PPACX
Prospectus
Principal Private Credit Fund
Prospectus
Overview
Performance & expenses
Holdings
Portfolio management
Literature
Overview
Performance
As of 01/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
0.39%
1 year
7.09%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Fund details as of 02/23/2026 unless indicated otherwise
Fund ticker
PPACX
CUSIP
74255R107
NAV
$10.30
Total fund assets
Total Fund Assets as of 01/30/2026
$115.57M
Gross assets
Gross Assets as of 01/30/2026
115,578,050.87
Leverage
Leverage as of 01/30/2026
0.00%
Dividend frequency
Quarterly
Minimum investment
$25,000.00
Inception date
06/03/2024
Investment approach The investment seeks to maximize total return, consisting of current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in private credit investments (loans, bonds, and other credit instruments that are issued in private offerings or issued by private companies, and related equity securities (including equity securities added to debt instruments to make them more desirable, such as warrants or preferred equity securities)). The fund is non-diversified.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 01/31/2026
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Including sales charge -5.36% -4.49% -5.36% 0.91% — — — 3.74% —
Excluding sales charge 0.39% 1.36% 0.39% 7.09% — — — 7.50% —
Distribution rate
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
7.28%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Excluding sales charge 0.67% 1.55% 7.40% 7.40% — — — 7.66% —
Including sales charge -5.13% -4.25% 1.26% 1.26% — — — 3.69% —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Excluding sales charge 7.40% — — — —
Including sales charge 1.26% — — — —
Morningstar category average
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Performance and Expenses Data Table
Date Type Dollar per share
12/30/2025 Income 0.1788
09/29/2025 Income 0.1945
06/27/2025 Income 0.1903
03/28/2025 Income 0.1821
12/30/2024 Income 0.1378
12/30/2024 Short Term Capital Gain 0.0075
09/27/2024 Income 0.1907
06/28/2024 Income 0.0666
Expense ratio gross
As of current prospectus date
359.19%
Expense ratio net
As of current prospectus date
4.00%
Expense limit expiration date
07/31/2026
Maximum up-front sales charge
5.75%
A maximum sales charge of 5.75% may apply for Class A shares. Performance reflects this maximum sales charge when a sales charge is indicated. In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top Allocations
as of 12/31/2025
Public Allocation
% of public allocations
Money Market Funds
6.93%
Short Duration High Yield Bonds
5.35%
Total of public allocations
12.28%
Private Allocation
% of public allocations
Middle Market Direct Lending Loans
78.08%
Broadly Syndicated Loans
9.63%
Total of private allocations
87.72%
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list. May not reflect current holdings or allocations.
Portfolio management
Matt Darrah
22 years of experience
Tim Warrick, CFA
36 years of experience

No information
Literature
Investment materials Prospectus, Annual report, Semi-annual report and Statement of additional information
Interval funds primer
Interval fund repurchase offer request form
Portfolio holdings Quarterly full portfolio holdings
The fund is subject to annual expenses including management fees, distribution and/or service (12b-1) fees, interest payments on borrowed funds, acquired funds fees, and other expenses. In addition, a sales load may be charged, depending on the share class selected and the amount invested. These fees and expenses are reflected in the expense ratios shown.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Principal Private Credit Fund is a closed-end investment company that continuously offers its shares. Investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV per share. There is no secondary market for the Shares, and the Fund does not expect a secondary market will develop. You may not be able to sell your Shares when and/or in the amount that you desire.
The Fund is structured as an interval fund, which means it conducts quarterly repurchase offers of no less than 5% of the Fund's outstanding shares at net asset value (“NAV”). Investors should not rely on any expectation of repurchase offers being made in excess of 5%.
Investors should consider the Fund's shares illiquid. The ability of investors to sell shares to access their invested capital is very limited.
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
Performance assumes reinvestment of all dividends and capital gains.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
Principal Private Credit Fund is distributed by Principal Funds Distributor, Inc. Principal Global Investors is the Investment Adviser to the Fund.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.
Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. The Fund invests in loans, either through primary issuances or in secondary transactions. The value of the loans may be detrimentally affected if a borrower defaults on its obligations. There can be no assurance that any collateral associated with a loan will retain its value. If interest rates rise, default risks may increase, as issuers may be unable to pay escalating interest amounts. Holdings may be deemed illiquid, and the Fund may be unable to sell particular securities at an advantageous price. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility. The Fund is non-diversified, so it may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security's poor performance. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s private investments may differ significantly from the values that would have been used had a readily available market value existed and may differ materially from the amounts the Fund may realize on any disposition of such investments. The Fund is new and has limited operating history.
Overview
Performance
As of 01/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
0.39%
1 year
7.09%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Fund details as of 02/23/2026 unless indicated otherwise
Fund ticker
PPACX
CUSIP
74255R107
NAV
$10.30
Total fund assets
Total Fund Assets as of 01/30/2026
$115.57M
Gross assets
Gross Assets as of 01/30/2026
115,578,050.87
Leverage
Leverage as of 01/30/2026
0.00%
Dividend frequency
Quarterly
Minimum investment
$25,000.00
Inception date
06/03/2024
Investment approach The investment seeks to maximize total return, consisting of current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in private credit investments (loans, bonds, and other credit instruments that are issued in private offerings or issued by private companies, and related equity securities (including equity securities added to debt instruments to make them more desirable, such as warrants or preferred equity securities)). The fund is non-diversified.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 01/31/2026
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Including sales charge -5.36% -4.49% -5.36% 0.91% — — — 3.74% —
Excluding sales charge 0.39% 1.36% 0.39% 7.09% — — — 7.50% —
Distribution rate
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
7.28%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Excluding sales charge 0.67% 1.55% 7.40% 7.40% — — — 7.66% —
Including sales charge -5.13% -4.25% 1.26% 1.26% — — — 3.69% —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Excluding sales charge 7.40% — — — —
Including sales charge 1.26% — — — —
Morningstar category average
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Performance and Expenses Data Table
Date Type Dollar per share
12/30/2025 Income 0.1788
09/29/2025 Income 0.1945
06/27/2025 Income 0.1903
03/28/2025 Income 0.1821
12/30/2024 Income 0.1378
12/30/2024 Short Term Capital Gain 0.0075
09/27/2024 Income 0.1907
06/28/2024 Income 0.0666
Expense ratio gross
As of current prospectus date
359.19%
Expense ratio net
As of current prospectus date
4.00%
Expense limit expiration date
07/31/2026
Maximum up-front sales charge
5.75%
A maximum sales charge of 5.75% may apply for Class A shares. Performance reflects this maximum sales charge when a sales charge is indicated. In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top Allocations
as of 12/31/2025
Public Allocation
% of public allocations
Money Market Funds
6.93%
Short Duration High Yield Bonds
5.35%
Total of public allocations
12.28%
Private Allocation
% of public allocations
Middle Market Direct Lending Loans
78.08%
Broadly Syndicated Loans
9.63%
Total of private allocations
87.72%
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list. May not reflect current holdings or allocations.
Portfolio management
Matt Darrah
22 years of experience
Tim Warrick, CFA
36 years of experience

No information
Literature
Investment materials Prospectus, Annual report, Semi-annual report and Statement of additional information
Interval funds primer
Interval fund repurchase offer request form
Portfolio holdings Quarterly full portfolio holdings
The fund is subject to annual expenses including management fees, distribution and/or service (12b-1) fees, interest payments on borrowed funds, acquired funds fees, and other expenses. In addition, a sales load may be charged, depending on the share class selected and the amount invested. These fees and expenses are reflected in the expense ratios shown.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Principal Private Credit Fund is a closed-end investment company that continuously offers its shares. Investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV per share. There is no secondary market for the Shares, and the Fund does not expect a secondary market will develop. You may not be able to sell your Shares when and/or in the amount that you desire.
The Fund is structured as an interval fund, which means it conducts quarterly repurchase offers of no less than 5% of the Fund's outstanding shares at net asset value (“NAV”). Investors should not rely on any expectation of repurchase offers being made in excess of 5%.
Investors should consider the Fund's shares illiquid. The ability of investors to sell shares to access their invested capital is very limited.
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
Performance assumes reinvestment of all dividends and capital gains.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
Principal Private Credit Fund is distributed by Principal Funds Distributor, Inc. Principal Global Investors is the Investment Adviser to the Fund.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.
Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. The Fund invests in loans, either through primary issuances or in secondary transactions. The value of the loans may be detrimentally affected if a borrower defaults on its obligations. There can be no assurance that any collateral associated with a loan will retain its value. If interest rates rise, default risks may increase, as issuers may be unable to pay escalating interest amounts. Holdings may be deemed illiquid, and the Fund may be unable to sell particular securities at an advantageous price. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility. The Fund is non-diversified, so it may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security's poor performance. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s private investments may differ significantly from the values that would have been used had a readily available market value existed and may differ materially from the amounts the Fund may realize on any disposition of such investments. The Fund is new and has limited operating history.