Antares Private Credit Fund: Tender Requests Reach 0.45%, NAV $24.70, Payout Coverage 96%

What APCF is, and what it is not

APCF is Antares' private credit fund for wealthy and advised investors: a perpetual-life BDC that, in the filing's words, seeks “sponsor-backed senior secured loans to primarily U.S. borrowers.” It began operating on November 5, 2024, when it sold 22,433,200 Class I shares at $25.00 (about $560.8 million) to institutional investors in private placements and acquired from affiliates two subsidiaries that hold portfolio investments. Its public continuous offering of up to $2.0 billion became effective on February 12, 2025. At June 30, 2026 it held loans to 410 companies across 45 industries, 99.46% of the debt at floating rates, with 96.54% of investments in secured debt.

It is not the same fund as Antares Strategic Credit Fund, a separate Antares BDC that appears on our non-traded BDC list. It is also small next to the funds that dominate the redemption headlines: $820.9 million of NAV at August 31, 2026. Antares itself, according to the April 2026 prospectus, had about $90 billion in capital under management and administration at December 31, 2025, and the 10-K describes Antares Capital as a limited liability company “majority-owned by the Canada Pension Plan Investment Board.” The prospectus names the Canada Pension Plan Investment Board and Northleaf Star Holdings LP as the parent companies of Antares Capital Management LLC. Those are statements about the adviser's parent; the fund's own shareholders are a separate list (below).

Seven tender offers, none prorated

The program, in the prospectus: the fund intends to limit repurchases to no more than 5% of outstanding shares as of the last day of the preceding quarter; if more is tendered, shares “will be repurchased on a pro rata basis”; unsatisfied requests “can be resubmitted in the next quarterly tender offer.” Shares held under a year are bought at 98% of NAV (a 2.0% early repurchase deduction). The price is NAV on the last day of the quarter, and payment for the March 2026 offer was made in non-interest-bearing promissory notes.

Two things stand out. First, the request is small and rising: 1,983 shares, then 52,497, then 147,606, a roughly 75-fold increase in two quarters from a base of almost nothing. Second, even the latest request is about $3.6 million at an NAV near $24.70 (our arithmetic; the price is not yet disclosed), against a cap of about $40 million. The 10-Q says of the March and June offers: “All repurchase requests were satisfied in full.” Nothing here is evidence of stress. It is evidence that the exit has barely been used, which is a different thing from being tested. The final September result, the price and the cash paid will be in the Schedule TO-I/A filed with the next offer, and the NAV at September 30 will be in the October or November Form 8-K.

For how other funds' queues look when requests do exceed the cap, see the private credit redemptions tracker.

Who owns the shares: two holders with 41%

The April 2026 prospectus says that before the public offering the fund sold Class I shares to institutional investors in private placements for $635,855,000. The 25,405,674 shares outstanding at December 31, 2024 came from those placements ($560.8 million on November 5, 2024 plus about $75.0 million on December 1, 2024, our sum), and they are 77% of the 32,904,581 shares outstanding at June 30, 2026 (our arithmetic). The 10-K's table of owners above 5% lists:

The filings do not describe how CPPIB Credit BDC Canada Inc. relates to the Canada Pension Plan Investment Board, so this page does not either; the table gives only an address. Both percentages fell because the fund issued shares to others: the share counts are identical in the two 10-Ks.

Why a retail or advised holder should care, using only arithmetic: the quarterly cap is 5% of shares, or 1,645,229 shares in the September offer. A 10,000,000-share position is about 6.1 times that cap, and at June 30, 2026 it was about 30% of the 32,904,581 shares outstanding (our arithmetic). If any large holder ever tendered a meaningful part of its position, pro rata treatment would apply to everyone, including holders with a few thousand shares. The filings we read contain no sign that this is planned, and we do not know the terms on which either holder invested. It is a concentration fact, and it is the one the tender percentages above cannot show you.

The fee waiver ended; the payout math changed in 2025

Under a waiver letter dated October 31, 2024, the adviser agreed to waive the base management fee and the incentive fee for six months after the registration statement became effective on February 12, 2025. The 10-Q describes the effect on the later numbers as “the conclusion of the fee waiver in August 2025.” The adviser also paid expenses under an expense support agreement (it caps other operating expenses at 1.00% of NAV, with reimbursement to the adviser possible for three years; no reimbursement payments were made in the first halves of 2025 or 2026).

For the full year 2025, net investment income was $2.68 a share against $2.52 distributed, 106% (our arithmetic). But the 10-K shows $5,009 thousand of management fees, $5,811 thousand of incentive fees and $683 thousand of expenses waived or reimbursed, $11.5 million in all (our sum), or about $0.43 a share on 26.9 million weighted shares. Without it, income would have been about $2.26 a share, 90% of the $2.52 distributed (our arithmetic). The first half of 2025 is similar: $9.3 million of waivers, $1.09 of income per share without them, 87% of the $1.25 paid.

So the 2026 coverage of 95-96% is the real number, not a decline. Net investment income in the first half of 2026 was $34.9 million against distributions of $36.4 million (our arithmetic: a $1.5 million gap), even though total investment income grew 44% to $76.3 million. The reason is cost: interest and debt expense was $28.4 million, 37% of investment income, and the fund incurred $9.9 million of management and incentive fees (our sum), which a year earlier had been waived. The 10-Q's table of distribution character lists all of the first-half distributions as net investment income and none as return of capital.

The distribution itself was trimmed through the special component. The regular distribution has stayed between $0.1731 and $0.1930 a month; the special distribution, which added $0.0258 to $0.0268 a share a month in mid-2025, fell to $0.0052 in March 2026 and has not appeared since. The last declaration in the September 30, 2026 8-K is a regular $0.1827 a share, payable around October 28. Times 12, that is $2.19 a year, or about 8.9% of the $24.70 NAV (our arithmetic). In July 2025 the combined declaration of $0.2195 was about 10.4% of that month's $25.24 NAV.

NAV per share, month by month

The fall came in one step, between January 31 and February 28, 2026 ($25.07 to $24.67, down 1.6%, our arithmetic), and was followed by a further $0.10 to the March 31 low. The 10-Q says the first-half unrealized loss was driven by mark-to-market losses on private credit and broadly syndicated loans “primarily caused by the impact of the widening credit spreads on the portfolio,” and that a modest recovery in the second quarter produced a small gain. The first quarter ended with a net decrease in net assets from operations ($887 thousand, or $0.03 a share). In the first half as a whole, operations added $17.8 million to net assets while distributions took out $36.4 million (10-Q). The fair value of debt investments was 98.73% of principal at June 30, 2026, against 99.64% at December 31, 2025. The 8.43% weighted average yield on debt at fair value compares with 9.33% at December 31, 2024.

Leverage: from 0.17 times to 1.30 times and back to 1.10 times

The fund's debt grew from $110.2 million at December 31, 2024 to $950.4 million at December 31, 2025 and a peak of $1,013.3 million at February 28, 2026. It has two lenders: a Morgan Stanley loan facility, expanded from $500 million to $1.0 billion in March 2025 ($690.4 million drawn at June 30, 2026), and a revolving credit facility with Sumitomo Mitsui Banking Corporation as agent, started at $500 million in December 2025 at Term SOFR plus 1.75% or 1.875% and raised to $560 million in January 2026 ($243.0 million drawn). Since the peak, debt is down $110.0 million, to $903.3 million (our arithmetic), and the 8-K gives a net leverage ratio of 1.07 times after cash and short-term investments. Asset coverage was 186.70% at June 30, 2026, against a 1940 Act minimum of 150%. Average cost of debt was 5.50% in the second quarter of 2026, 6.11% a year earlier.

That is moderate for a BDC, but it is a lot of borrowing to have added in twelve months, and the prospectus fee table estimates that interest on borrowed funds alone costs 6.54% of net assets a year.

Credit quality: tiny non-accruals, a drift in the ratings

The fund rates each loan A to E internally. At June 30, 2026, $1,629.7 million of $1,710.2 million (95.29%) was A, $62.1 million B, $17.9 million C, $385 thousand D and $101 thousand E. Non-accruals are negligible. What moved is the B bucket, which grew from $27.4 million to $62.1 million in six months. The industry mix is concentrated in software (17.84% of fair value at June 30, 2026, up from 15.03%), then financial services (8.58%), diversified consumer services (7.25%) and insurance (6.89%). The median borrower had $90.0 million of EBITDA, weighted average net senior leverage of 5.4 times and a weighted loan-to-value of 37%. The 10-Q's “Portfolio Loan” definition covers first-lien, second-lien and unitranche loans; the sections of the filing we read give a secured-debt share (96.54%), not a first-lien-only share.

Share classes, minimums and fees

The base management fee is 1.25% a year of NAV, payable monthly. The income incentive fee is 12.5% of pre-incentive-fee net investment income above a 6.0% annualized hurdle, with a catch-up that takes 100% of income between 1.50% and 1.71% a quarter. There is also a 12.5% fee on cumulative realized capital gains. The prospectus estimate of 9.64% for Class I includes 6.54% of interest and 1.21% of incentive fees on an assumed $820 million of net assets, and charges no upfront sales load.

On August 19, 2026 the fund and the adviser signed amended and restated advisory and administration agreements. The 8-K says the terms are unchanged apart from indemnification and expense clarifications and that the changes were made “in response to comments issued by certain state securities regulators” in connection with their review of the continuous offering.

Money in: the inflow collapsed, then twitched

Cumulative shares issued in the offering, from the monthly 8-Ks (which exclude reinvested distributions), give the monthly inflow at each subscription date (our arithmetic): $43.1 million on January 1, 2026, $17.4 million on February 1, $20.1 million on March 1, then $3.1 million, $5.2 million and $4.7 million on April 1, May 1 and June 1, $2.1 million on July 1, $5.4 million on August 1 and $9.9 million on September 1. The second-quarter total of $13.1 million ties to the 10-Q. Fresh subscriptions are not a large cushion for repurchases: the June 2026 offer cost $1.3 million, which a normal month of inflow covers, but a full 5% offer is roughly $40 million at current NAV (our arithmetic).

What a holder can do with this

• If you hold APCF: the tender is open to you every quarter and has cost you nothing in proration so far. The practical price of exit is the NAV at the quarter-end valuation date, less 2% if you have held under a year. You do not know the price when you tender.
• Watch the three numbers that would change that: the size of the tender request against the 1,645,229-share cap, any change in the 41% held by the two named holders (the next 10-K), and the NAV trend after the next quarter-end.
• Ask your advisor the payout question: the 2025 coverage figures looked better than the 2026 ones because the adviser was paying part of the bill. Do the 8.9% current distribution rate and the 95-96% coverage still fit what you were told when you bought?
• If you are weighing it: Class I with a $1 million minimum is not a retail product; the advisory platforms that waive the minimum control access, and Class S and Class D shares have not been issued. Compare with others in the non-traded BDC list.
• What would change the picture: requests above 5% (proration), a large holder tendering, a further step down in NAV, rising B- and C-rated loans, or a return to heavier leverage.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from the SEC filings of Antares Private Credit Fund (CIK 1976336) read on EDGAR on October 8, 2026: seven Schedule TO-I offers (February 2025 to August 2026) and their TO-I/A results, including the preliminary results filed September 25, 2026 (accession 0001104659-26-110700); 22 monthly Form 8-Ks (January 2025 to September 30, 2026, latest accession 0001193125-26-409111); Form 10-K for 2024 (accession 0000950170-25-041127) and 2025 (0001193125-26-115260); Form 10-Q for the quarters ended March 31, June 30 and September 30, 2025 and March 31 and June 30, 2026 (latest 0001193125-26-349158); the Form 8-Ks of December 17, 2025, January 14, 2026 and August 21, 2026; and the post-effective amendment prospectus of April 30, 2026 (accession 0001104659-26-053188). Coverage ratios, shares of the cap, sums across holders and waivers, monthly inflows and annualised rates are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.