Fidelity Private Credit Fund
Sponsored by Fidelity. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $1.33B
source
Quarterly report (Form 10-Q) · filed 2026-05-08 · period 2026-03-31
Assets net
“{'end': '2026-03-31', 'val': 1332667798, 'accn': '0001193125-26-214226', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-08', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $25.78
source
Quarterly report (Form 10-Q) · filed 2024-05-10 · period 2024-03-31
Net asset value per share
“{'end': '2024-03-31', 'val': 25.78, 'accn': '0000950170-24-057685', 'fy': 2024, 'fp': 'Q1', 'form': '10-Q', 'filed': '2024-05-10', 'frame': 'CY2024Q1I', 'unit': 'USD/shares'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2024-03-31 - Net flows, last qtr
- +5.5% qtr ended 2026-03-31
- Distribution coverage (NII)
- 99% period ended 2026-03-31
- Leverage in use
- 70% debt / equity 0.87x
- 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.
No current Urgent or Notify findings in filings reviewed through 2026-07-21.
Historical findings (3)
The fund leaned harder on leverage: 66% -> 72% of its allowed leverage in use in one period (period ended 2025-03-31).
The fund leaned harder on leverage: 62% -> 66% of its allowed leverage in use in one period (period ended 2024-12-31).
The fund leaned harder on leverage: 57% -> 62% of its allowed leverage in use in one period (period ended 2024-09-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: not designated · 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.
| Date | Position change |
|---|---|
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Aerospace & Defense Cadence - Southwick, Inc. Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.74% Maturity Date 5/3/2029 (7.8% of portfolio value in the 2025-12-31 report, $178,106,038) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Aerospace & Defense Tighitco Inc Type Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.04% Maturity Date 2/28/2030 (1.5% of portfolio value in the 2025-12-31 report, $35,525,878) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Air Freight & Logistics Dynamic Connections, Ltd Type Delayed Draw Term Loan Maturity Date 11/27/2030 (1.5% of portfolio value in the 2025-12-31 report, $35,133,442) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Application Software Alegeus Technologies Holdings Corp Type Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 10.34% Maturity Date 11/5/2029 (1.4% of portfolio value in the 2025-12-31 report, $32,181,664) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Distributors Gloves Buyer Inc Type Term Loan Reference Rate and Spread SOFR + 4.00% Interest Rate 7.72% Maturity Date 5/24/2032 (2.6% of portfolio value in the 2025-12-31 report, $59,439,382) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Financial Services Cub Financing Intermediate, LLC Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Maturity Date 6/28/2030 (13.0% of portfolio value in the 2025-12-31 report, $297,356,578) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Electrical Components & Equipment Luminii LLC Type Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% Maturity Date 3/21/2030 (1.3% of portfolio value in the 2025-12-31 report, $28,895,073) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Industrial Machinery & Supplies & Components Endurance PT Technology Buyer Corporation Type Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17% Maturity Date 10/28/2031 (1.3% of portfolio value in the 2025-12-31 report, $29,850,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Oil & Gas Storage & Transportation New Fortress Energy Inc Type Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.57% Maturity Date 10/30/2028 (1.0% of portfolio value in the 2025-12-31 report, $23,258,994) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Packaged Foods & Meats Nutrail Acquisitionco, LLC Type Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% Maturity Date 5/23/2030 (1.1% of portfolio value in the 2025-12-31 report, $26,220,079) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Packaged Foods & Meats Sabrosura Foods, LLC Type Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.84% Maturity Date 8/22/2029 (1.0% of portfolio value in the 2025-12-31 report, $24,054,744) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Investments -- non-controlled/ non-affiliate First Lien Debt Paper & Plastic Packaging Products & Materials Bron Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 9.94% Maturity Date 1/13/2029 (1.3% of portfolio value in the 2025-12-31 report, $29,153,500) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-02-27 | 2.8% | 100% | 56% | filled |
| 2025-11-28 | 1.0% | 100% | 19% | filled |
| 2025-08-29 | 0.7% | 100% | 14% | filled |
| 2025-05-30 | 0.6% | 100% | 12% | filled |
| 2025-02-28 | 0.7% | 100% | 14% | filled |
| 2024-11-29 | 0.8% | 100% | 17% | filled |
| 2024-08-30 | 0.3% | 100% | 6% | filled |
| 2024-05-31 | 1.4% | 100% | 28% | filled |
| 2024-02-29 | 0.1% | 100% | 3% | filled |
| 2023-11-30 | 0.0% | 100% | 0% | filled |
| 2023-08-31 | 0.1% | 100% | 1% | filled |
| 2023-05-31 | Pending | 100% | Pending | 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.
Pending
Management fee: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-119488.
Filed fee conditions
Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first business day of the applicable month. Net assets means the Fund's total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Fund separately pays the Administrator an Administration Fee at an annual rate of 0.32% of the Fund's month-end NAV.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| not designated | 1.25% | Pending | Pending | Pending | Pending | Pending |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first business day of the applicable month. Net assets means the Fund's total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Fund separately pays the Administrator an Administration Fee at an annual rate of 0.32% of the Fund's month-end NAV. | 1.25 pct_annual_of_net_assets | Pending |
| incentive_fee_schedule | The Fund pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. Management Fees The management fees are payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first business day of the applicable month. For purposes of the Advisory Agreement, net assets mean the Fund’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the three months ended March 31, 2026 and 2025, management fees were approximately $ 4.2 million and $ 2.7 million , respectively. As of March 31, 2026 and December 31, 2025, approximately $ 1.4 million and $ 1.3 million were payable to the Adviser for management fees, respectively. Incentive Fees The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below. Incentive Fee based on Income The incentive fee based on the Fund’s income is based on Pre-Incentive Fee Net Investment Income Returns attributable to each class of the Fund’s Common Shares. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with the Fund’s administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25 % per quarter (5.00% annualized). The Fund pays the Adviser an income based incentive fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: ▪ No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.00% annualized); ▪ 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Fund’s Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and 59 ▪ 12.5% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. For the three months ended March 31, 2026 and 2025, income based incentive fees were approximately $ 4.3 million and $ 3.2 million , respectively. As of March 31, 2026 and December 31, 2025, approximately $ 4.3 million was payable to the Adviser as of each period presented, for incentive fees based on income. Incentive Fee based on Capital Gains The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5 % of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. | Text disclosure | Pending |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-05-29). Fidelity Private Credit Fund | 5.0 pct_of_shares_outstanding_per_quarter | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-26 | 8-K | 0001193125-26-284779 |
| 2026-06-05 | SC TO-I/A | 0001193125-26-259464 |
| 2026-05-28 | 8-K | 0001193125-26-243253 |
| 2026-05-14 | 8-K | 0001193125-26-223350 |
| 2026-05-08 | 10-Q | 0001193125-26-214226 |
| 2026-04-30 | SC TO-I | 0001193125-26-196103 |
| 2026-04-30 | 8-K | 0001193125-26-197449 |
| 2026-04-29 | SC TO-I/A | 0001193125-26-190112 |
| 2026-04-24 | 8-K | 0001193125-26-177159 |
| 2026-04-08 | 8-K | 0001193125-26-146995 |
| 2026-03-27 | 8-K | 0001193125-26-128081 |
| 2026-03-23 | 10-K | 0001193125-26-119488 |
| 2026-03-23 | 8-K | 0001193125-26-119551 |
| 2026-03-09 | SC TO-I/A | 0001193125-26-097962 |
| 2026-03-09 | 8-K | 0001193125-26-097985 |