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Thursday, September 15, 2022

$504MM In 21 Months

Reported by Neil Anderson, Managing Editor

The team at a $121.1-billion-AUM (as of June 30, on a pro forma basis), New York City-based mutual fund firm is celebrating a big milestone for an income fund that falls outside the traditional open- and closed-end fund categories and yet is still under the '40 Act.

Christopher J. "Chris" Flynn
First Eagle Alternative Credit, LLC
President
Yesterday, Jack Snyder, Jr., national sales manager for the wirehouse and RIA channel and head of retail alternatives at First Eagle Investments [profile], and Chris Flynn, president of First Eagle Alternative Credit, LLC (FEAC), confirmed that the First Eagle Credit Opportunities Fund (a closed-end interval fund offering quarterly liquidity) recently crossed the $500-million-AUM line. As of August 31, 2022, the fund had grown to $503.8 million in AUM. (That's up about 16 percent since June 30.)

The First Eagle team launched the fund about 21 months ago, on December 2, 2020. It comes in both A shares and I shares, and it is First Eagle's first and only closed-end interval fund.

First Eagle Investment Management, LLC serves as the fund's investment advisor, while FEAC serves as subadvisor. The fund's PM team includes: Jim Fellows, chief investment officer of FEAC and head of the tradable credit team; Michelle Handy, managing director and head of portfolio and underwriting; Bob Hickey, senior managing director and senior portfolio manager; Steve Krull, managing director and head of trading; Brian Murphy, senior managing director and head of capital markets; and Flynn.

"Our efforts to illuminate the potential benefits of the Credit Opportunities Fund's investment approach and interval fund structure appear to have resonated with financial professionals — and with RIAs in particular," Snyder states. "We are pleased to see the Fund continue to build momentum within the retail space."

"The volatile, uncertain investment environment since the Fund's launch has created numerous opportunities in the public and private credit markets for disciplined, research-driven managers," Flynn states. 

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