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BlackRock Private Credit Fund

BDEBT is a non-traded BDC targeting attractive risk-adjusted returns generated primarily by current income from a portfolio of directly-originated, senior-secured debt investments.

Fund features

Sources

1 The Fund may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions subject to an initial ramp up period.

2 The Fund expects to pay regular monthly distributions, which are expected to commence in the third quarter of 2022. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.

Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.

3 The Fund commenced operations on 06/01/22. It is expected that, beginning in the second quarter of 2023, the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the shares outstanding, subject to a portfolio liquidity threshold and at the discretion of the Board. However, there can be no assurance that the Fund will repurchase shares on a quarterly basis or at all. Further, if the Fund repurchases shares, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular quarter. Shares of the Fund are still considered illiquid and appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.

Shares of the Fund are still considered illiquid and appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.

4 The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax structure

What is a Business Development Company (BDC)?

Unlisted business development companies (BDCs) are SEC-regulated vehicles that seek to offer access to private investments in an efficient fund structure. BDCs were created to provide enhanced access to capital for small and medium sized companies in the US, and provide a wide range of investors the opportunity to invest in potentially high growth private companies.

Illustrative strategy overview5

Fund focus

  • Targets floating rate loans to middle-market US Companies
  • Focus on investments in companies with enterprise values between $100M and $2.5B
  • Focus on senior secured, first lien debt
  • Exposure across 19 industry verticals6
Learn more about current portfolio
Sources

5 BlackRock. Subject to change. Shown for illustrative purposes only. Please note that the Fund will not have any maximum defined allocation range for asset strategy, asset class or geography. The Fund has no requirements at any point in time to be at, or above, 90% in private credit. The proposed target allocation strategy and target depend upon a variety of factors, including prevailing market conditions and investment availability.

BlackRock intends to implement the target allocation, however no guarantee is given that the target allocation ranges will be met. The actual portfolio composition may significantly differ from the figures shown above. See the prospectus for a complete discussion of the Fund’s investment strategies and risks. Currently anticipated long-term allocations, following an initial ramp-up period. More information on current holdings can be found on the Portfolio tab of this site.

6 Does not assure a profit and may not protect against loss of principal.

BlackRock Private Credit Fund – Select Offering Details7

Structure Term Investment Objective Geographic Focus Eligible Assets Potential Investment Ranges⁹ Leverage Management Fee Incentive Fee Subscriptions Distributions Shareholder liquidity Investor Eligibility Tax Reporting

1940 Act non-traded business development company (BDC)

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Continuous offering of our Common shares, evergreen8

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Target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly-originated, senior-secured corporate debt instruments

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Primarily North America (US and Canada)

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  • Middle-market direct lending
  • Broadly syndicated loans / high yield bonds
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  • First Lien: 65-75%
  • Second Lien: 5-15%
  • Venture Lending: 5-15%
  • Cash / Semi-liquid loans: 10%
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  • Maximum 2:1 (minimum asset coverage of 150%)
  • Anticipate up to 1.25x leverage
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  • 1.25% on net assets
  • Management fee waiver until December 31, 2023
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  • Ordinary income: 12.5% of net investment income
  • Capital gains: 12.5% of cumulative net realized gains less net unrealized depreciation
  • Subject to 5% total return hurdle with a 3-year lookback
  • Incentive-fee waived until December 31, 2023
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  • Monthly​10
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  • Expected monthly at the discretion of the Board of Trustees11
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Subject to board approval, we expect to provide quarterly share repurchases of up to 5% of shares outstanding, subject to 2% repurchase fee on shares held for less than one year. The Board of Trustees may amend or suspend these share repurchases if it deems such action to be in the best interest of shareholders12

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Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,00013

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Form 1099-DIV

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7 Certain terms of the Fund are highlighted above. This summary is qualified in its entirety by the more detailed information contained in the Fund’s prospectus, as applicable, and related documentation, all of which should be reviewed carefully and contain additional terms to those included in this summary. These terms are subject to change.

8 A continuously offered closed-end fund is a type of fund is permitted to offer an unlimited number of shares and sell them on a continuous basis. However, shares are not redeemable upon request by the shareholder on a daily basis. Instead, shares can only be sold periodically on stated repurchase dates, generally every three, six, or twelve months, as disclosed in the fund's prospectus.

9 Please note that the Fund will not have any maximum defined allocation range for asset strategy, asset class or geography. The Fund has no requirements at any point in time to be at, or above, 90% in private credit. The proposed target allocation strategy and target depend upon a variety of factors, including prevailing market conditions and investment availability. BlackRock intends to implement the target allocation, however no guarantee is given that the target allocation ranges will be met. See the prospectus for a complete discussion of the Fund’s investment strategies and risks. Currently anticipated long-term allocations, following an initial ramp-up period. More information about our current holdings can be found on the Portfolio tab.

10 Subscriptions for our Common Shares must be received in good order by the Fund at least 5 business days prior to the first business day of the month.

11 The Fund expects to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.

12 The Fund commenced operations on 06/01/22. It is expected that, no later than the second quarter of 2023, the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the shares outstanding, subject to a portfolio liquidity threshold and subject to the discretion of the Board. However, there can be no assurance that the Fund will repurchase shares on a quarterly basis or at all. Further, if the Fund repurchases shares, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular quarter. An investment in our shares has limited or no liquidity outside of our share repurchase plan and our share repurchase plan may be modified, suspended or terminated. Therefore, Shares of the Fund are appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.

13 Additional eligibility requirements may apply to investors in certain states.