Fidelity Private Credit Fund reports Q1 2025 performance; distribution rate 10.2%

Fidelity Private Credit Fund

Annualized distribution rate 10.2%; annualized return since inception (3/13/23) 11.7%.
Class I total net return: 1.72% YTD, 10.23% 1-year, 11.68% since inception.
Portfolio: 99% first-lien senior secured floating-rate loans; LTV 38%, leverage 4.2x, interest coverage 2.3x.
Yield to average 10.5%; new investments include Premier Dental, Summit Hill Foods, TIGHITCO.
Market outlook cites tariff uncertainty; portfolio resilience due to covenants and modest leverage.

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