# EDGAR Filing Document

**Accession Number:** 0002033362
**File Stem:** 0000000000-25-006948
**Filing Date:** 2025-7
**Character Count:** 19344
**Document Hash:** 0fd93b1c137496663ae15341532d7f8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006948.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000000000-25-006948

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250701

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Audax Private Credit Fund, LLC
- **CENTRAL INDEX KEY:** 0002033362

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 000-56739

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-703-2700

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Audax Private Credit Fund, LP
- **DATE OF NAME CHANGE:** 20240809

## Text-Extract

```

May 22, 2025

VIA E-mail

Rajib Chanda, Esq. and Steven Grigoriou, Esq.
Simpson Thacher & Bartlett LLP
900 G Street NW
Washington, DC 20001

         Re: Audax Private Credit Fund, LLC
             File No. 000-56739

Dear Mr. Chanda and Mr. Grigoriou:
        On April 23, 2025, you filed a registration statement on Form 10 on
behalf of Audax
Private Credit Fund, LLC (the    Fund   ). We have reviewed the registration
statement and have
provided our comments below. Where a comment is made in one location, it is
applicable to all
similar disclosure appearing elsewhere in the registration statement. All
capitalized terms not
otherwise defined herein have the meaning given to them in the registration
statement.
       Please respond to this letter within ten (10) business days by either
amending the filing,
providing the requested information, or advising us when you will provide the
requested
information. We may have additional comments after reviewing your responses to
the following
comments, or any amendment to the filing.
         We note that the Fund is voluntarily registering shares of its common
stock under Section
12(g) of the Securities Exchange Act of 1934 (   Exchange Act   ). Please note
that a filing on
Form 10 goes effective automatically by lapse of time 60 days after the
original filing date,
pursuant to Exchange Act Section 12(g)(1). If our comments are not
satisfactorily addressed
within this 60-day time period, you should consider withdrawing the Fund   s
Form 10 prior to its
effectiveness, and re-filing a revised Form 10 that includes changes responsive
to our comments.
If the Fund chooses not to withdraw its Form 10 registration statement, it will
be subject to the
reporting requirements of Exchange Act Section 13(a). Additionally, we will
continue to review
the filing until all of our comments have been satisfactorily addressed.

REGISTRATION STATEMENT
Risk Factor Summary (page 5)
 Mr. Rajib Chanda, Esq. and Mr. Steven Grigoriou, Esq.
May 22, 2025

    1. The fourth bullet point under the    Risks Related to Our Portfolio
Investments
       subheading states that the portfolio    may be concentrated in a limited
number of
       portfolio companies and industries       Please disclose this
concentration focus in the
       principal investment strategy section, and include in the disclosure the
industry or group
       of industries in which the Fund will concentrate.
Item 1. Business (pages 7-25)
   2.    The third paragraph under the subheading for    The Fund    on page 7
indicates that the
         Fund intends to invest primarily in senior secured first lien loans,
with minority
         exposure to second lien loans, subordinated or mezzanine loans, and
equity and
            similar investments    in privately owned U.S. middle market
companies. Please
         disclose what    similar investments    means in this context.
   3.    The first sentence in the first paragraph on page 8 describes the Fund
  s 80% policy. In
         connection with that disclosure, please:
           a. Add disclosure defining the terms    private credit instruments
 and    warrant
              kickers   ; and
           b. Supplementally explain the basis for including    equity
investments in the
              definition of    Private Credit Investments,    or otherwise
revise the disclosure.
    4. The first paragraph on page 8 indicates that certain derivative
instruments will be
       counted toward the Fund   s 80% policy, and that the Fund may invest
through    certain
       synthetic instruments.    Please disclose a definition and/or examples
of    synthetic
       instruments,    and please specify in the disclosure the specific types
of derivatives that
       will be used as part of the Fund   s principal investment strategy.

    5. Disclosure in the first paragraph on page 9 discusses the private
offerings the Fund
       expects to conduct following the Conversion Effective Date. Please
supplementally
       confirm and disclose whether the Conversion Effective Date refers to
April 23, 2025,
       when the Fund filed its N-54A.

    6. Please also supplementally explain whether the Fund intends to offer
shares before
       effectiveness of the Form 10.

    7. Disclosure on page 9 indicates that Initial Members are subject to
certain commitments
       to purchase shares, and states more generally that the Fund    reserves
the right to enter
       into Subscription Agreements that contain terms and conditions not found
in the
       Subscription Agreements entered into with other investors, subject to
applicable law
       Please explain to us supplementally:

           a. How having Subscription Agreements with different terms would
comply with
              Section 18 (as modified by Section 61) under the Investment
Company Act of
              1940 (   Investment Company Act   ) (e.g., could it result in an
investor having
              priority over any other investor as to distribution of assets or
payment of
              dividends?);

         Page 2 of 6
 Mr. Rajib Chanda, Esq. and Mr. Steven Grigoriou, Esq.
May 22, 2025

           b. Whether different terms in any Subscription Agreements could have
a material,
              negative effect on other Fund investors;
           c. Whether the terms of different Subscription Agreements will be
disclosed to all
              Fund investors, and how they will be disclosed, including the
timing of such
              disclosure;
           d. Whether the terms of these Subscription Agreements include
preferential
              redemption or withdrawal rights, or about portfolio holdings or
exposures; and
           e. Whether the terms of these Subscription Agreements have a direct
or indirect
              effect on the management fee attributable to the applicable
shareholders with
              whom such agreements are made.
   8.    The first paragraph on Page 10 under the    Our Adviser    subheading
states that Audax
         Private Debt    will provide the Adviser with a team of investment
professionals...
         Please explain supplementally to the staff whether there is a
resource-sharing
         agreement in place between the Fund or the Adviser and Audax Private
Debt, or any
         other affiliated entity of the Fund or Adviser. If so, in your
response, address:
           a. The specific services Audax Private Debt or any other affiliated
entity of the Fund
              or Adviser and its employees will provide on the Adviser   s
behalf, and why those
              services do not amount to advisory services provided to the Fund;
           b. The extent to which the Adviser will depend on Audax Private Debt
or another
              affiliated entity   s personnel;
           c. Whether Audax Private Debt or another affiliate   s personnel who
provide
              investment advice with respect to the Fund will be supervised
persons of the
              Adviser under Section 202(a)(25) of the Investment Advisers Act
of 1940;
           d. Whether and what fees are paid to Audax Private Debt or another
affiliate and
              whether or not they are paid pursuant to a resource sharing
agreement;
           e. Whether Audax Private Debt or other identified affiliates are
considered to be
              fiduciaries with respect to the Fund;
           f. Whether the personnel being provided to the Fund are personnel of
Audax Private
              Debt or any of its affiliates, and how these entities are
affiliated with the Adviser
              and Fund (i.e., controlled subsidiaries, wholly or majority
owned);
           g. The registration status of Audax Private Debt and each identified
affiliate.
   9.    Disclosure on page 13 under the    History of Low Losses    subheading
references the
         aggregate realized loss ratio of Audax Private Debt   s senior secured
lending strategies.
         Please supplementally explain how this disclosure is not potentially
materially
         misleading to investors. In responding to this comment, please
consider the following:
           a. Are the strategies, objectives, and/or policies for the Audax
Private Debt senior
              secured lending strategies substantially similar to the Fund   s?
Are there any
              material differences that have not been disclosed?
           b. How did the Fund consider that it was appropriate to present
performance
              information about the aggregate realized loss ratio for the Audax
Private Debt

         Page 3 of 6
 Mr. Rajib Chanda, Esq. and Mr. Steven Grigoriou, Esq.
May 22, 2025

               senior secured lending strategies, as opposed to other metrics
and other strategies?
               For example, did other Audax Private Debt strategies have higher
realized loss
               ratios during the same time period?
           c. How did the Fund determine that it was not appropriate to present
information
              about other relevant strategies with unrealized gains or realized
losses?
   10.   Disclosure starting on page 19 discusses the Incentive Fee. Please
include in disclosure
         numeric examples and a graphical representation demonstrating the
operation of the
         Incentive Fee.
   11.   Disclosure on page 23 in the last paragraph under the    Share
Repurchase Program
         heading references the potential offer to repurchase shares pursuant
to a tender offer.
         Rule 14e-8 under the Exchange Act prohibits announcements of tender
offers without
         the intention to commence such offers within a reasonable time. Please
revise the
         registration statement to limit the discussion of tender offers to
general information like
         how tender offers will be funded, any general frequency (i.e.,
quarterly, semi-annually,
         annually, etc.), the effect that share repurchases and related
financings might have on
         expense ratios and portfolio turnover, the ability of the Fund to
achieve its investment
         objectives, and potential tax consequences to investors. We believe
that specific
         procedures that the Fund currently intends to follow at the time it
makes a tender offer,
         such as how the price to be paid for tendered shares will be
determined, how long the
         offer will remain open, and when payment will be made, are more
appropriate to
         disclose in the tender offer documents sent to investors when an offer
is made.
   12.   Please include a fee table that complies with Form N-2.
   13.   Starting on page 25, there is a discussion of various exemptive
applications the Fund
         and Adviser have submitted. Please disclose that there is no guarantee
that such relief
         will be granted, to the extent not already disclosed.
Item 1A. Risk Factors (pages 45-97)
    14. Disclosure on page 62 includes a risk factor for    Covenant-Lite
Loans.    Please
        reference such loans in the discussion of the Fund   s principal
strategy, or remove from
        the principal risk discussion.
    15. Disclosure in the second-to-last paragraph on page 64 states    we do
not intend to focus
        our investments in any specific industries,    yet disclosure at the
end of that sentence,
        and elsewhere in the filing, states that the portfolio    may be
concentrated in a limited
        number of portfolio companies and industries.    Please reconcile these
statements to
        clarify whether the portfolio will be concentrated in a limited number
of portfolio
        companies and industries.
    16. Disclosure in the third-to-last paragraph on page 69 indicates that the
Fund may utilize
        instruments such as forwards, currency options and interest rate swaps,
caps, collars, and
        floors to seek to hedge against fluctuations. To the extent any of
these instruments will
        be used as part of the Fund   s principal strategy, please disclose
such instruments in the
        discussion of such strategy.
    17. Disclosure in the third-to-last paragraph on page 70 references    new
regulatory
        requirements    applicable to OTC derivatives, and indicates that
similar changes    are in

          Page 4 of 6
 Mr. Rajib Chanda, Esq. and Mr. Steven Grigoriou, Esq.
May 22, 2025

        the process of being implemented in other major financial markets.
Consider revising
        this discussion if it is outdated.
    18. Disclosure on page 96 indicates that the Fund may invest in certain
debt and equity
        investments through taxable subsidiaries. In connection with the use of
such
        subsidiaries, please:
           a. Disclose that any such subsidiary includes entities that engage
in investment
              activities in securities or other assets that are primarily
controlled by the Fund.
           b. Disclose that the Fund complies with the provisions of the
Investment Company
              Act governing capital structure and leverage (Section 18, as
modified by Section
              61) on an aggregate basis with the subsidiary.
           c. Disclose that any investment adviser to the subsidiary complies
with provisions of
              the Investment Company Act relating to investment advisory
contracts (Section
              15 as it applies through Section 59) as if it were an investment
adviser to the Fund
              under Section 2(a)(20) of the Investment Company Act. Any
investment advisory
              agreement between the subsidiary and its investment adviser is a
material contract
              that should be included as an exhibit to the registration
statement.
           d. Disclose that each subsidiary complies with provisions relating
to affiliated
              transactions and custody (Section 17 as modified by Section 57).
Identify the
              custodian of the subsidiary, if any.
           e. Disclose any of the subsidiary   s principal investment
strategies or principal risks
              that constitute principal investment strategies or risks of the
Fund. The principal
              investment strategies and principal risk disclosures of a Fund
that invests in a
              subsidiary should reflect aggregate operations of the Fund and
the subsidiary.
           f. Explain in correspondence whether the financial statements of the
subsidiary will
              be consolidated with those of the Fund. If not, please explain
why not.
           g. Confirm in correspondence that the subsidiary and its board of
directors will agree
              to inspection by the staff of the subsidiary   s books and
records, which will be
              maintained in accordance with Section 31 of the Investment
Company Act and the
              rules thereunder, as modified by Section 64.
           h. Confirm that the wholly-owned subsidiary   s management fee
(including any
              performance fee), if any, will be included in    Management Fees,
   and the wholly-
              owned subsidiary   s expenses will be included in    Other
Expenses    in the Fund   s
              fee table.
Item 2. Financial Information
    19. Please discuss in your response letter the Fund   s method for
accounting for offering
        costs. Please include appropriate U.S. GAAP citations that support the
accounting
        treatment.

    20. Please ensure that the Fund will comply with the Exchange Act reporting
requirements
        in filing its first 10-Q or 10-K. After a registrant   s first
registration statement is
        effective, a Form 10-Q for the quarter following the most recent period
included in the
        registration statement is due the later of 45 days after the effective
date or the date the

           Page 5 of 6
 Mr. Rajib Chanda, Esq. and Mr. Steven Grigoriou, Esq.
May 22, 2025

        Form 10-Q would otherwise be due. If the effective date of an initial
registration
        statement was within 45 days (90 days for a Smaller Reporting Company)
after the fiscal
        year-end, but does not include the audited statements of the just
recently completed year,
        the annual Report on Form 10-K is due within 90 days after its fiscal
year-end.
Item 5. Directors and Executive Officers (pages 110-115)
   21. Please disclose how the Fund determined the independent directors are
independent.
       See Item 407(a) of Regulation S-K.
General Comments
      22. Response to this letter should be in the form of a pre-effective
amendment filed under the
          Exchange Act. The amendment filing should be accompanied by a
supplemental letter
          that includes your responses to each of these comments. Where no
change will be made
          in the filing in response to a comment, please indicate this fact in
your supplemental letter
          and briefly state the basis for your position.
      23. Please advise us if you have submitted, or expect to submit, any
exemptive application or
          no-action request in connection with the registration statement.
      24. We urge all persons who are responsible for the accuracy and adequacy
of the disclosure
          in the filings reviewed by the staff to be certain that they have
provided all information
          investors require for an informed decision. Since the Fund and its
management are in
          possession of all facts relating to Fund disclosure, they are
responsible for the accuracy
          and adequacy of the disclosures they have made.

                                       *    *    *   *     *   *

         We remind you that the Fund and its management are responsible for the
accuracy and
adequacy of their disclosures, notwithstanding any review, comments, action or
absence of
action by the staff. Should you have any questions regarding this letter,
please contact me at
(213) 320-8886 or brodskya@sec.gov.

                                                         Sincerely,

                                                         /s/ Aaron Brodsky

                                                         Aaron Brodsky
                                                         Attorney-Adviser

cc:     Thankam Varghese, Branch Chief
        Michael Spratt, Assistant Director
        Ken Ellington, Staff Accountant

             Page 6 of 6

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