First Eagle Alternative Credit, Llc
- Regulatory AUM
- $12.6B
- Discretionary
- $12.6B
- Clients
- 72
- Avg AUM / client
- $174M
- Accounts
- 81
- Employees
- 79
AUM over time
Annual snapshots from Form ADV filings · as of Jun 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $781M | 6.22% |
| Business development companies | 1 | $652M | 5.19% |
| Pooled investment vehicles (non-investment companies) | 70 | $10.4B | 82.4% |
| State or municipal government entities | Fewer than 5 clients | $3.1M | 0.02% |
| Other investment advisers | Fewer than 5 clients | $715M | 5.69% |
| Insurance companies | Fewer than 5 clients | $45.0M | 0.36% |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $15.2M | 0.12% |
Private funds (70)
View all →Reported in Form ADV Section 7.B.(1), filing of Jun 2024 · $17.5B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Wind River 2016 2 Clo Ltd | Securitized Asset Fund | Cayman Islands | $616M | 1 |
| Wind River 2017 1 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $579M | 1 |
| Wind River 2017 3 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $578M | 1 |
| Wind River 2015 1 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $574M | 1 |
| Wind River 2018 2 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $569M | 1 |
| Wind River 2019 3 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $566M | 1 |
| Wind River 2014 1 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $511M | 1 |
| First Eagle Direct Lending V B, Llc master | Hedge Fund | Delaware | $505M | 15 |
| Wind River 2023 1 Clo Ltd | Securitized Asset Fund | Cayman Islands | $491M | 1 |
| Wind River 2018 3 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $484M | 1 |
| Wind River 2021 3 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $482M | 1 |
| Wind River 2019 2 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $482M | 1 |
| Wind River 2014 2 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $482M | 1 |
| Wind River 2021 4 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $480M | 1 |
| Wind River 2021 1 Clo Ltd. | Securitized Asset Fund | Cayman Islands | $480M | 1 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Amica Pension Fund Amica Mutual Insurance Company | 2024 |
People (10)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Rusnak Carlson, Sabrina | General Counsel & Secretary | Feb 2018 (9y) | Less than 5% | |
| Dow, Melanie | Chief Administrative Officer | Jan 2020 (7y) | Less than 5% | |
| Jayanti, Dharma, Teja Ignacio | Sole Member | Jan 2020 (7y) | 75% or more of Vayu Investors Llc (indirect) | |
| Mahmud, Mehdi, Asif | Chief Executive Officer | Jan 2020 (7y) | Less than 5% | |
| Margulies, Brian, Michael | Head Of Finance & Treasurer | Jan 2020 (7y) | Less than 5% | |
| O'connor, David, Paul | Head Of Legal And Compliance & Chief Legal Officer | Jan 2020 (7y) | Less than 5% | |
| Giordano, Edward, Joseph | Chief Financial Officer | Sep 2021 (5y) | Less than 5% | |
| Martins, Telmo, Ricardo | Chief Compliance Officer | Dec 2022 (4y) | Less than 5% | |
| Fellows, James, Ray | Co President & Chief Investment Officer | Feb 2024 (3y) | Less than 5% | |
| Flynn, Christopher, John | Co President | Feb 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| First Eagle Investment Management, Llc | Sole And Managing Member | Jan 2020 | A | 75% or more |
| First Eagle Holdings, Inc. | Managing Member And Parent Company | Jan 2020 | B | ≈ 56.25% – 100% via First Eagle Investment Management, Llc |
| Corsair Mentor Investors L.P. | Limited Partner | Jan 2020 | B | ≈ 5.27% – 37.5% via Corsair Mentor L.P. |
| Bma Vi Llc | Sole Member | Jan 2020 | B | 75% or more of Blackstone Management Associates Vi L.L.C. (indirect) |
| Blackstone Inc. | Sole Member | Jan 2020 | B | 75% or more of Blackstone Holdings Iii Gp Management L.L.C. (indirect) |
| Corsair Capital, L.P. | Sole Member | Jan 2020 | B | 75% or more of Corsair Capital Llc (indirect) |
| Corsair Capital Partners, L.P. | Limited Partner | Jan 2020 | B | 75% or more of Corsair Mentor Management L.P. (indirect) |
| Corsair Capital Feeder, L.P. | Limited Partner | Jul 2021 | B | 75% or more of Corsair Capital, L.P. (indirect) |
| Bcp Cc Holdings L.P. | Shareholder | Jan 2020 | B | ≈ 28.13% – 75% via First Eagle Holdings, Inc. |
| Blackstone Holdings Iii L.P. | Managing Member | Jan 2020 | B | 50% – 75% of Bma Vi Llc (indirect) |
| Corsair Iv Financial Services Capital Partners L.P. | Member | Jan 2020 | B | 50% – 75% of Bcp Cc Holdings Gp L.L.C. (indirect) |
| Blackstone Capital Partners Vi L.P. | Limited Partner | Jan 2020 | B | ≈ 7.03% – 37.5% via Bcp Cc Holdings L.P. |
| Corsair Mentor L.P. | Limited Partner | Jan 2020 | B | ≈ 7.03% – 37.5% via Bcp Cc Holdings L.P. |
| Vayu Investors Llc | Limited Partner | Jul 2021 | B | 25% – 50% of Corsair Capital Feeder, L.P. (indirect) |
| Corsair Mentor Management L.P. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Mentor Investors L.P. (indirect) |
| Corsair Capital Llc | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Mentor Management L.P. (indirect) |
| Blackstone Management Associates Vi L.L.C. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Blackstone Capital Partners Vi L.P. (indirect) |
| Blackstone Holdings Iii Gp L.P. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Blackstone Holdings Iii L.P. (indirect) |
| Blackstone Holdings Iii Gp Management L.L.C. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Blackstone Holdings Iii Gp L.P. (indirect) |
| Bcp Cc Holdings Gp L.L.C. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Bcp Cc Holdings L.P. (indirect) |
| Corsair Iv Management L.P. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Iv Financial Services Capital Partners L.P. (indirect) |
| Corsair Partners Mentor Management, L.P. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Mentor L.P. (indirect) |
| Corsair Capital Group, Ltd. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Capital, L.P. (indirect) |
| Corsair Capital Partners Group, Ltd. | General Partner | Jan 2020 | B | GP / trustee / elected manager of Corsair Capital Partners, L.P. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- First Eagle Holdings, Inc.: 75% – 100% of First Eagle Investment Management, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Corsair Mentor Investors L.P.: 75% – 100% of Corsair Mentor L.P. × 25% – 50% of Bcp Cc Holdings L.P. × 50% – 75% of First Eagle Holdings, Inc. × 75% – 100% of First Eagle Investment Management, Llc × 75% – 100% direct ≈ 5.27% – 37.5% of the firm
- Bcp Cc Holdings L.P.: 50% – 75% of First Eagle Holdings, Inc. × 75% – 100% of First Eagle Investment Management, Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Blackstone Capital Partners Vi L.P.: 25% – 50% of Bcp Cc Holdings L.P. × 50% – 75% of First Eagle Holdings, Inc. × 75% – 100% of First Eagle Investment Management, Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Corsair Mentor L.P.: 25% – 50% of Bcp Cc Holdings L.P. × 50% – 75% of First Eagle Holdings, Inc. × 75% – 100% of First Eagle Investment Management, Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (70, $17.5B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Wind River 2016 2 Clo Ltd | Securitized Asset Fund | $616M | $250K | 1 |
| Wind River 2017 1 Clo Ltd. | Securitized Asset Fund | $579M | $250K | 1 |
| Wind River 2017 3 Clo Ltd. | Securitized Asset Fund | $578M | $250K | 1 |
| Wind River 2015 1 Clo Ltd. | Securitized Asset Fund | $574M | $250K | 1 |
| Wind River 2018 2 Clo Ltd. | Securitized Asset Fund | $569M | $250K | 1 |
| Wind River 2019 3 Clo Ltd. | Securitized Asset Fund | $566M | $250K | 1 |
| Wind River 2014 1 Clo Ltd. | Securitized Asset Fund | $511M | $250K | 1 |
| First Eagle Direct Lending V B, Llc | Hedge Fund | $505M | $5.0M | 15 |
| Wind River 2023 1 Clo Ltd | Securitized Asset Fund | $491M | $250K | 1 |
| Wind River 2018 3 Clo Ltd. | Securitized Asset Fund | $484M | $250K | 1 |
| Wind River 2021 3 Clo Ltd. | Securitized Asset Fund | $482M | $250K | 1 |
| Wind River 2019 2 Clo Ltd. | Securitized Asset Fund | $482M | $250K | 1 |
| Wind River 2014 2 Clo Ltd. | Securitized Asset Fund | $482M | $250K | 1 |
| Wind River 2021 4 Clo Ltd. | Securitized Asset Fund | $480M | $250K | 1 |
| Wind River 2021 1 Clo Ltd. | Securitized Asset Fund | $480M | $250K | 1 |
| Wind River 2019 1 Clo Ltd. | Securitized Asset Fund | $476M | $250K | 1 |
| Lake Shore Mm Clo Iv Llc | Securitized Asset Fund | $475M | $250K | 1 |
| Wind River 2018 1 Clo Ltd. | Securitized Asset Fund | $463M | $250K | 1 |
| Wind River 2017 4 Clo Ltd. | Securitized Asset Fund | $451M | $250K | 1 |
| Wind River 2020 1 Clo Ltd. | Securitized Asset Fund | $390M | $250K | 1 |
| Wind River 2022 1 Clo Ltd | Securitized Asset Fund | $387M | $250K | 1 |
| Wind River 2021 2 Clo Ltd. | Securitized Asset Fund | $386M | $250K | 1 |
| Wind River 2022 2 Clo Ltd | Securitized Asset Fund | $384M | $250K | 1 |
| First Eagle Bsl Clo 2019 1 Ltd. | Securitized Asset Fund | $381M | $250K | 1 |
| Wind River 2014 3 Clo Ltd. | Securitized Asset Fund | $370M | $250K | 1 |
Top 25 of 70 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Retirement plans served (1)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Amica Pension Fund | Amica Mutual Insurance Company | 2,053 | $1.7B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/30/2026 | 15.1 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: THE SEC ALLEGED THAT FIRST EAGLE AND FEF DISTRIBUTORS IMPROPERLY CAUSED THE FIRST EAGLE MUTUAL FUNDS TO MAKE PAYMENTS TO TWO FINANCIAL INTERMEDIARIES FOR DISTRIBUTION RELATED SERVICES OUTSIDE OF A WRITTEN, APPROVED RULE 12B-1 PLAN, AND THAT WERE NOT PAID BY FIRST EAGLE OUT OF ITS OWN RESOURCES. IN ADDITION, THE SEC ALLEGED THAT THE USE OF THE FUNDS' ASSETS TO PAY FOR THESE DISTRIBUTION-RELATED SERVICES RENDERED THE FUNDS' DISCLOSURES CONCERNING PAYMENTS FOR DISTRIBUTION-RELATED SERVICES INACCURATE. Status: Final Sanction Detail: THE ORDER IMPOSES A CIVIL PENALTY OF $12.5 MILLION AND DISGORGEMENT AND INTEREST PAYMENT OF $27,247,879 MILLION. PURSUANT TO THE ORDER, THESE AMOUNTS (THE "DISTRIBUTION FUND") WERE DEPOSITED TO AN ESCROW ACCOUNT. FIRST EAGLE WAS RESPONSIBLE FOR ADMINISTERING THE DISBURSEMENT OF AMOUNTS PAYABLE FROM THE DISTRIBUTION FUND TO AFFECTED SHAREHOLDER ACCOUNTS THAT HELD SHARES OF THE FUNDS DURING THE RELEVANT PERIOD, PURSUANT TO THE PLAN APPROVED BY THE SEC STAFF, WHICH PROCESS WAS COMPLETED DURING THE QUARTER ENDED DECEMBER 31, 2018, AND THE SEC WAS NOTIFIED OF ITS COMPLETION. Summary: THE SEC ADMINISTRATIVE ORDER IS FINAL. THE DISGORGEMENT, PREJUDGMENT INTEREST AND CIVIL MONETARY PENALTY WERE PAID INTO THE ESCROW ACCOUNT WITHIN 10 DAYS OF THE ENTRY OF THE ORDER. A DISBURSEMENT CALCULATION METHODOLOGY WAS SUBMITTED TO THE SEC STAFF AND APPROVED. THE DISBURSEMENT OF AMOUNTS PAYABLE TO AFFECTED SHAREHOLDERS WAS COMPLETED DURING THE QUARTER ENDED DECEMBER 31, 2018, AND THE SEC WAS NOTIFIED OF ITS COMPLETION. PER THE ORDER, FEF DISTRIBUTORS RETAINED A CONSULTANT TO REVIEW ITS POLICIES AND PROCEDURES RELATED TO THE USE OF FUND ASSETS FOR ANY ACTIVITY WHICH IS PRIMARILY INTENDED TO RESULT IN THE SALE OF FUND SHARES.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • SEE SCHEDULE D MISC.
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- State Street $590M (3% of AUM) Jan 2025
- BNY Mellon $14.4M (0% of AUM) Jun 2026
- Northern Trust $3.1M (0% of AUM) Jun 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jun 30, 2026.
View current Form ADV (SEC/IAPD) ↗