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
Filed fund value · as of 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
- Pending SEC-filed periodic 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.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
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.
Pending
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.00% of managed assets capped at 1.50% net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001725472-26-000003.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.00% | Pending | Pending | Pending | 5.65%filed basis*Filed label: Total expenses; period 2025-12-31. reported total expenses (explicit filing row); waiver state: before / excluding. SEC source 0001725472-26-000003 *Filed label: Expenses, before waivers and reimbursements of expenses, excluding specific expenses listed below; period 2025-12-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001725472-26-000003 |
5.65%filed basis*Filed label: Expenses after (recoupment of) waivers and reimbursements of expenses (4); period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001725472-26-000003 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pending | 1.0 pct_annual_of_managed_assets_capped_at_1.50pct_net_assets | Pending |
| incentive_fee_schedule | For providing these services, the Adviser receives fees from the Fund consisting of two components—a base management fee and an incentive fee. 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 75 CARLYLE TACTICAL PRIVATE CREDIT FUND NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (amounts in thousands, except share and per share data, unless otherwise indicated) 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 incentive fee is calculated and payable quarterly in arrears based upon the Fund’s pre-incentive fee net investment income for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s net assets, equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a “catch-up” feature. Pursuant to the Investment Advisory Agreement, effective July 1, 2022, the Fund pays its Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows: • no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%; • 100% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is less than or equal to 1.765% (the “catch-up”) is payable to the Adviser if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than or equal to 1.765% (7.06% annualized). The “catch-up” provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund’s pre-incentive fee net investment income when the Fund’s pre-incentive fee net investment income reaches 1.765% of net assets; | Text disclosure | Pending |
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 |