AGL Private Credit Income Fund 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	8 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q3
Entity Central Index Key	0002011498
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	000-56652
Entity Registrant Name	AGL PRIVATE CREDIT INCOME FUND
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1656668
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	973-8600
Entity Address, Address Line One	535 Madison Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,000,400

Statement of Assets and Liabili

Statement of Assets and Liabilities (Unaudited)	Sep. 30, 2024 USD ($) $ / shares
Assets
Cash	$ 10,000
Deferred offering costs (Note 2)	953,340
Receivable from Adviser	4,274,809
Total Assets	5,238,149
Liabilities
Payable to affiliates	4,546,004
Accrued expenses	682,145
Total Liabilities	5,228,149
Commitments and contingencies (Note 4)
Common shares, $0.001 par value, unlimited shares authorized, 400 issued and outstanding	0	[1]
Paid-in capital	10,000
Total net assets	10,000
Total liabilities and net assets	$ 5,238,149
Net asset value per share \| $ / shares	$ 25

[1] Less than $1

Statement of Assets and Liabi_2

Statement of Assets and Liabilities (Unaudited) (Parenthetical)	Sep. 30, 2024 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, par value \| $ / shares	$ 0.001
Common stock, issued	400
Common stock, shares outstanding	400

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended	8 Months Ended
Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2024
Income Statement [Abstract]
Investment Income	$ 0	$ 0
Expenses:
Organizational costs	78,060	2,727,557
Professional fees	251,903	767,440
Trustees' fees	116,250	167,251
Other expenses	289,470	612,561
Total expenses	735,683	4,274,809
Less: Expense reimbursement (Note 3)	(735,683)	(4,274,809)
Net investment income (loss)	0	0
Net increase (decrease) in net assets resulting from operations	$ 0	$ 0

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business

Organization and Business	8 Months Ended
Organization and Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business AGL Private Credit Income Fund (the “Company”) was originally established as a Delaware limited partnership named AGL Private Credit Income Fund LP on January 18, 2024 (date of inception), and converted to a Delaware statutory trust on September 12, 2024. The Company is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company (“BDC”) under the 1940 Act on October 11, 2024. It is managed by AGL US DL Management LLC (the “Adviser”). The Adviser is an affiliate of AGL Credit Management LLC (“AGL”). The Adviser is a limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser oversees the management of the Company’s activities and is responsible for making investment decisions with respect to its portfolio. The Company also intends to elect to be treated, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company intends to be a private, perpetual-life BDC, which is a BDC whose common shares are not listed and are not expected in the future to be listed on a stock exchange or other securities market. As such, it uses the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose common shares of beneficial interest are intended to be sold by the BDC on a continuous basis at a price equal to its net asset value (“NAV”) per common share. Subject to the approval of the Board, the Company may convert into a non-traded or continuously offered BDC and upon such conversion would apply for exemptive relief to introduce multiple share classes and could, in its discretion, market to retail investors. The Company’s investment objective is to generate attractive risk-adjusted returns, primarily through current investment income and, to a lesser extent, capital appreciation, while limiting volatility. The Company’s investment strategy focuses on creating well-balanced portfolios of directly originated, floating rate senior secured investments in U.S. companies, including primarily first lien senior secured loans. The Company may also invest in second lien loans, unsecured debt, subordinated debt and other investments which may include certain equity investments or investments in more liquid instruments. AGL has entered into a cooperation agreement (the “Barclays Cooperation Agreement”) with Barclays Bank PLC (“Barclays”). Under the Barclays Cooperation Agreement, AGL, the Adviser and Barclays have agreed to make available to Barclays’ existing and prospective client base AGL’s Private Credit solutions, through the Company and other public and private AGL-managed funds and accounts (the “Other AGL Accounts”), alongside Barclays’ large and highly capable investment banking platform offerings. On May 29, 2024, AGL contributed $ 10,000 ($ 25 per share) of capital to the Company in exchange for 400 shares of the Company’s common shares of beneficial interest, par value $ 0.001 per share, (the “Common Shares”). The initial meeting of the Board of Trustees of the Company (the “Board”) was held on May 29, 2024. As of September 30, 2024, the Company had not commenced operations. For the period from January 18, 2024 (date of inception) to September 30, 2024 , the Company’s efforts were limited to organizational and initial operating activities, the cost of which the Adviser has elected to pay subject to conditional reimbursement by the Company pursuant to the Expense Support Agreement described below in Note 3.

Summary of Significant Accounti

Summary of Significant Accounting Policies	8 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act. The Company is an investment company following the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, “Financial Services – Investment Companies.” Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and such differences could be material. Cash Cash is comprised of cash held at State Street Bank and Trust Company. Offering and Organizational Expenses Organizational expenses are recorded as incurred and include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Company and its related documents of organization. For the three months ended September 30, 2024, and for the period from January 18, 2024 (date of inception) to September 30, 2024, the Company incurred organizational expenses of $ 78,060 and $ 2,727,557 , respectively. Offering expenses include, without limitation, legal, printing and other offering and marketing costs, including the fees of professional advisors, those associated with the preparation of the Company’s registration statement. Offering expenses of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. As of September 30, 2024 , offering costs incurred to date amounted to $ 953,340 . Under the Investment Advisory Agreement and the Administration Agreement (each as defined below), the Company is responsible for bearing its organizational and offering costs as well as other costs and expenses of its operations and transactions. As of September 30, 2024 , the Company incurred organizational costs of $ 2,727,557 , which the Adviser has elected to pay, subject to conditional reimbursement by the Company, pursuant to the Expense Support Agreement described below in Note 3. As of September 30, 2024 , the total amount owed to the Company from the Adviser (including expenses payable under the Administration Agreement described in Note 3) is included in receivable from Adviser in the Statement of Assets and Liabilities and the total amount owed to affiliates is included in payable to affiliates in the Statement of Assets and Liabilities. Professional Fees Professional fees are expensed as incurred and include legal and other professional expenses. For the three months ended September 30, 2024, and for the period from January 18, 2024 (date of inception) to September 30, 2024 , the Company incurred professional expenses of $ 251,903 and $ 767,440 , respectively, which the Adviser has elected to pay, subject to reimbursement by the Company, pursuant to the Expense Support Agreement described below in Note 3. Income Taxes The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of (i) its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income .

Agreements and Related Party Tr

Agreements and Related Party Transactions	8 Months Ended
Agreements and Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Agreements and Related Party Transactions	3. Agreements and Related Party Transactions Investment Advisory Agreement The Company is externally managed by the Adviser pursuant to an Investment Advisory Agreement between the Company and the Adviser. Subject to the overall supervision of the Board, the Adviser is responsible for the overall management and affairs of the Company and has full discretion to invest the assets of the Company in a manner consistent with the Company’s investment objectives. Under the Investment Advisory Agreement, the Company will pay the Adviser (i) a Management Fee (as defined below) and (ii) an Incentive Fee (as defined below) as compensation for the investment advisory and management services it will provide to the Company thereunder. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. Management Fee The Base Management Fee is calculated at an annual rate of 1.25 % of the average value of the Company’s net assets at the end of the two most recently completed calendar quarters. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter. Base Management Fees for any partial quarter will be prorated based on the number of days in the quarter. Incentive Fee The Company will also pay the Adviser an Incentive Fee consisting of two parts, which are described below: Incentive Fee on Income The Incentive Fee on Income is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter. “ Pre-Incentive Fee Net Investment Income ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount (“OID”) debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For the purposes of computing the Company’s Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Company owned the referenced assets directly. The incentive fee on income for each quarter is calculated as follows: • No incentive fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed 1.75 %, or 7.00 % annualized, on net assets (the “Preferred Return”); • 100 % of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 2.00 % in any calendar quarter ( 8.00 % annualized), which portion of the incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 12.50 % on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 2.00 % ( 8.00 % annualized) in any calendar quarter; and • For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 2.00 % ( 8.00 % annualized), the incentive fee on income equals 12.50 % of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved. Incentive Fee on Capital Gains The Company will pay the Adviser an Incentive Fee on Capital Gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.50 % of the Company’s realized capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains. Administration Agreement The Company has entered into the Administration Agreement with AGL US DL Administrator LLC, a Delaware limited liability company (the “Administrator”). Under the Administration Agreement, the Administrator provides the Company with certain administrative services necessary for the Company to conduct its business. The Company has agreed to reimburse the Administrator for all reasonable costs and expenses and Company’s allocable portion of compensation of certain of the Administrator’s personnel and the Administrator’s overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in providing non-advisory services, facilities and personnel and performing its administrative obligations, as provided by the Administration Agreement. In addition, subject to the approval of the Board, the Administrator may delegate its duties under the Administration Agreement to affiliates or third parties, and the Company will reimburse the expenses of these parties incurred directly and/or reimburse such expenses if paid by the Administrator on the Company’s behalf. Expense Support and Conditional Reimbursement Agreement The Company has entered into the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, pursuant to which the Adviser shall pay, on a quarterly basis, Other Operating Expenses (as defined below) of the Company on the Company’s behalf (each such payment, a “Required Expense Payment”) such that Other Operating Expenses of the Company do not exceed 1.50 % (on annualized basis) of the Company’s net asset value. “Other Operating Expenses” means the Company’s organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement)), excluding, the Company’s Management Fees and Incentive Fees owed to the Adviser, financing fees and costs, brokerage commissions, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with US GAAP. The Adviser may elect to pay certain additional expenses of the Company on the Company’s behalf (each such payment, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”). In making a Voluntary Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of a Voluntary Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Following any fiscal quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such fiscal quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter have been reimbursed. As a result, no waived amounts will be reimbursed after three years from the date of the respective waiver. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any fiscal quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter that have not been previously reimbursed by the Company to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular fiscal quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement. No Reimbursement Payment for any quarter shall be made if: (i) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (ii) the Company’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (iii) the Company’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.50 % of the Company’s net asset value. For purposes of the Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable fiscal quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. Resource Sharing Agreement The Adviser has entered into a Resource Sharing Agreement (the "Resource Sharing Agreement") with AGL, pursuant to which AGL will provide the Adviser with experienced investment professionals and access to the resources of AGL so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Adviser intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of AGL's investment professionals.

Commitments And Contingencies

Commitments And Contingencies	8 Months Ended
Commitments And Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	4. Commitments and contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has no t accrued any liability in connection with such indemnifications. The Adviser has agreed to reimburse all of the Company’s organizational, professional, trustees' fees and other expenses for the three months ended September 30, 2024, and for the period January 18, 2024 (date of inception) through September 30, 2024 , amounting to $ 735,683 and $ 4,274,809 under the Expense Support Agreement. The Company may be obligated to make a Reimbursement Payment to the Adviser for such expenses through September 30, 2027, in accordance with the Expense Support and Conditional Reimbursement Agreement described in Note 3, however as of September 30, 2024 , the Company does no t consider the Reimbursement Payment to be probable and estimable. On April 22, 2024, the Company entered into purchase agreements (the “Purchase Agreements”) with each of Barclays Bank PLC and Cliffwater Corporate Lending Fund (together, the “Financing Providers”), whereby the Company has agreed, subject to certain conditions, to purchase certain assets from the Financing Providers as described below (collectively, the “Launch Transactions”). The Launch Transactions are designed to provide the Company with a ramp-up period to build diversification and accelerate the ramp in the size of the Company’s investments to match its investment strategy. Under the Purchase Agreements, the Company has entered into a forward obligation to purchase certain investments (the “Initial Investments”) from the Financing Providers, and each Financing Provider is obligated to settle the sale of such investments to the Company. The obligations of the Company and the Financing Providers under the Purchase Agreements are subject to the following conditions: (a) the Company must receive aggregate subscriptions of at least $ 1.350 billion and receive cash funding from subscriptions deposited from escrow and from debt financing in an aggregate amount for all such cash funding of at least $ 1.0 billion, and (b) the Board must have approved the purchase of the specific Initial Investments (collectively, the “Purchase Conditions”). Prior to the satisfaction of the Purchase Conditions, no affiliate of the Company or the Adviser is obligated under the Purchase Agreement to purchase assets acquired by the Financing Providers, and the Company’s obligations to the Financing Providers under the Purchase Agreements are not guaranteed by any affiliate of the Adviser. As of September 30, 2024 , the Purchase Conditions have not been met.

Net Assets

Net Assets	8 Months Ended
Net Assets	Sep. 30, 2024
Net Assets [Abstract]
Net Assets	5. Net Assets The Company is initially seeking to raise equity capital through private placements on a continuous basis. During the first two years following the initial closing of the Company’s private placement (the “Initial Closing”), investors are being asked to provide capital commitments (the “Capital Commitments”) that will be drawn down by the Company from time to time in increments as needed, at the discretion of the Adviser upon not less than ten business days’ written notice (each, a “Drawdown Notice”). Such drawdowns will be used to purchase shares, par value $ 0.001 per share, at a price per share as determined by the Board in accordance with the limitations of Section 23 under the 1940 Act. Drawdown Notices will set forth the amount, in U.S. dollars (“USD”), of the aggregate purchase price (the “Drawdown Purchase Price”) to be paid by the investor to purchase shares on the drawdown date. Drawdowns of the Capital Commitments will generally be made pro rata, in accordance with the remaining Capital Commitments. However, the Company retains the right to make non-pro rata capital drawdowns for any reason in the Company’s sole discretion, including, without limitation, if the Company determines that it is necessary or advisable in light of applicable legal, tax, regulatory and other considerations. Subsequent to the second anniversary of the Initial Closing, or such earlier or later time as the Board determines, new investor Capital Commitments will not be called until existing investors’ Capital Commitments have been fully drawn upon by the Company or otherwise terminated. In addition, the timing and structure of draws of new investor Capital Commitments may be modified at such time. The Company is authorized to issue an unlimited number of Common Shares. As of September 30, 2024 , the Company had issued 400 shares and all are outstanding. Also, as of September 30, 2024 , the Company has executed subscription agreements with investors for $ 1,003,550,000 of capital commitments. Share Repurchase Program Beginning no later than the fourth anniversary of the Initial Closing, and at the discretion of the Board, the Company intend to commence a share repurchase program (the “Share Repurchase Program”) in which the Company intend to offer to repurchase, in each quarter, up to 5 % of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV, as determined by the Board) as of the close of the previous calendar quarter. The Board may amend or suspend the Share Repurchase Program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of the Company shareholders, such as when a repurchase offer would place an undue burden on the Company liquidity, adversely affect the Company operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued shares. Under the Share Repurchase Program, to the extent we offer to repurchase shares in any particular quarter, the Company expect to repurchase shares pursuant to quarterly share repurchases using a purchase price equal to the NAV per share as of the last calendar day of the immediately prior quarter (the “Valuation Date”). Shareholders should keep in mind that if they tender Common Shares in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to an “early repurchase deduction” of 2 % of the aggregate NAV of the Common Shares repurchased (an “Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of the remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases. In the event the amount of Common Shares tendered for repurchase exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the Share Repurchase Program, as applicable. The Company has not commenced the Share Repurchase Program. Distribution Reinvestment Plan The Company has a voluntary dividend reinvestment plan (the “DRIP”) that provides for the automatic reinvestment of all cash distributions declared by the Board unless a shareholder elects to “opt out” of the plan. As a result, if the Board declares a cash distribution, then the shareholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common shares, rather than receiving the cash distribution. Shareholders who receive distributions in the form of shares of common shares will generally be subject to the same federal, state and local tax consequences as if they received cash distributions. A shareholder’s basis for determining gain or loss upon the sale of shares received in a distribution will be equal to the amount treated as a distribution for U.S. federal income tax purposes, which will generally be equal to the cash that the shareholder would have received in the applicable distribution. Any shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares are credited to the shareholders account.

Subsequent Events

Subsequent Events	8 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	6. Subsequent Events The Company’s management has evaluated subsequent events through November 8, 2024, the date that the financial statements were issued. There have been no subsequent events, except as disclosed below, that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the financial statements as of and for the three months ended September 30, 2024. Commencement of Operations On October 11, 2024, the Company elected to be regulated as a BDC and commenced operations (“Commencement of Operations”). The Board approved the Company’s purchase of the assets that were subject to the Launch Transactions, which approval included the waiver by the Company of any conditions precedent to such purchase. As a result, on October 21, 2024, the Company purchased $ 176.0 million of assets pursuant to purchase agreements with each of the Financing Providers. Financing Arrangements Capital Call Credit Agreement On October 18, 2024 (the “Effective Date”), the Company entered into a revolving credit facility (the “Capital Call Credit Agreement”), among, inter alios , the Company, as borrower, the lenders from time to time party thereto and Société Générale, as administrative agent, sole lead arranger and letter of credit issuer (in such capacity, the “Administrative Agent”). The Capital Call Credit Agreement provides for borrowings in U.S. dollars, Euro, Sterling, Canadian dollars and such other currencies to be mutually agreed in an initial aggregate amount of up to $ 250.0 million with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $ 500.0 million. Availability under the Capital Call Credit Agreement will terminate on the earlier of October 17, 2025 (the “Stated Maturity Date”), which may be extended for an additional period of up to 364 days, subject to the consent of the Administrative Agent and extending lenders, and the date of termination of the revolving commitments thereunder. Loan Facility with Société Générale On October 18, 2024, PCIF Vigilant Funding LLC (“SPV”), a direct wholly-owned subsidiary of the Company, as borrower, and the Company, as equity holder and servicer, entered into a loan facility (the “Loan Facility”) for revolving and term loans pursuant to a Loan and Servicing Agreement (the “Loan Agreement”), with the lenders from time to time party thereto, Société Générale, as agent (the “Agent”), U.S. Bank, National Association, as collateral agent (“Collateral Agent”), collateral administrator, and document custodian. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. The initial maximum principal amount under the Loan Agreement is $ 300.0 million and the Loan Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $ 500.0 million, subject in each case to the satisfaction of certain conditions. Proceeds from loans made under the Loan Facility may be used for SPV’s general corporate purposes, to fund collateral obligations acquired by SPV, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the Loan Agreement. Revolving loans borrowed under the Loan Facility may be repaid and reborrowed until the end of the Revolving Period, which can occur no later than October 18, 2027 (unless extended), and all amounts outstanding under the Loan Facility must be repaid by the earlier of (i) October 18, 2029 or (ii) the occurrence of an event of default. The Loan Facility is secured by all of the assets held by SPV. The Loan Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature. Unregistered Sales of Common Stock On October 21, 2024, the Company sold and issued approximately 4,000,000 Common Shares for an aggregate consideration of approximately $ 100.0 million at a price of $ 25.00 per Common Share.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	8 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act. The Company is an investment company following the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, “Financial Services – Investment Companies.”
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and such differences could be material.
Cash	Cash Cash is comprised of cash held at State Street Bank and Trust Company.
Offering and Organizational Expenses	Offering and Organizational Expenses Organizational expenses are recorded as incurred and include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Company and its related documents of organization. For the three months ended September 30, 2024, and for the period from January 18, 2024 (date of inception) to September 30, 2024, the Company incurred organizational expenses of $ 78,060 and $ 2,727,557 , respectively. Offering expenses include, without limitation, legal, printing and other offering and marketing costs, including the fees of professional advisors, those associated with the preparation of the Company’s registration statement. Offering expenses of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. As of September 30, 2024 , offering costs incurred to date amounted to $ 953,340 . Under the Investment Advisory Agreement and the Administration Agreement (each as defined below), the Company is responsible for bearing its organizational and offering costs as well as other costs and expenses of its operations and transactions. As of September 30, 2024 , the Company incurred organizational costs of $ 2,727,557 , which the Adviser has elected to pay, subject to conditional reimbursement by the Company, pursuant to the Expense Support Agreement described below in Note 3. As of September 30, 2024 , the total amount owed to the Company from the Adviser (including expenses payable under the Administration Agreement described in Note 3) is included in receivable from Adviser in the Statement of Assets and Liabilities and the total amount owed to affiliates is included in payable to affiliates in the Statement of Assets and Liabilities.
Professional Fees	Professional Fees Professional fees are expensed as incurred and include legal and other professional expenses. For the three months ended September 30, 2024, and for the period from January 18, 2024 (date of inception) to September 30, 2024 , the Company incurred professional expenses of $ 251,903 and $ 767,440 , respectively, which the Adviser has elected to pay, subject to reimbursement by the Company, pursuant to the Expense Support Agreement described below in Note 3.
Income Taxes	Income Taxes The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of (i) its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income .

Organization and Business (Addi

Organization and Business (Additional Information) (Details)	May 29, 2024 USD ($) $ / shares shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment company, contributed amount \| $	$ 10,000
Common shares exchange against contributed capital, per share	$ 25
Number of common share exchange \| shares	400
Beneficial interest per share	$ 0.001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	8 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Accounting Policies [Abstract]
Organizational expenses	$ 78,060	$ 2,727,557
Offering costs	953,340	953,340
Professional fees	$ 251,903	$ 767,440
Percentage of investment company taxable income		90%

Agreements and Related Party _2

Agreements and Related Party Transactions - Additional Information (Details)	3 Months Ended	8 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Management fee, description		The Base Management Fee is calculated at an annual rate of 1.25% of the average value of the Company’s net assets at the end of the two most recently completed calendar quarters. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter. Base Management Fees for any partial quarter will be prorated based on the number of days in the quarter.
Management fee, percentage		1.25%
Incentive fee, description		The Incentive Fee on Income is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter.
Incentive fee on capital gains, percentage		12.50%
Maximum
Related Party Transaction [Line Items]
Other operating expenses, percentage		1.50%
Pre Incentive Fee Net Investment Income Does Not Exceed Preferred Return [Member]
Related Party Transaction [Line Items]
Pre-Incentive Fee Net Investment Income Rate	1.75%	7%
Pre Incentive Fee Net Investment Income Does Not Exceed Preferred Return [Member] \| Adviser [Member]
Related Party Transaction [Line Items]
Incentive fee payable	$ 0	$ 0
Pre Incentive Fee Net Investment Income Equal to Less Than Catch Up Amount [Member]
Related Party Transaction [Line Items]
Pre-Incentive Fee Net Investment Income Rate	2%	8%
Ratio of incentive fees and management fees		100%
Pre Incentive Fee Net Investment Income Equal to Less Than Catch Up Amount [Member] \| Adviser [Member]
Related Party Transaction [Line Items]
Ratio of incentive fees and management fees		12.50%
Pre Incentive Fee Net Investment Income Preferred Return and Catch Up Amount [Member]
Related Party Transaction [Line Items]
Pre-Incentive Fee Net Investment Income Rate	2%	8%
Pre Incentive Fee Net Investment Income Preferred Return and Catch Up Amount [Member] \| Adviser [Member]
Related Party Transaction [Line Items]
Ratio of incentive fees and management fees		12.50%

Commitments And Contingencies (

Commitments And Contingencies (Additional Information) (Details) - USD ($)	3 Months Ended	8 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Apr. 22, 2024
Organizational, professional and other administrative expenses
Loss Contingencies [Line Items]
Receivable from Adviser	$ 735,683	$ 4,274,809
Estimated Reimbursement Payment	0	0
Indemnification Agreement [Member]
Loss Contingencies [Line Items]
Accrued Liability	$ 0	$ 0
Purchase Agreements (Member)
Loss Contingencies [Line Items]
Cash Funding From Subscriptions Deposited From Escrow And From Debt Financing			$ 1,000,000,000
Purchase Agreements (Member) \| Minimum [Member]
Loss Contingencies [Line Items]
Subscriptions Recievable			$ 1,350,000,000

Net Assets (Additional Informat

Net Assets (Additional Information) (Details)	8 Months Ended
Net Assets (Additional Information) (Details)	Sep. 30, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Purchase shares, par value \| $ / shares	$ 0.001
Common stock, shares issued	400
Common stock, shares outstanding	400
Common stock, shares subscription \| $	$ 1,003,550,000
Share Repurchase Program [Member]
Class of Stock [Line Items]
Percentage of shares repurchased	5%
Early Repurchase Deduction [Member]
Class of Stock [Line Items]
Percentage of shares repurchased	2%

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($)		Oct. 18, 2024	Oct. 21, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Common stock, issued				400
Common stock, value issued	[1]			$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, issued			4,000,000
Common stock, value issued			$ 100,000,000
Common shares issued per share			$ 25
Subsequent Event [Member] \| Capital Call Credit Agreement [Member]
Subsequent Event [Line Items]
Debt instrument initial aggregate amount		$ 250,000,000
Total debt amount		$ 500,000,000
Capital call credit agreement termination date		Oct. 17, 2025
Subsequent Event [Member] \| Master Participation Agreement [Member]
Subsequent Event [Line Items]
Assets acquired			$ 176,000,000
Subsequent Event [Member] \| PCIF Vigilant Funding LLC [Member]
Subsequent Event [Line Items]
Debt instrument initial aggregate amount		$ 300,000,000
Total debt amount		$ 500,000,000

[1] Less than $1