Bain Capital, Fidelity, and T. Rowe Price OHA Open Q3 Tenders Across Nontraded BDCs
Three nontraded business development companies – Bain Capital Private Credit, Fidelity Private Credit Fund, and T. Rowe Price OHA Select Private Credit Fund – opened tender offers this week to repurchase up to 5% of their outstanding shares, the standard quarterly liquidity mechanism for perpetual-life BDCs. All three offers expire Aug. 31 and will be priced at net asset value as of Sept. 30.
Fidelity Private Credit Fund is offering to repurchase up to 2,710,510 shares, or 5% of the 54.2 million shares outstanding as of June 30. The fund’s prior quarterly tender was undersubscribed, and it accepted 100% of shares tendered. Net asset value per Class I share stood at $24.72 as of June 30, with aggregate NAV of $1.3 billion and an investment portfolio valued at $2.5 billion; debt-to-equity was approximately 0.88x. The fund reported its 12th consecutive quarter of net growth, with second-quarter tender requests holding steady at approximately 3%, according to the company. Year-to-date total return for Class I shares was 3.11%, ahead of leveraged loans by 180 basis points and high-yield bonds by 122 basis points, the fund said. Fidelity also declared a variable supplemental distribution of $0.016 per share in July on top of its regular distribution, and reported zero non-accruals with a weighted-average loan mark of 98.5.
Bain Capital Private Credit is tendering for up to 2,195,257 shares, or 5% of shares outstanding as of June 30. Bain’s prior tender was undersubscribed: only 496,278 shares were tendered, or 1.27% of shares outstanding, below the 5% cap. As of June 30, NAV per Class I share was $25.89, aggregate NAV totaled $1.14 billion, and the fund’s $2.2 billion portfolio spanned 182 companies across 29 industries, with 92% in floating-rate debt. The fund said it has received additional subscriptions of approximately $139.6 million since March 31, and debt-to-equity stood at 1.09x, or 0.95x net of cash.
T. Rowe Price OHA Select Private Credit Fund, known as OCREDIT, is offering to repurchase up to 3,162,518 shares, continuing the same formulaic 5% structure it has followed each quarter this year. As of June 30, NAV per share was $25.96, down modestly from $26.15 at the end of March, with an investment portfolio valued at $3.1 billion and debt-to-equity of approximately 0.93x. The fund’s regular distribution remained unchanged at $0.20 per share.
None of the three funds’ prior-quarter tenders required proration, indicating redemption demand across the group has stayed below the standard 5% cap. OCREDIT’s approximately 3% figure was disclosed as a preliminary company estimate rather than a finalized result, unlike Bain’s and Fidelity’s confirmed final tallies.
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