Palmer Square Private Credit Management LLC (“Palmer Square Private Credit” or the “Adviser,”
the “Firm,” “we,” or “us”) is a limited liability company organized under the laws of the State of
Delaware that was formed on December 21 in 2022.
Palmer Square Private Credit provides discretionary portfolio management and investment advisory
services to the Palmer Square Private Credit Fund (the “Private Credit Fund”), which is a non-
diversified closed-end pooled investment vehicle operating pursuant to the exclusion from the
definition of an “investment company” in Section 3(c)(1) of the Investment Company Act of 1940,
as amended (the “1940 Act”).
The Private Credit Fund is not required to register as an investment company under the 1940 Act
in reliance upon the Section 3(c)1 exemption which is available to funds (i) whose securities are
not publicly offered and (ii) that hold less than 100 investors. Palmer Square Private Credit manages
the Private Credit Fund on a discretionary basis in accordance with the investment strategy
description and the terms and conditions of the Private Credit Fund’s offering and organizational
documents and any relevant supplements to those documents.
The Private Credit Fund was formed on December 29, 2022, as a Delaware statutory trust and is a
financial services company that primarily lends to and invests in corporate debt securities of
companies, including small to large private U.S. companies. Currently, this investment strategy is
suitable only for sophisticated investors with substantial net worth and who are able to bear the risks
of the strategies employed. The Private Credit Fund focuses the majority of its portfolio in privately
originated and privately negotiated investments, predominantly direct lending to U.S. companies
through (i) first lien senior secured and unitranche loans and (ii) second lien, unsecured,
subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans, club
deals (generally investments made by a small group of investment firms) and other debt and equity
securities. Investors and/or prospective investors should be aware of additional risks associated with
investing in the Private Credit Fund, many of which are described in its governing documents.
The Private Credit Fund may invest in other funds managed by Palmer Square Private Credit and
its affiliates, including other private funds exempt from registration under the 1940 Act, CLOs,
CDOs and Warehouses. For more information on these investments, please see the offering
materials for each applicable fund at palmersquare.com.
Palmer Square
Palmer Square Private Credit is majority owned by Palmer Square Capital Management LLC,
(individually and collectively with its affiliates “Palmer Square”).
As an enterprise, Palmer Square provides investment
advisory services (including on a sub-advisory
basis) to institutions, high net worth individuals, investment companies and other pooled investment
vehicles (each, a “client”). Palmer Square serves as managing member, investment manager,
collateral manager, collateral servicer, or portfolio manager to several types of investment vehicles,
including investment companies registered under the 1940 Act, as amended (“Registered Funds”),
collective investment trusts (“CITs”), U.S. and non-U.S. private investment funds structured as
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hedge funds, private funds and fund of hedge funds (“Private Funds”), investment entities structured
as collateralized loan obligations (“CLOs”), investment entities structured as collateralized debt
obligations (“CDOs”), and investment vehicles organized to hold loans on a short-term basis prior
to the launch of a CLO or CDO (“Warehouses”) (together with the Registered Funds, CITs, Private
Funds, the CLOs and the CDOs, the “Palmer Square Funds”, and each of the Palmer Square Funds
a “Palmer Square Fund”).
Additional Information
Palmer Square and/or its affiliates may advise additional clients or investment vehicles without
consulting its clients. In connection with the operation of such additional clients, Palmer Square
and/or its affiliates employ substantially similar investment strategies and/or invest in substantially
similar securities to the strategies employed or securities invested by other clients. Please refer to
Item 10 for additional discussion regarding the affiliates of Palmer Square.
Investors in the Palmer Square Funds, including the Private Credit Fund, may not impose
restrictions on the Palmer Square Funds’ investment activities. Palmer Square has full discretion in
trading on behalf of such clients. Palmer Square does not require, and does not seek approval from,
the Palmer Square Funds or their underlying investors with respect to its trading.
All of the discussions of the Palmer Square Funds in this Brochure, including but not limited to
their investments, the management strategies used, associated fees and costs and conflicts of interest
faced by Palmer Square Private Credit and its affiliates in connection with managing the Private
Credit Fund and the Palmer Square Funds, are qualified in their entirety by the applicable fund
governing documents. As noted above, Palmer Square causes certain clients to invest in other pooled
investment vehicles or accounts which are advised or managed by Palmer Square or an affiliate,
including, without limitation, investments in the equity and/or debt securities of CLOs, CDOs
and/or Warehouses that are advised, sponsored and/or otherwise affiliated with Palmer Square or
its affiliates. Please refer to your advisory agreement or the applicable Palmer Square fund’s
governing documents for more information.