First Eagle Credit Opportunities Fund
FECRX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- New York United States of America
- IPO Date
- Apr 17, 2023
- Website
- firsteagle.com
- Similar Companies
- Business
- First Eagle Credit Opportunities Fund (FECRX) is a closed-end interval mutual fund managed by First Eagle Investment Management, LLC that seeks to provide current income with a secondary objective of long-term risk-adjusted returns through a diversified portfolio of credit asset classes, including senior loans, corporate bonds, common stocks, warrants, and short-term investments. The fund primarily invests in floating-rate senior loans (95.50% first lien secured, 2.65% second lien secured), comprising broadly syndicated loans (46.5%), middle market loans (18.4%), and directly originated loans (28.8%), with additional allocations to unsecured debt (1.85%), fixed-rate instruments, and other credit opportunities across industries such as health care services (13.5%), research and consulting services (6.3%), application software (4.6%), IT consulting (3.9%), and pharmaceuticals (3.2%); key holdings include Alvogen Pharma US Inc., Grant Thornton LLP/Chicago, TMA Buyer LLC, Sagebrush Buyer LLC, and Zenith American Solutions Inc.. As of December 31, 2024, the portfolio features a weighted average loan spread of 4.93%, weighted average maturity of 4.03 years, weighted average duration of 0.15 years, 475 positions, and short-term investments at 3.43%. The fund operates with quarterly repurchases of shares tendered by investors, up to 5% of outstanding shares or 25% of net asset value, and is available in Class I shares (minimum $1 million investment) through institutional and wealth channels. First Eagle Investment Management, headquartered at 1345 Avenue of the Americas in New York, NY, was founded in 1864 and oversees approximately $161 billion in assets across equity, fixed income, alternative credit, and multi-asset strategies as of June 30, 2025; the firm advises the fund through its Alternative Credit division led by President James Fellows and co-Chief Investment Officers Michelle Handy and Robert Hickey. The fund, which commenced operations on September 15, 2020, targets downside protection via conservative loan structuring, rigorous underwriting, and a focus on lower middle-market companies with EBITDA of $5-$50 million, primarily in the United States. Geographically, investments center on U.S.-domiciled issuers in developed markets, with exposure to sectors like health care, technology, consumer goods, and industrials. Recent developments include robust 2024 performance with Class I shares delivering a 7.91% total return for the year ended December 31, 2024 (versus 9.04% for the S&P UBS Leveraged Loan Index), driven by top contributors such as Civitas Solutions Inc., Outerstuff LLC, Alvogen Pharma US Inc., Carestream Health Inc., and Power Stop LLC, despite detractors like City Brewing Co. LLC and BCP Qualtek Merger Sub LLC. In November 2025, First Eagle Investments closed a majority investment from Genstar Capital, succeeding prior owners Blackstone and Corsair (2015-2025), to fuel organic growth, acquisitions, and expanded alternative credit capabilities while maintaining independence. This follows the 2022 acquisition of Napier Park Global Capital ($19.5 billion AUM), enhancing the firm's alternative credit platform, and the 2023 launch of a High Yield Municipal Credit team. The fund continues to emphasize credit opportunities amid tightening leverage and coverage ratios since 2022 Federal Reserve hikes.