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Fidelity Private Credit Fund

What Do They Do?

Provides investors with a pooled portfolio of loans and other credit investments in private companies, primarily in the United States.

How Do They Make Money?

The Fund earns interest and fees on debt investments, along with capital gains and dividends from equity investments. Interest is generally paid monthly, quarterly or semiannually; some interest and dividends are added to the investment balance and due later.

FY2025 revenue

Who Are Their Customers?

Individual investors buy the Fund’s shares through its continuous offering, including through participating brokers and feeder vehicles.

Do Revenues Turn Into Profits?

Yes. It kept 73 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

73% of revenue

▲ +19% vs FY2024 ($63.6M, 99%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +31%; vs $24.2M in Q2 FY2025
Net income: ▼ −12%; vs $21.1M in Q2 FY2025

Aug 27, 2026 Fund reported a realized loss from a borrower restructuring The July restructuring converted accumulated unrealized losses on a broadly syndicated borrower into realized losses.

Growing. Revenue grew 5.1x in 2 years, from $20.6M in FY2023 to $104.2M in FY2025, about 125% a year.