A. Firm Description
Each of Nassau Private Credit LLC, a Delaware limited liability company (“NPC”), Nassau Private Credit
GP LLC, a Delaware limited liability company (“NPCGP”) and NPC Credit Opportunities Fund GP, LLC
(“NPCCOGP” and, together with NPC and NPCGP, the “Firm”), was founded in December 2018, and
commenced operations in February 2019. The Firm has a principal place of business in Darien, Connecticut.
Each of NPC, NPCGP and NPCCOGP is a subsidiary of Nassau NPC Holdings LLC, a Delaware limited
liability company, which is itself a wholly-owned subsidiary of Nassau Asset Management LLC, a
Delaware limited liability company (“NAM”). NAM is a wholly-owned subsidiary of Nassau Financial
Group, L.P., a Cayman Islands exempted limited partnership (“Nassau Group”). Nassau Group is a
subsidiary of GGCOF Nassau Investments, L.P., a Cayman Islands exempted limited partnership and
wholly-owned subsidiary of Nassau NAMCO Splitter, L.P., a Cayman Islands exempted limited partnership
(“NAM Splitter”). NAM Splitter is owned and controlled by certain private investment funds sponsored
and managed by Golden Gate Private Equity, Inc.
NAM was founded by Phillip J. Gass and Kostas Cheliotis in 2015.
Each of Bruce C. Brittain and Russell C. Pemberton serves as a Managing Director and Portfolio Manager
of the Firm and owns a 25% interest in NPC.
B. Types of Advisory Services
The Firm provides discretionary investment advisory services (i) to privately offered investment funds
(each a “Fund”), (ii) directly and indirectly through a subadvisory agreement with NAM, both on
discretionary and nondiscretionary bases, to institutions, including insurance companies, with which the
Firm and NAM are affiliated, and (iii) to separately managed accounts (collectively with the Funds and the
Firm’s other investment advisory clients, the Firm’s “clients”). As of the date of this Form ADV Part 2A
firm brochure, the Firm serves as the investment manager and general partner for
the following Funds:
Nassau Private Credit Master Fund LP;
NPC Tactical Opportunities Fund LP;
BSL Corporate Credit Portfolio Opportunities 1 LP; and
NPC Credit Opportunities Master Fund, LP.
The Firm’s investment advisory services primarily focus on investments in debt and equity tranches of
collateralized loan obligation issuers (“CLOs”), as well as investments in loan accumulation facilities which
serve as a precursor to a CLO transaction. The Firm may also, in the future, provide additional types of
investment advisory services or may provide services to additional types of clients.
C. Availability of Customized Services
The Firm tailors its advisory services to each client’s needs and investment mandates, which are specified
in the relevant offering materials, investment advisory agreements, organizational agreements and/or other
governing documents. The offering documents for each Fund describe the terms and conditions of the Fund,
including fees and risk factors, and should be read carefully prior to investment. No offer to sell interests
in the Funds is or will be made by the descriptions in this brochure, and Funds are available only to investors
that are properly qualified.
3 May 7, 2024
While much of this brochure applies to all of the Firm’s clients, certain information included herein applies
to specific clients only. Thus, it is crucial for any client, prospective client, Fund investor or prospective
Fund investor to closely review the applicable investment advisory agreement, offering document,
organizational agreement or other governing documents with respect to, among other things, the terms,
conditions and risks of investing.
D. Wrap Fee Programs
The Firm does not participate in wrap fee programs.
E. Assets Under Management
As of December 31, 2023, the Firm managed approximately $1,181,708,333, of which amount
approximately $369,821,512 was managed on a discretionary basis and approximately $811,886,821 was
managed on a non-discretionary basis.