Fidelity Private Credit Fund May return 1.49% (Class I); NAV $25.43, assets $1.8B

Fidelity Private Credit Fund

Class I 1-month total net return 1.49% (May 2025); YTD 3.02%, 1-year 9.31%.
Annualized distribution rate 10.26%; NAV per share $25.43; total net assets $1.8B as of 5/31/25.
Portfolio: 100% floating rate, 99% first lien debt; avg LTV 38%, senior leverage 4.1x, interest coverage 2.4x.
Top 10 holdings 19.6% of portfolio; top industry software at 10.26% of debt investments.
Total annual expenses after support 3.80% for Class I; management fee 1.25% on net assets.

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