First Eagle Private Credit Fund has announced the launch of its public offering. The fund seeks to provide income-oriented investors with monthly income by investing primarily in directly originated, senior secured first-lien loans to U.S. 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, CIO of direct lending; Robert Hickey, CIO; 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 Dec. 31, 2024.
Focusing on middle-market borrowers with ann
