Fee Waiver Agreement between PGIM Investments LLC and PGIM Private Credit Fund (February 2024)

Contract Categories: Business Finance › Waiver Agreements
Summary

PGIM Investments LLC, acting as the investment adviser for the PGIM Private Credit Fund, has agreed to waive both its base management fee and incentive fee for the Fund through December 31, 2024. This agreement extends a previous waiver and ensures that the Fund will not pay these fees during the specified period. The waiver can only be ended early if both PGIM Investments and the Fund’s Board of Trustees agree. After December 31, 2024, the waiver will automatically end, and normal fee arrangements will resume.

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EX-10.1 2 tm247593d1_ex10-1.htm EXHIBIT 10.1

 EXHIBIT 10.1

 

PGIM Investments LLC
655 Broad Street – 6th Floor
Newark, New Jersey 07102

 

February 23, 2024

 

The Board of Trustees

655 Broad Street—17th Floor

PGIM Private Credit Fund

Newark, New Jersey 07102

 

Re: PGIM Private Credit Fund (the “Fund”)

 

To the Board of Trustees:

 

PGIM Investments LLC (“PGIM Investments”), the Fund’s investment adviser, has contractually agreed to waive its base management fee, as described in the Fund’s prospectus (the “Management Fee”), in its entirety through December 31, 2024 (the “Waiver Period”). PGIM Investments had previously contractually agreed to waive its Management Fee for one year from the effectiveness of the Fund’s registration statement.

 

In addition, PGIM Investments has contractually agreed to waive its incentive fee, consisting of two components, each as described in the Fund’s prospectus (the “Incentive Fee”), in its entirety for the Waiver Period. PGIM Investments had previously contractually agreed to waive its Incentive Fee for one year from the effectiveness of the Fund’s registration statement.

 

Following the Waiver Period, PGIM Investment’s agreement to temporarily waive its Management Fee and Incentive Fee will terminate.

 

During the Wavier Period, this waiver will remain in effect unless earlier terminated by agreement of the Board of Trustees of the Fund.

 

 

 

 

Very truly yours,

 

PGIM INVESTMENTS LLC 

 

By: /s/ Scott E. Benjamin
Name: Scott E. Benjamin
Title: Executive Vice President