio companies’ businesses and results of operations.
  • Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.
  • There will be uncertainty as to the value of our portfolio investments.
  • Because we expect to have substantial indebtedness, there could be increased risk in investing in our company.
  • To the extent original issue discount (“OID”) or payment in-kind (“PIK”) interest constitutes a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.
  • The highly competitive market in which we operate may limit our investment opportunities.
  • Because we expect to distribute substantially all of our net investment income and net realized capital gains to our shareholders, we will need additional capital to finance our growth and such capital may not be available on favorable terms or at all.
  • Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our Common Shares and our ability to pay dividends.
  • We are an “emerging growth company” under 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.
  • We may not be able to obtain all required state licenses or licenses in any other jurisdiction where they may be required in the future.
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • Although we have implemented a share repurchase program, we have discretion to not repurchase shares, and our Board has the ability to amend or suspend the program.
  • Our investments in prospective private and middle market portfolio companies are risky, and we could lose all or part of our investment.
  • The portfolio companies and credit instruments in which the Company invests will generally have a credit quality consistent with below investment grade securities, which are risky and highly speculative and could cause us to lose all or part of our investment.
  • We expect to invest primarily in directly originated debt investments of private companies and we may not realize gains from our equity investments.
  • 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.
  • Our portfolio companies may be highly leveraged.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • Global macroeconomic conditions, economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.
  • We may be exposed to special risks associated with bankruptcy cases.
  • Our investments in loans could be subject to extended settlement times, which would increase our risk of loss.
  • Our loans could be subject to equitable subordination by a court, which would increase our risk of loss with respect to such loans.
  • Our failure to make follow-on investments in our portfolio companies could impair 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. Our ability to invest in public companies may be limited in certain circumstances.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • We may incur greater risk with respect to investments we acquire through assignments or participations of interests.
  • Changes in healthcare laws and other regulations applicable to some of our portfolio companies’ businesses may constrain their ability to offer their products and services.
  • Our equity ownership in a portfolio company may represent a control investment. Our ability to exit a control investment may be limited.
  • We may experience risks arising from potential controlled group liability.
  • Risks Related to the Advisers and Their Affiliates; Conflicts of Interest
  • We are dependent upon senior management personnel of the Advisers for our future success, and if the Advisers are unable to retain qualified personnel or if our investment adviser loses any member of their senior management teams, our ability to achieve our investment objectives could be significantly harmed.
  • 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.
  • The Advisers and their affiliates, senior management and employees have certain conflicts of interest, including with respect to the allocation of investment opportunities.
  • There may be conflicts of interest relating to certain affiliates.
  • Risks Related to our Operations as a Business Development Company
  • Our ability to enter into transactions with our affiliates will be restricted.
  • Regulations governing our operation as a BDC may limit our ability to, and the way in which we, raise additional capital, which could have a material adverse impact on our liquidity, financial condition and results of operations.
  • Senior Securities (including debt and preferred shares).
  • Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could have a material adverse effect on our business, results of operations or financial condition.
  • 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.
  • In addition to regulatory requirements that restrict our ability to raise capital, our Credit Facilities contain various covenants that, if not complied with, could accelerate repayment under our Credit Facilities, thereby materially and adversely affecting our liquidity, financial condition and results of operations.
  • We may default under our credit facilities.
  • Provisions in a credit facility may limit our investment discretion.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • We may invest through various joint ventures.
  • We may form one or more CLOs, which may subject us to certain structured financing risks.
  • If we are unable to qualify for tax treatment as a RIC, we will be subject to corporate-level income tax.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Some of our investments may be subject to corporate-level income tax.
  • Our portfolio investments may present special tax issues.
  • Legislative tax reform may have a negative effect.
  • Risks Related to an Investment in the Common Shares
  • General economic conditions could adversely affect the performance of our investments and implementation of our investment strategy.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Concerns related to the U.S. debt ceiling and budget deficit could have an adverse effect on the Company’s business, financial condition and results of operations.
  • Force majeure events may adversely affect our operations.
  • We may have difficulty sourcing investment opportunities.
  • We face risks associated with the deployment of our capital.
  • We may have difficulty paying distributions, our distributions may not grow over time and the tax character of any distributions is uncertain.
  • Certain investors will be subject to Exchange Act filing requirements.
  • If the Company’s assets are deemed “plan assets” for purposes of ERISA and Plan Asset Regulations, the Company could be subject to significant restrictions and additional risks.
  • No shareholder approval is required for certain mergers.
  • Shareholders may experience dilution.
  • The NAV and liquidity of Common Shares may fluctuate significantly.

Legal proceedings

We are not a defendant in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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