Summary of AB Private Credit Investors Corporation (Fund Overview)

Business Description

• Type of Company: External managed, non-diversified, closed-end management investment company structured as a Business Development Company (BDC) and qualifies as a U.S. Registered Investment Company (RIC).
• Formation and Investment Launch: Formed on February 6, 2015; began investment operations on November 15, 2017.
• Investment Focus:
  • Primarily invests in middle-market debt opportunities in the United States.
  • Focuses on privately-negotiated, directly-originated loans.
  • Targets businesses with enterprise values between $75 million and $500 million.
  • Invests at least 80% of assets in debt instruments, including senior debt, stretch senior, unitranche, second lien loans, and unsecured mezzanine debt.
  • Investments are typically used for leveraged buyouts, recapitalizations, mergers, acquisitions, and growth capital.
• Portfolio Composition (as of December 31, 2024):
  • Total portfolio value: $1,630,349,305 (fair value).
  • Primarily consists of senior debt.

Investment Strategy and Sector Focus

• Diversifies across sectors such as:
  • Alarm monitoring
  • Communications and IT infrastructure
  • Energy
  • Enterprise software (including SaaS)
  • Equipment finance
  • Financial technology/transaction processing
  • Franchisors, restaurants
  • Healthcare and healthcare IT
  • Non-discretionary consumer retail
  • Manufacturing
  • Specialty finance
  • Technology-enabled services
  • Transportation and logistics
  • Consumer non-cyclical
  • Business services
  • Education

Management and Advisory

• Adviser: AB Private Credit Investors LLC (a subsidiary of AllianceBernstein L.P., with approximately $792 billion in assets under management as of December 31, 2024).
• Management Team: Led by President and Chairman J. Brent Humphries; the team focuses on sourcing, structuring, negotiating, and monitoring investments.
• Employees: The Fund does not have employees; all services are provided by professionals employed by the Adviser and its affiliates.

Capital and Financing

• Capital Commitments: As of March 31, 2025, the Fund had 68,496,208.036 shares of common stock outstanding.
• Main sources of capital:
  • Private offering through subscription agreements with investors.
  • Utilizes credit facilities, including revolvers and term securitizations:
    • HSBC Revolving Credit Facility
    • CLO securitizations (CLO VI and CLO XIII)
    • Synovus revolving credit
    • Natixis warehouse facilities
    • MUFG warehouse financing
• Leverage: The Fund is permitted to issue senior securities and borrow, with asset coverage ratio requirements (originally 200%, reduced to 150% under recent regulation).
  • As of December 31, 2024:
    • Borrowings under credit facilities include:
      • $1.087 billion in debt outstanding (from leverage described in hypothetical examples)
      • Portfolio assets total approximately $1.694 billion.

Key Financial Data

• Investment Portfolio (2024): $1.63 billion at fair value.
• Number of Shares Outstanding: Approximately 68.5 million shares as of March 31, 2025.
• Revenue and Income: Not explicitly provided in this excerpt; details such as net income, net earnings, or revenue are not included in the summarized text.

Regulatory and Operational Details

• Regulation: Recognized as a BDC and qualifying as a RIC for tax purposes.
• Operations: Managed externally by the Adviser; no employees directly.
• Distribution Policy: Pays dividends and distributions; may use a dividend reinvestment plan.
• Investment Risks: Includes illiquidity, valuation uncertainties, conflicts of interest, leverage risks, sector concentration, and economic sensitivity.

Summary

The Fund specializes in private middle-market corporate debt investments, sourcing directly negotiated loans across various sectors in the U.S., with a portfolio exceeding $1.6 billion as of the end of 2024. It leverages credit facilities and securitizations to finance its investments, under strong regulatory oversight as a BDC and RIC, and managed by a subsidiary of AllianceBernstein with a team led by experienced professionals. The company does not disclose specific revenue or net income figures in this document.