Antares Private Credit Fund, a publicly registered non-traded business development company sponsored by Antares Capital, declared a regular distribution of $0.1734 per share and another special distribution, this time $0.0193 per share, payable to shareholders of record as of Feb. 28, 2025.
These distributions will be paid on or around March 28 as cash or reinvested in additional shares for those participating in the distribution reinvestment plan. In January, the BDC’s regular distribution was $0.1912 and its special distribution was $0.0159.
As of Jan. 31, the fund’s aggregate net asset value was $638 million, with loan commitments of $1.23 billion. Additionally, the company had principal debt outstanding of approximately $210.7 million, resulting in a debt-to-equity NAV ratio of approximately 0.33 times.
Antares Private Credit Fund, which publicly launched mid-February 2025 with more than $1.4 billion in investable capital, seeks to invest in a diverse portfolio of sponsor-backed senior secured loans to primarily U.S. borrowers. Its investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.
“High-net-worth investors are seeking better diversification and attractive risk-adjusted returns, and we’re thrilled to expand access to our cycle-tested credit platform. By leveraging our expertise from origination to portfolio management, we aim to deliver tailored solutions that create lasting value for the private wealth community,” said Vivek Mathew, chief executive officer and president of Antares Private Credit Fund, during its launch last month.
The fund is managed by Antares Capital Credit Advisers LLC and available through financial advisers across the United States.
The fund acquires portfolio loans that have been sourced and underwritten by Antares parties or by other loan originators that may include joint ventures in which Antares or its affiliates have interests. While the BDC is primarily focused on companies in the United States, it also is leveraging Antares’ global presence to invest in companies in Canada, Europe, and other locations. In addition, the BDC’s investment strategy includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds.
According to Antares Capital, new and existing global investors in the fund include insurance companies, banks, family offices and pension plans, and Antares’ majority owner, Canada Pension Plan Investment Board.
“Expanding access to private credit is a natural evolution of our business strategy. For nearly three decades, our leadership in the market and unwavering focus on credit quality and proactive risk management have set our platform apart, and we are excited to bring these strengths to a broader audience,” said Timothy Lyne, chief executive officer of Antares Capital.
At approximately $3.5 billion, non-traded BDCs led alternative investment fundraising among illiquid and semi-liquid offerings distributed to retail investors, which totaled $13.2 billion in January 2025, according to Robert A. Stanger & Company Inc. The investment banking firm tied the rapid increase in alts fundraising to new offerings by both new entrants and veteran issues, like this BDC from Antares Capital.
The initial offering included three classes of common shares: Class S, Class D, and Class I shares, each priced at $25.00 per share. Thereafter, shares of each class are being issued on a monthly basis at the NAV price per share. The NAV per share for Class I, as of Jan. 31, 2025, was $25.11, a 0.08% increase from December 2024’s $25.09 NAV.
According to the Antares BDC, while the fund itself will not charge upfront sales loads for Class S, Class D or Class I shares, investors should be aware that financial intermediaries may impose their own transaction fees, including upfront placement fees or brokerage commissions. These intermediary fees are capped at 3.5% of the NAV for Class S shares and 2% for both Class D and Class I shares.
Additionally, the fund said it will pay shareholder servicing and/or distribution fees. Class S shares will incur a 0.85% annual fee of the NAV, paid monthly. Class D shares will incur a 0.25% annual shareholder servicing fee, also paid monthly. Class I shares will not have any shareholder servicing or distribution fees. The fund will also cover certain organization and offering expenses, the BDC said, including wholesaling costs. Total underwriting compensation is capped at 10% of gross proceeds, and total organization and offering expenses will not exceed 15%.
Antares Capital is an alternative credit manager with approximately $80 billion in capital under management and administration as of Dec. 31, 2024. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London.
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