First Eagle Alternative Credit

First Eagle Alternative Credit

First Eagle Alternative Credit (FEAC) operates as a credit asset manager within the broader First Eagle Investments ecosystem, which traces its heritage to 1864. FEAC is a distinct registered investment advisor that functions in a sub-advisory capacity to First Eagle's registered funds. The firm focuses on alternative credit strategies, primarily direct lending and collateralized loan obligations (CLOs). FEAC targets middle-market companies through senior secured loans, unitranche debt, and CLO equity. Its geographic focus centers on North America, with deal structures ranging from direct bilateral loans to broadly syndicated CLO warehouses. The firm's parent, First Eagle Investments, had $3.6 billion in committed/non-fee-paying capital from Napier Park as of March 31, 2026, which includes assets managed by affiliated advisors. FEAC itself reported $0.9 billion in committed/non-fee-paying capital at the same date (per firm website). Investment activities of Napier Park and FEAC unified under the Napier Park brand and management on September 5, 2025 (per firm website). FEAC maintains its own registration as an RIA, distinct from the broader First Eagle platform. The team size and specific principals are not publicly listed. FEAC's structural differentiator is its sub-advisory relationship within the Napier Park platform, allowing it to leverage the broader First Eagle brand's distribution and compliance infrastructure while retaining a focused credit mandate. This hybrid model is unusual among standalone private credit managers, as FEAC's fundraising and portfolio construction are integrated with Napier Park's credit activities.