Carlyle Tactical Private Credit Fund
Sponsored by Carlyle. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $4.61B
source
Monthly portfolio report (Form N-PORT) · filed 2026-06-01 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $8.28
source
Shareholder report (Form N-CSR) · filed 2026-02-27 · period 2025-12-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of period $ 8.28”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2025-12-31 - Net flows, last qtr
- -0.5% qtr ended 2026-03-31
- Distribution coverage (NII)
- 98% period ended 2025-12-31
- Leverage in use
- 43% debt / equity 0.40x
- Total return, 12m
- +5.6% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
The fund leaned harder on leverage: 35% -> 43% of its allowed leverage in use in one period (period ended 2025-12-31).
The fund leaned harder on leverage: 35% -> 43% of its allowed leverage in use in one period (period ended 2025-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
183.33 -> 134.67 (down 26.5% vs prior period); trailing 4-period average 162.50; same period prior year 183.33; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~12 months (2024-12-31 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 352.0 - leverage_ceiling 150.0) / leverage_ceiling * 100
Historical findings (2)
NAV per share fell 11.3% from $9.29 to $8.24 (2020-06-30).
NAV per share fell 7.4% from $9.02 to $8.35 (2022-06-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-10-07 | 3.1% | 100% | 63% | filled |
| 2025-07-08 | 4.4% | 100% | 88% | filled |
| 2025-04-08 | 6.8% | 100% | 136% | cap expanded |
| 2025-01-10 | 1.7% | 100% | 33% | filled |
| 2024-10-11 | 2.1% | 100% | 42% | filled |
| 2024-07-12 | 2.4% | 100% | 48% | filled |
| 2024-04-12 | 2.1% | 100% | 43% | filled |
| 2024-01-12 | 2.2% | 100% | 44% | filled |
| 2023-10-13 | 2.7% | 100% | 54% | filled |
| 2023-07-14 | 4.0% | 100% | 80% | filled |
| 2023-03-31 | 4.6% | 100% | 93% | filled |
| 2022-03-31 | 2.6% | 100% | 53% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.00% of managed assets capped at 1.50pct net assets per year. source. The base management fee is calculated at an annual rate of 1.00% of the Fund's consolidated month-end Managed Assets (such amount not to exceed, in any case, 1.50% of the Fund's net assets). Managed Assets means the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness. The Fund separately pays a quarterly incentive fee subject to a 1.50%-per-quarter (6.00% annualized) hurdle rate -- not captured here, per convention.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The base management fee is calculated at an annual rate of 1.00% of the Fund's consolidated month-end Managed Assets (such amount not to exceed, in any case, 1.50% of the Fund's net assets). Managed Assets means the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness. The Fund separately pays a quarterly incentive fee subject to a 1.50%-per-quarter (6.00% annualized) hurdle rate -- not captured here, per convention. | 1.0 pct_annual_of_managed_assets_capped_at_1.50pct_net_assets | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-16 | N-23C3A | 0001140361-26-025354 |
| 2026-06-01 | NPORT-P | 0001410368-26-056405 |
| 2026-03-17 | N-23C3A | 0001140361-26-009774 |
| 2026-03-02 | NPORT-P | 0001410368-26-021125 |
| 2026-02-27 | N-CSR | 0001725472-26-000003 |
| 2025-11-26 | NPORT-P | 0001410368-25-032295 |
| 2025-11-25 | N-23C3A/A | 0001140361-25-043329 |
| 2025-11-25 | N-23C3A | 0001140361-25-043255 |
| 2025-08-26 | N-23C3A | 0001140361-25-032620 |
| 2025-08-21 | NPORT-P | 0001752724-25-197536 |
| 2025-08-21 | N-CSRS | 0001725472-25-000010 |
| 2025-05-29 | NPORT-P | 0001752724-25-128002 |
| 2025-05-27 | N-23C3A | 0001140361-25-020446 |
| 2025-02-28 | NPORT-P | 0001752724-25-046102 |
| 2025-02-28 | N-CSR | 0001725472-25-000003 |