Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 137

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 137
---
 with Affiliates. In
certain instances, we expect to co-invest on a concurrent basis with other accounts managed by the Adviser and certain of the Adviser’s
affiliates and may do so, subject to compliance with applicable regulations and regulatory guidance and the Adviser’s written allocation
procedures. We and the Adviser have obtained exemptive relief from the SEC on January 22, 2025, to permit us and certain of our affiliates
to participate in certain negotiated co-investments alongside other accounts managed by the Adviser or certain of its affiliates, subject
to certain conditions. A copy of the application for exemptive relief, including all of the conditions, and the related order are available
on the SEC’s website 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.

| 75 |

<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 August 31, 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