Seth Gelman
First Eagle Private Credit Fund, a non-traded business development company, announced that its advisers – First Eagle Investment Management LLC and First Eagle Alternative Credit LLC – have agreed to extend and modify their existing fee waiver arrangement.
According to a fee waiver letter, the advisers will waive a portion of their management fees and sub-advisory fees for the period from July 1, 2025, through Dec.31, 2025. Specifically, they amended the fund’s management fee waiver from 100% through June 30, 2025, to now also include a 50% waiver from July 1 to Dec. 31, 2025. The company also extended its incentive fee waiver from 100% waived through June 30 to 100% waived through Dec. 31, 2025. The letter stipulates that this waiver is not revocable during its term, and importantly, amounts waived by the advisers will not be subject to any future recoupment.
In addition to the fee waiver extension, the BDC will continue the existing expense support and conditional reimbursement agreement between them for an additional one-year term.
The company’s net asset value per share was $23.97 as of March 31, 2025, a 1.64% decrease from the prior month’s $24.37.
Regarding distributions, the BDC declared distributions in the amount of $0.205 per share for the months of March and April. They were payable to shareholders of record as of the last calendar days of each month and will be paid on the 29th day of each following month, respectively. The amounts were/are to be paid in cash or reinvested in shares of the fund’s common shares for shareholders participating in the fund’s distribution reinvestment plan.
In staffing news, the BDC’s board of directors appointed Seth Gelman as interim chief compliance officer, effective April 30, 2025. Gelman will serve in this capacity until a permanent successor is selected.
Gelman, aged 49, brings over 20 years of compliance experience to the role. He has been serving as the managing director and chief compliance officer of fund adviser First Eagle Investment Management since 2023. His current responsibilities at First Eagle also include serving as chief compliance officer for the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, and First Eagle Real Estate Debt Fund.
Before joining First Eagle, Gelman spent over five years as the chief compliance officer at Insight Investment North America. Prior to that, he served for eight years as the chief compliance officer and regulatory counsel for Brookfield Asset Management’s public securities and registered fund businesses in both the United States and United Kingdom.
Gelman earned his Bachelor of Arts degree from the University of Florida and a Juris Doctor from the University of Miami School of Law.
As of the end of March, the fund had investments in 154 portfolio companies with total fair value of approximately $614 million, and 100% of the debt investments at fair value in the fund’s portfolio were floating rate.
First Eagle Private Credit Fund’s stated objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation. The majority of the fund’s total assets are in private credit investments to U.S. private companies, as it believes there is an opportunity to provide middle-market companies with bespoke lending solutions.
Click here to visit the AltsWire directory page.
Read the full article here
