First Eagle Alternative Credit: AUM & Ownership

Clients

First Eagle Alternative Credit serves 72 clients, 70 of them pooled investment vehicles. The average client has about $174 million with the firm.

Regulatory assets by client type

Investment companies1 clients6%
Business development companies1 clients5%
Pooled investment vehicles70 clients82%
Other investment advisers6%
OtherState or municipal government entities, Insurance companies, Sovereign wealth funds and foreign official institutions1%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Investment companies	1	$781,391,338	6.2%	$781.4M
Business development companies	1	$651,820,000	5.2%	$651.8M
Pooled investment vehicles	70	$10,350,526,512	82.4%	$147.9M
State or municipal government entities	Not reported	$3,064,290	0.0%	—
Other investment advisers	Not reported	$715,380,194	5.7%	—
Insurance companies	Not reported	$45,015,756	0.4%	—
Sovereign wealth funds and foreign official institutions	Not reported	$15,178,270	0.1%	—
Total	72	$12,562,376,360	100%	$174.5M

Investment companies

Clients: 1
Regulatory AUM: $781,391,338
Share: 6.2%
Avg. per client: $781.4M

Business development companies

Clients: 1
Regulatory AUM: $651,820,000
Share: 5.2%
Avg. per client: $651.8M

Pooled investment vehicles

Clients: 70
Regulatory AUM: $10,350,526,512
Share: 82.4%
Avg. per client: $147.9M

State or municipal government entities

Clients: Not reported
Regulatory AUM: $3,064,290
Share: 0.0%
Avg. per client: —

Other investment advisers

Clients: Not reported
Regulatory AUM: $715,380,194
Share: 5.7%
Avg. per client: —

Insurance companies

Clients: Not reported
Regulatory AUM: $45,015,756
Share: 0.4%
Avg. per client: —

Sovereign wealth funds and foreign official institutions

Clients: Not reported
Regulatory AUM: $15,178,270
Share: 0.1%
Avg. per client: —

Total

Clients: 72
Regulatory AUM: $12,562,376,360
Share: 100%
Avg. per client: $174.5M

What it does

First Eagle Alternative Credit provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, performance-based fees and other arrangements.

First Eagle Alternative Credit advises 70 private funds.

Nearly all assets ($12.56B across 80 accounts) are managed with discretion; $3.06M across 1 account is not. 62% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Bonds1%
Other99%
- Broadly syndicated and middle market loans99%

Custodians

First Eagle Alternative Credit’s client accounts are held mainly at Bank of New York Mellon, with 0% of managed assets, and Northern Trust Global Services Se, with 0%. First Eagle Alternative Credit has custody of $1.82B for 33 clients.

Managed account assets by custodian

OtherBank of New York Mellon, Northern Trust Global Services Se, All other custodians100%

Ownership and leadership

First Eagle Investment Management, LLC owns 75% or more of First Eagle Alternative Credit, and Mehdi Mahmud is its CEO.

Who owns the firm

First Eagle Alternative Credit, LLC· the adviser

First Eagle Investment Management, LLC
Control person · since January 2020
Owns 75% or more of First Eagle Alternative Credit, LLC
- First Eagle Holdings, Inc.
  Control person · since January 2020
  Owns 75% or more of First Eagle Investment Management, LLC
  - GC Ferry Intermediate, Inc.
    Control person · since August 2025
    Owns 75% or more of First Eagle Holdings, Inc.
    - GC Ferry Holdings, Inc.
      Control person · since February 2025
      Owns 75% or more of GC Ferry Intermediate, Inc.
      - GC Ferry Parent LP
        Control person · since February 2025
        Owns 75% or more of GC Ferry Holdings, Inc.

Leadership

Mehdi Mahmud
Chief Executive Officer
Michael Constantino
Group Chief Financial Officer
Robert Marks
Chief Compliance Officer
David O'Connor
Head of Legal and Compliance & Chief Legal Officer

Staff

79 employees
42 in advisory functions
4 broker-dealer reps

Fees

First Eagle Alternative Credit is paid through a percentage of assets under management, performance-based fees and other.

First Eagle Alternative Credit’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, First Eagle Alternative Credit has 2 offices, with 3 listed addresses across 3 states.

Listed office addresses by state

Massachusetts · 1 listed address

500 Boylston Street, Suite 1250, BostonHQ

Registration details

Legal name: First Eagle Alternative Credit, LLC
Headquarters: 500 Boylston Street, Suite 1250, Boston, MA 02116
Phone: 617-848-2577
Website: www.firsteagle.com/FEAC
SEC file: 801-71201
Structure: Delaware LLC
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does First Eagle Alternative Credit have?

First Eagle Alternative Credit has 72 clients and manages $12.6 billion for them, as of June 2026. They include 70 pooled investment vehicles, 1 investment companies and 1 business development companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 June 2026

What services does First Eagle Alternative Credit offer?

First Eagle Alternative Credit provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does First Eagle Alternative Credit use?

First Eagle Alternative Credit’s separately managed account assets are held at Bank of New York Mellon (Pittsburgh, PA), with $14,448,627 and Northern Trust Global Services Se (Chicago, IL), with $3,064,290. The filing also lists Wells Fargo Bank, N.A. and Bank of America with no separately managed account assets.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 June 2026

How many financial advisors does First Eagle Alternative Credit have?

First Eagle Alternative Credit has 0 investment adviser representatives registered with state securities authorities, out of 79 employees, and 42 perform investment advisory functions. 4 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does First Eagle Alternative Credit invest in?

At the end of its last fiscal year, First Eagle Alternative Credit’s separately managed accounts held 99% broadly syndicated and middle market loans and 1% high-yield corporate bonds. It advises 70 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns First Eagle Alternative Credit?

First Eagle Alternative Credit’s direct owner is First Eagle Investment Management, LLC (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 30 June 2026

How does First Eagle Alternative Credit get paid?

First Eagle Alternative Credit is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file