Audax Private Credit Fund, LLC 8-K

What Happened

• Audax Private Credit Fund, LLC announced an unregistered issuance of limited liability company interests (the “Shares”) with an issuance date of February 1, 2026; the purchase price per share and final share count were finalized on March 20, 2026. The purchase price was $25.212 per share, and the Fund issued 456,132 (456,132.001 reported) Shares for total consideration of $11.5 million.
• The Fund also reported its net asset value (NAV) per share as of January 31, 2026: NAV per share was $25.212. As of that date, aggregate NAV was $515.6 million, the investment portfolio fair value was $957.3 million, and principal debt outstanding was $481.0 million, yielding a debt‑to‑equity ratio of about 0.93x.

Key Details

• Issuance date: February 1, 2026; purchase price and share count finalized March 20, 2026.
• Shares issued: 456,132 (456,132.001 reported); total proceeds: $11.5 million.
• NAV per share (Jan 31, 2026): $25.212; aggregate NAV: $515.6 million.
• Portfolio fair value: $957.3 million; principal debt outstanding: $481.0 million; debt‑to‑equity ≈ 0.93x.
• The issuance was made under subscription agreements and was exempt from Securities Act registration under Section 4(a)(2) and Regulation D or Regulation S; investors represented they were accredited or non‑U.S. persons.

Why It Matters

• The Fund raised $11.5 million through a private issuance of interests, providing incremental capital that can be used for investments or operations.
• The issuance price equals the reported NAV per share ($25.212), indicating the sale was at NAV rather than at a premium or discount.
• The reported debt‑to‑equity ratio (~0.93x) gives investors a snapshot of the Fund’s leverage level as of January 31, 2026; leverage near 1x is material for risk and return considerations.
• The sale was conducted under private placement exemptions, meaning shares were sold only to qualified investors (accredited or non‑U.S.), not in a registered public offering.