Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 115

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 115
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 at www.sec.gov.

Competition

We intend to compete for investments in CLO securities
with other investment funds (including asset managers, business development companies, mutual funds, pension funds, private equity funds,
and hedge funds) as well as traditional financial services companies such as commercial banks, investment banks, finance companies, and
insurance companies.

Additionally, because competition for higher-yielding
investment opportunities generally has increased, many new investors have entered the CLO market over the past few years. As a result
of these new entrants, competition for investment opportunities in CLO securities may intensify. We believe we are able to compete with
these entities on the basis of the Investment Team’s deep and highly specialized CLO market experience, the Adviser’s relative
size and prominence in the CLO market, and the Investment Team’s longstanding relationships with many CLO collateral managers, complemented
by the Adviser’s proprietary quantitative infrastructure that helps it identify relative value, price investments precisely and
approach the markets in an agile manner.

<div align='center'>THE ADVISER AND THE ADMINISTRATOR</div>

Our board of directors is responsible for the
overall management and supervision of our business and affairs, including the appointment of advisers and sub-advisers. Pursuant to the
Investment Advisory Agreement, our board of directors has appointed the Adviser as our investment adviser.

The Adviser

Pearl Diver Capital LLP, the Adviser, is registered
as an investment adviser with the SEC. As of June 30, 2025, the Adviser had approximately $3.0 billion of total assets under management
for investment in CLO securities, including capital commitments that were undrawn as of such date. The Adviser commenced operations in
2008 and its principal place of business is located at 52 Conduit Street, London, W1S 2YX, United Kingdom. The Adviser is owned by Mr.
Indranil (Neil) Basu and Mr. Chandrajit Chakraborty. The Adviser’s senior management team are also shareholders in the Pearl Diver
group holding company of which the Adviser is an affiliate.

The Adviser manages our investments subject to
the oversight of our board of directors pursuant to an investment advisory agreement, or the “Investment Advisory Agreement.”
ALPS Fund Services, Inc. has agreed to perform, or arrange for the performance of, our required administrative services. For a description
of the fees and expenses that we will