PC · PRIVATE CREDIT

iDirect Private Credit Fund

iCapital · Interval Fund

Program Overview

Interval Fund

Peer Group Filters

Objectives: Income
Asset Class: Private Credit
Vehicle: Interval Fund
Single / Multi Asset: Multi-Asset

Sponsor/Manager

iCapital

Asset Class

Private Credit

Issuer

iDirect Private Credit Fund

Issuer Legal Structure

Delaware Statutory Trust

Program Life Structure

Evergreen

Securities Offered

Equity - Class A Shares of Beneficial Interest Equity - Class D Shares of Beneficial Interest Equity - Class I Shares of Beneficial Interest

Target Leverage

Target 25% debt-to-total-assets RBC secured credit facility, $100M limit, SOFR + 1.75%, matures Sept 2030; $54.9M drawn at 3/31/2026. Target of about 0.25x and current 0.16x per FY2026 letter (0.16x matches debt to total assets). Statutory cap: 300% asset coverage (33.33%).

Strategy Risk/Return Profile

Managing Broker-Dealer

iCapital Markets LLC

Scale

1,090 Class A shares outstanding · 0 Class D shares outstanding · 28,438,336 Class I shares outstanding

Minimum Investment

$2,500

Class A Shares of Beneficial Interest · waivable

Strategy Overview

The prospectus states the Fund seeks attractive risk-adjusted returns with a focus on current income. It invests at least 80% in private middle-market credit: mainly first lien and unitranche direct loans (and to a lesser extent second lien and mezzanine) sourced by Audax Private Debt, Bain Capital Credit and Charlesbank Credit, about one-third each, plus up to 20% in their BDCs, private credit funds and CLO debt and equity. Limits: 2.5% per direct loan, 15% per investment interest. About 10% is held liquid. Borrowing up to the 1940 Act limit is permitted.

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