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Fidelity Private Credit Fund has announced remarkable fina ncial results for the second quarter of 2023, marked by substantial growth in both net income and revenue. The fund's consolidated statements of assets and liabilities reflect a robust performance, underlining its successful investment strategies. The fund's net assets have demonstrated significant expansion, driven by impressive investment income and prudent management of expenses. Let's delve into the details of Fidelity Private Credit Fund's financial accomplishments for Q2 2023.
Strong Net Income Showcases Fidelity Private Credit Fund's Financial Resilience
In the three months ended June 30, 2023, Fidelity Private Credit Fund reported a net income of $3.9 million. This positive figure reflects the fund's ability to generate substantial returns on its investments, bolstered by interest income from non-controlled and non-affiliated investments. Despite the intricacies of the financial landscape, the fund managed to navigate challenges effectively and turn them into opportunities for growth.
During the six months ended June 30, 2023, Fidelity Private Credit Fund achieved a notable revenue increase, with total investment income reaching $5.2 million. This revenue surge was primarily attributed to interest income from non-controlled and non-affiliated investments, as well as distributions from underlying funds. The fund's diversified investment portfolio and strategic management played a pivotal role in driving this impressive revenue growth.
Consolidated Statements of Assets and Liabilities
The unaudited consolidated statements of assets and liabilities for June 30, 2023, reveal the fund's strong financial position. Investments at fair value, including both non-controlled/non-affiliated and non-controlled/affiliated investments, amounted to $185.9 million and $12.8 million, respectively. Additionally, the fund's cash reserves stood at $290,625, contributing to its liquidity.
Fidelity Private Credit Fund's consolidated statements of operations for the three months and six months ended June 30, 2023, provide insights into its financial performance. The fund managed its expenses prudently, even with notable expenses such as interest expense, management fees, and professional fees. Net investment income for the three-month period reached $3.5 million, showcasing the fund's ability to generate returns even after accounting for expenses.
Consolidated Statements of Changes in Net Assets
The fund's consolidated statements of changes in net assets demonstrate its growth trajectory. During the six months ended June 30, 2023, Fidelity Private Credit Fund experienced an increase in net assets resulting from operations, with net investment income amounting to $3.7 million and a net change in unrealized appreciation on investments totaling $1.5 million. Additionally, capital share transactions contributed significantly to the fund's net asset growth, driven by the issuance of common shares.
Fidelity Private Credit Fund's consolidated statement of cash flows for the six months ended June 30, 2023, provides insights into its cash management. The fund effectively managed its operating activities, as seen by the net increase in cash. Operating activities included adjustments to reconcile net increase in net assets resulting from operations, payments for purchases of investments, and proceeds from sales of investments.
Fidelity Private Credit Fund's strong net income and revenue growth in the second quarter of 2023 underscore its resilience and effective financial strategies. The fund's prudent expense management, diversified investment portfolio, and focus on generating returns have contributed to its impressive performance in a dynamic market environment.