Third Point Private Capital Partners

Private creditNon-traded BDC

Peers (…)All funds

Compared against all funds.

1Y return

+3.5%

18th pctile · behind most peersas of 2026-03-31

Since inception

not stated in filings

Distribution rate

not stated in filings

Net assets

$66.5M

as of 2026-03-31

Net expenses

9.2%

77th pctile · pricier than median

Repurchase

5% Quarterly tender offers intended to begin no later than the second anniversary of the Commencement Date, at the Board's

1 of 293 peers match

Level 3

65.6%

43th pctile · less model-priced than peers

Last offer

no offer yet

What owning this fund costs per year

Hold period3 yrs

Net expense ratio (includes the 1.25% management fee)9.20%

Minus interest on borrowings, the cost of portfolio leverage5.90%

Minus incentive fees accrued this period, which vary with returns2.10%

Ongoing cost, determined from the filings1.25%

This fund's cost was corrected to 1.25% on review of its filings. A fuller explanation follows.

This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated

Total drag per year1.25%

This is the cost for class I (the only class with shares outstanding; Class S and Class D authorized but unissued).

Based on Annual report for fiscal 2025 shows a pre-operational fund with no fees, so the ongoing figure rests on the interim report for the fund's first operat.

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.

Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Two-part incentive fee: 12.5% of pre-incentive fee net investment income quarterly, subject to a 1.5% quarterly (6.0% annualized) hurdle with 100% catch-up up to 1.714% quarterly; plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually. No incentive f) apply only to returns earned. Before waivers, the gross expense ratio is 24.9%. How this is calculated

Against all funds

Total drag

17th pctile · cheaper than most

1Y return

18th 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 Annual report for fiscal 2025 shows a pre-operational fund with no fees, so the ongoing figure rests on the interim report for the fund's first operating period, April 7 to June 30, 2026, whose expense ratios the filing itself states as annualized. Adjusted to the fee terms in force from March 2, 2026: management fee waived to 0.50% and Other Operating Expenses capped at 0.75% a year..

Open the filing on sec.gov (0001104659-26-037842)

Size and leverage

Net assets$66.5M?

Borrowings$118.2M?

Leveragedebt to equity1.78x?

Asset coverage155.40%?

Investments held20

Started2024-05-23?

What the manager charges

Management feeof net assets1.25%?

Performance feeTwo parts: (1) Investment Income Incentive Fee of 12.5% of pre-incentive fee net investment income above a 1.50% quarterly hurdle (6.0% annualized), with a 100% catch-up between 1.50% and 1.714% per quarter; (2) Capital Gains Incentive Fee of 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, payable annually, less prior capital gains fees paid.?

Hurdle6.00%?

High water markNo?

Expense cap0.75%?

Adviser is subsidising costsYes?

Getting your money back

Repurchase offersQuarterly, at the Board's discretion, intended to commence no later than the second anniversary of the Commencement Date

Share of the fund offered5.00%

Early repurchase fee2.00%

Last offer filled in fullYes

What it holds

Floating rate100.00%

Priced by the managerno market price available65.60%

MostlyHealth Care Providers & Services (21.06% of investments at fair value)

Who is involved

AdviserThird Point Private Capital LLC

AuditorErnst & Young LLP

ValuedQuarterly

Independent valuation agentYes

Deals with affiliatesYes

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class I	0.00%	0.00%	9.20%	$10,000
Class D	0.25%	1.50%	-	$10,000
Class S	0.85%	3.50%	-	$10,000

Also worth knowing

The Fund elected BDC status and commenced operations on April 7, 2026, and on that date bought 17 warehoused loans from Macquarie with aggregate commitments of about $105.9 million for about $85.7 million net of accrued interest.
Effective March 2, 2026 the Board cut the Other Operating Expenses cap from 0.375% per quarter (1.50% annualized) to 0.1875% per quarter (0.75% annualized), and approved a management fee waiver to 0.50% for years one and two and 0.75% for year three before reverting to 1.25%.
As of June 30, 2026 the Adviser was eligible to receive future reimbursement of $7,638,150 of expense payments, available through June 30, 2029, subject to the expense cap and distribution-rate conditions.
As of June 30, 2026 the Fund had executed subscription agreements for $84,590,000 of capital commitments, of which 76.2% was funded, and a $49,899,250 repurchase agreement on U.S. Treasury bills that matured July 1, 2026.
Interest and financing cost, annualized share of average net assets: 5.9 % (This is by far the largest line in the reported 9.2% expense ratio. It is excluded from cost of ownership because it funds the assets it finances, but it is a real charge against net investment income and it will rise or fall with leverage and short rates.)
Incentive fees accrued in first operating quarter: 291,260 USD (Performance fees were charged in the fund's very first quarter, including a capital gains fee accrued on unrealized appreciation, which shows the fee will bite early and is excluded from drag only because it is contingent.)
Expense support recoupment overhang: 7,638,150 USD (The Adviser can claw back this amount out of future excess operating funds, so investors face a multi-year drag back up to the 0.75% cap even after the fund scales and its natural cost ratio falls below the cap.)
Management fee step-up schedule: 0.50% years 1-2, 0.75% year 3, then 1.25% (Cost of ownership rises to about 1.50% in year three and about 2.00% from year four, a doubling of the fixed fee load, purely by the passage of time.)
Unfunded portfolio commitments versus liquidity: 13,998,038 USD (Revolver and delayed draw obligations must be funded on borrower demand; they are covered here by $17.9 million of cash and $99.8 million of undrawn facility capacity, but they compete with any future repurchase offers.)
Credit facility terms and cost: ABL $150m at SOFR+1.90%; SCF $20m at SOFR+2.40% (Sets the fund's marginal cost of leverage and the fee drag from unused commitment fees of 0.40% and 0.25% a year on undrawn amounts, which investors pay whether or not the capital is deployed.)
Quarter-end U.S. Treasury bill and repurchase agreement position: 49,899,250 USD (A $50 million Treasury bill purchase financed by a matching repo, both settled days after quarter end, inflates total assets and depresses the asset coverage ratio at the reporting date, so leverage looks higher than the underlying credit portfolio implies.)
Offering cost amortization inside the expense cap: 710,798 USD (Deferred offering costs of about $3.1 million amortize over twelve months from launch. They are one-off, but because the Adviser absorbs everything above the 0.75% cap the investor's charge is unchanged, which is why drag as reported equals drag recurring here.)

Fees

Management fee1.25%

Incentive fee

Two-part incentive fee: 12.5% of pre-incentive fee net investment income quarterly, subject to a 1.5% quarterly (6.0% annualized) hurdle with 100% catch-up up to 1.714% quarterly; plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually. No incentive f

Incentive hurdle6%

Sales load0%

Interest on borrowings5.9%

Incentive fees accrued2.1%

Total annual expenses, gross24.9%

Liquidity terms

Repurchase frequencychanged from quarterly · Mar 2026

Quarterly tender offers intended to begin no later than the second anniversary of the Commencement Date, at the Board's

Repurchase percentage of shares outstanding5%

Minimum investment$10,000

Valuation

Fair value determined byAdviser as valuation designee

Valuation frequencyquarterly

Structure

Legal structurebusiness development company

Share classesClass S, Class D, Class I

Leverage limit

asset coverage ratio of at least 150% (approximately 2:1 debt to equity)

Use of derivatives

Level 1 investments include listed derivatives

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.

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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.