Fidelity Private Credit Fund Declares Initial Distribution

Fidelity Private Credit Fund, a non-traded business development company, has declared its first distribution of $0.1750 for its Class I common shares to shareholders of record as of May 31, 2023.

Additionally, on May 25, 2023, the fund declared variable supplemental distributions for Class I common shares in the amount of $0.0300 per share. The variable supplemental distributions are payable to shareholders of record as of May 31, 2023.

As The DI Wire previously reported, Fidelity Investments expanded its alternative investment’s product lineup with the launch of Fidelity Private Credit Fund in January.

According to Fidelity, the BDC’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The fund plans to pursue these objectives primarily through directly originated loans to private companies as well as other select private credit investments.

The company broke escrow with more than $102 million in net equity proceeds in March 2023.

Privately held for over 75 years, Fidelity Investments has assets under administration of $9.6 trillion, including discretionary assets of $3.6 trillion as of Sept. 30, 2022.

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