Note 1. Organization

Audax Private Credit Fund, LLC (formerly Audax Private Credit Fund, LP) (the “Fund”) is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act. The Fund intends to elect to be treated as a regulated investment company (“RIC”) as defined under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and expects to qualify as a RIC annually thereafter.

Prior to converting to a Delaware limited liability company on April 10, 2025 (the “Conversion”) and electing to be regulated as a BDC on April 23, 2025 (the “Conversion Effective Date”), the Fund operated as Audax Private Credit Fund, LP, a Delaware limited partnership originally organized on July 23, 2024 (the “Partnership”). The Partnership commenced operations on October 10, 2024, the effective closing date of the Master Transaction Agreement (the “MTA”) between the Partnership and affiliated funds.

The Fund’s investment objective is to generate current income and, to a lesser extent, capital appreciation. 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 equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies.

Audax PDB Management Company, LLC (the “Adviser”) is the investment adviser of the Fund. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. Prior to the Conversion on April 10, 2025, Audax Management Company (NY), LLC was the investment adviser of the Partnership.