Compared against all funds.
1Y return
+7.4%
41th pctile · behind most peersas of 2026-03-23
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$1.28B
as of 2026-03-23
Net expenses
9.06%
76th pctile · pricier than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
88.1%
59th pctile · more model-priced than peersLast offer
no offer yet
16 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)9.06%
Minus interest on borrowings, the cost of portfolio leverage5.74%
Minus incentive fees accrued this period, which vary with returns1.30%
Ongoing cost, determined from the filings2.02%
Class I total expenses run 9.06% of assets a year, but 5.74% of that is interest on borrowings that fund the loan portfolio and 1.30% is a performance fee that depends on results. The ongoing cost investors keep paying is about 2.0%: a 1.25% management fee, a 0.32% administration fee, and other operating costs capped at 0.70%.
Sales loadnone
Total drag per year2.02%
This is the cost for class I.
Based on fiscal year2025 annual report (year ended 12/31/2025); ratios are the filing's own annual Class I figures, not annualized by us. Adjusted for nothing .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5.0% annualized) with 100% catch-up between 1.25% and 1.43%, plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually) apply only to returns earned. Before waivers, the gross expense ratio is 9.22%. How this is calculated
Against all funds
Total drag
51th pctile · pricier than most
1Y return
41th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual report (year ended 12/31/2025); ratios are the filing's own annual Class I figures, not annualized by us. Adjusted for nothing further: the Expense Limitation Agreement effective 5/1/2025 keeps the same 0.70% cap on other operating expenses and continues past year end..
Open the filing on sec.gov (0001193125-26-119488)Size and leverage
Net assets$1.28B?
Borrowings$1.04B?
Leveragedebt to equity0.82x?
Asset coverage222.00%?
Investments held121?
Started2023-03-13?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5.00% annualized) with a 100% catch-up between 1.25% and 1.43% per quarter, paid quarterly; plus 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, paid annually and net of prior capital gains fees paid.?
Hurdle5.00%?
High water markNo?
Expense cap0.70%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Floating rate99.90%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available88.10%?
MostlyHealth Care Services (13.1% of investments at fair value)?
Who is involved
AdviserFidelity Diversifying Solutions LLC?
AuditorDeloitte & Touche LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 9.06% | - |
| Class S | 0.85% | - | 9.91% | - |
| Class D | 0.25% | - | 9.31% | - |
Also worth knowing
- Issued $210 million of unsecured 2025 Senior Notes in June 2025 ($105 million 6.15% due 2028 and $105 million 6.5% due 2030), rated BBB at issuance.
- Total credit facility commitments grew to $2.0 billion across three revolvers, with $957.9 million unused at year end; debt outstanding rose from $611.1 million to $1.042 billion.
- Monthly Class I distribution was reduced twice during 2025, from $0.2175 to $0.2025 in July and to $0.1910 in September.
- All four quarterly repurchase offers in 2025 were satisfied in full; repurchases totaled roughly 0.7% to 1.0% of shares per quarter against a 5% limit.
- Unfunded loan commitments: 474,601,188 USD (Undrawn revolver and delayed draw obligations must be funded on borrower demand and are 37% of net assets, so liquidity and leverage capacity can change quickly.)
- Undrawn credit facility capacity: 957,947,433 USD (Shows the cushion available to fund unfunded commitments and quarterly repurchases without selling assets.)
- Interest rate swaps outstanding: 210,000,000 notional; receive 3.75% fixed, pay 1D SOFR-OIS-Compound USD notional (Converts the fixed-rate unsecured notes toward floating, changing how much of the 5.74% interest load moves with rates.)
- Portfolio yield compression: 9.11% at fair value, down from 9.94% percent (Falling asset yields against a largely fixed cost structure squeeze net income and the coverage of the monthly distribution.)
- Internal risk ratings on debt portfolio: $5.0M rated 4 and $73.8M rated 3 of $2.08B USD fair value (A first appearance of a 4 rating signals credits performing materially below underwriting expectations even though nothing is on non-accrual.)
- Largest single markdown (STG Distribution LLC): $9.21M cost carried at $1.06M USD (One PIK-heavy air freight credit accounts for most of the year's unrealized depreciation and shows how concentrated loss can be.)
- PIK income capitalized: 1,159,145 USD (Non-cash interest inflates reported income and the income based incentive fee without cash reaching the Fund.)
- Level 3 share of investments: 88.1 percent of fair value (Almost all holdings are valued with unobservable inputs, so reported NAV and the repurchase price depend on the adviser's judgment.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Valuation frequencyunchanged, 2 filings
Structure
Legal structurevaries across filings
Share classesvaries across filingsClass S, Class D, Class I
Leverage limitchanged · Dec 2025
Use of derivativeschanged · Dec 2025
Feeder structureunchanged, 2 filingsNo
Tax reporting formunchanged, 4 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-04-182026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$1.28B
Total annual expenses, net of waiver9.06%
Total annual expenses, gross9.22%
Distributions exceed net investment incomeyes
Total return, 1 yearvaries across filings3.11%
Level 3 inputs88.1%
Leverage, actuallowered from 85% · Apr 202679%
Offer dateOfferedRequestedAcceptedSource
2026-08-31···SC TO-I
2026-06-05···SC TO-I/A
2026-05-29···SC TO-I/A
2026-03-09···SC TO-I/A
2026-02-27···SC TO-I/A
2025-11-28···SC TO-I/A
2025-08-29···SC TO-I/A
2025-05-30···SC TO-I/A
2025-02-28···SC TO-I/A
2024-11-29···SC TO-I/A
2024-08-30···SC TO-I/A
2024-05-31···SC TO-I/A
2024-02-29···SC TO-I/A
2023-11-30···SC TO-I/A
2023-08-31···SC TO-I/A
2023-05-31···SC TO-I/A
2026-08-1210-QQuarterly report2026-08-03SC TO-IIssuer tender offer2026-07-29SC TO-I/AAmended issuer tender offer2026-06-05SC TO-I/AAmended issuer tender offer2026-06-02424B3Prospectus supplement2026-05-0810-QQuarterly report2026-04-30SC TO-IIssuer tender offer2026-04-29SC TO-I/AAmended issuer tender offer2026-04-23486BPOSPost-effective amendment, effective2026-03-2310-KAnnual report2026-03-09SC TO-I/AAmended issuer tender offer2026-01-30SC TO-I/AAmended issuer tender offer2026-01-29SC TO-IIssuer tender offer2025-10-31SC TO-IIssuer tender offer2025-10-28SC TO-I/AAmended issuer tender offer2025-08-01SC TO-IIssuer tender offer2025-07-29SC TO-I/AAmended issuer tender offer2025-05-01SC TO-IIssuer tender offer2025-04-29SC TO-I/AAmended issuer tender offer2025-04-18N-2/AAmended registration statement2025-03-1910-KAnnual report2025-01-31SC TO-I/AAmended issuer tender offer2025-01-31SC TO-IIssuer tender offer2025-01-30N-2Registration statement and prospectus2024-10-31SC TO-IIssuer tender offer2024-10-28SC TO-I/AAmended issuer tender offer2024-08-02SC TO-IIssuer tender offer2024-07-29SC TO-I/AAmended issuer tender offer2024-05-03SC TO-IIssuer tender offer2024-04-29SC TO-I/AAmended issuer tender offer2024-02-01SC TO-IIssuer tender offer2024-01-29SC TO-I/AAmended issuer tender offer2023-11-02SC TO-IIssuer tender offer2023-10-27SC TO-I/AAmended issuer tender offer2023-08-03SC TO-IIssuer tender offer2023-07-28SC TO-I/AAmended issuer tender offer2023-05-10424B3Prospectus supplement2023-05-03SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.