First Eagle Private Credit Fund, et al.

Name of the Offender (Company/Individual):
First Eagle Private Credit Fund and First Eagle Investment Management, LLC

The entities are investment management companies that were subject to an order issued by the Securities and Exchange Commission (SEC) in the United States.

Jurisdiction:
USA
Date: January 10, 2025

The jurisdiction is specified as the United States of America, with a specific date provided for context.

Law Violated:
Sections 18(a)(2), 18(c), 18(i) and 61(a) of the Investment Company Act of 1940

These sections pertain to the issuance of multiple classes of shares, imposition of sales loads, and other regulatory requirements related to investment companies.

Reason for Sanction:
The entities were granted an exemption from certain provisions of the Investment Company Act of 1940 due to their request under section 6(c) of the Act. This exemption permits them to issue multiple classes of shares with varying sales loads and impose asset-based distribution and/or service fees.

First Eagle Private Credit Fund and First Eagle Investment Management, LLC sought this exemption through a series of filings with the SEC, beginning on March 4, 2024, and amendments thereto on July 3, 2024, and November 21, 2024. The Commission approved their request after considering their application.

Impact of Sanction:
The granting of an exemption under section 6(c) of the Investment Company Act of 1940 has allowed First Eagle Private Credit Fund and First Eagle Investment Management, LLC to engage in certain business practices that would otherwise be restricted by law. This exemption enables them to issue multiple classes of shares with varying sales loads and impose asset-based distribution and/or service fees.

The exemption is effective immediately, subject to the condition set forth in their application, as amended.

Potential Broader Implications:
This sanction may have implications for other investment companies seeking exemptions under similar circumstances. It emphasizes the importance of compliance with regulatory requirements and highlights the potential benefits and risks associated with seeking exemptions from such laws.

Investment managers and companies operating within the United States should take note of this decision, especially if their business practices are not in line with current regulations.

Any Other Relevant Information:
First Eagle Private Credit Fund and First Eagle Investment Management, LLC filed an application on March 4, 2024, for an order under section 6(c) of the Investment Company Act of 1940. Amendments to this application were made on July 3, 2024, and November 21, 2024.

This information highlights the entities’ efforts in navigating regulatory requirements as part of their investment management practice.