FEPCF Founders Fund, L.P. has recently filed an amendment to its Schedule 13D, which pertains to its ownership interests in First Eagle Private Credit Fund. This filing is significant as it discloses the fund's substantial stake in the issuer, indicating a strong commitment to its investment strategy in the private credit sector.

The amendment, filed on October 28, 2026, reveals that FEPCF Founders Fund directly holds 8,301,855 common shares of First Eagle Private Credit Fund, representing approximately 64.6% of the outstanding shares. This ownership level underscores the fund's influence over the issuer's decision-making processes.

Background

FEPCF Founders Fund, L.P., incorporated in Delaware, is a private investment fund focused on private credit investments. The fund is part of a broader network that includes First Eagle Investment Management, LLC, and its affiliates, which are involved in various investment strategies, including business development companies.

First Eagle Private Credit Fund, the issuer in question, is also a Delaware statutory trust that has chosen to be regulated as a business development company under the Investment Company Act of 1940. The fund's principal executive offices are located at 1345 Avenue of the Americas, New York, NY.

What the Filing Says

The filing states, "This Amendment No. 3 to Schedule 13D relates to common shares of beneficial interest, par value $0.001 per share... and amends and supplements the initial statement on Schedule 13D filed on July 20, 2023." It further notes that FEIM participates in the dividend reinvestment plan of the issuer, having reinvested 100% of its applicable cash dividends into additional shares.

Additionally, the filing indicates that as of October 23, 2026, the aggregate number of common shares beneficially owned by FEPCF Founders Fund and its affiliates is 8,301,855, representing 64.6% of the total shares outstanding.

Impact

This substantial ownership stake may have significant implications for both FEPCF Founders Fund and First Eagle Private Credit Fund. The fund's control over a majority of the shares could enable it to influence key decisions regarding the issuer's operations and strategy. This level of ownership also positions the fund as a critical player in the private credit market, which may prompt competitors to reassess their strategies in response.

What's Next

The filing does not specify what actions may follow this amendment. However, given the scale of ownership, it is likely that FEPCF Founders Fund will continue to play an active role in the governance and strategic direction of First Eagle Private Credit Fund.

For further details, the filing can be accessed through the SEC with the accession number 0001193125-26-436556.