MANAGER

Audax Private Debt Overview1
Audax was formed in 1999 and currently manages $41 billion supported by 180+ investment professionals. Audax Credit has been a longstanding investor in the middle market since 2000, with $22+ billion in AUM supported by 70+ investment professionals.
Core U.S. Middle Market Focus
15-75
Private Equity
Sponsor-Backed Companies
Experience. Scale. Relationships.
24
42
70
1200
290
435
Audax Private Debt Video Series
Audax – Introduction and Overview
Audax – Core Competencies
Audax – Future Role in the Fund
MANAGER

Bain Capital Credit Overview2
Bain was formed in 1984 and currently manages $185 billion supported by 815+ investment professionals. Bain Capital Credit has been a longstanding investor in the middle market since 1998.
BAIN CAPITAL CREDIT
Inception: 1998
AUM: $53B
OFFICES: 10
INVESTMENT PROFESSIONALS: 100+
Private credit of AUM of ~$16 billion supported by 35 investment professionals
Bain Credit Platform
13
US Loans
European Loans
Multi-Asset Credit
24
Credit
US & European Loan CLOs
CMV Program
Structured Credit / Asset Back Finance
16
Credit
Senior Direct Lending
Junior Capital
Regionally Focused Mandates
Customized SMAs
Bain Capital Credit Video Series
Bain Capital Credit – Introduction and Overview
Bain Capital Credit – Core Competencies
Bain Capital Credit – Role within the Fund
MANAGER

Charlesbank Credit Overview3
Charlesbank spun-out of Harvard Endowment in 1998 and currently manages $24 billion supported by 115 investment professionals. Charlesbank Credit invests in U.S. middle market credit with an integrated private equity approach supported by 15 investment professionals and currently manages $3+ billion.
170
5
2
25
15
3
Charlesbank Video Series
Charlesbank – Introduction and Overview
Charlesbank – Core Competencies
Charlesbank – Role within the Fund
INVESTMENT ADVISER

An alternative investment provider bringing investors access to the private markets
iCapital Registered Fund Adviser LLC*
As the Fund’s investment adviser, iCapital Registered Fund Adviser LLC determines the final investment selection and portfolio construction.
- Backed by the experience of iCapital
- Responsible for setting portfolio themes, investment selection and portfolio management
- Expertise in portfolio construction, risk management, and capital allocation
Portfolio Management Leadership Team
The portfolio management leadership team are experienced and educated investment professionals with a long performance record in alternative investments. Their approach is powered by our deep industry expertise, disciplined investment management process and a focus on value enhancement.
Nick Veronis
iCapital Co-Founder & Head of Portfolio Management
Head of Registered Funds Portfolio Management
Nick Veronis is Co-Founder and one of the Managing Partners of iCapital, where he is Head of Registered Funds Portfolio Management. Prior to co-founding iCapital in 2013, he spent 11 years at Veronis Suhler Stevenson (VSS), a middle-market private equity firm where he was a Managing Director responsible for originating and structuring investment opportunities. At VSS, he specialized in the business information services sector and helped spearhead the firm’s investment strategy in the financial software and data sector, including its investment in Ipreo. Previously, Mr. Veronis served as an operating advisor to Atlas Advisors, an independent investment bank based in New York. He began his career as a financial journalist for The Boston Business Journal, was a reporter for The Star-Ledger, and a Senior Associate in the New Media Division of Newhouse Newspapers. Mr. Veronis holds a BA in economics from Trinity College and FINRA Series 7, 79, and 63 licenses.

David Shyu
Managing Director, Co-Portfolio Manager
David Shyu is a Co-Portfolio Manager of the Fund. Prior to iCapital, Mr. Shyu was a Director of Newbury Partners, responsible for the origination, valuation, execution and monitoring of secondary investments and co-investments. Prior to Newbury, Mr. Shyu worked as an Associate in the Secondary Group at Auda Private Equity and as an analyst at Goldman Sachs. Mr. Shyu graduated cum laude from Princeton University with a BSE in Operations Research and Financial Engineering.

Sam Williams
Managing Director, Co-Portfolio Manager
Sam Williams is Co-Portfolio Manager of the Fund. Prior to joining iCapital, Mr. Williams was a Director on the private credit investment team at Kayne Anderson Capital Advisors, an asset management firm with approximately $35 billion of assets under management. He has served on the board of directors of several companies in his capacity as an investor. Mr. Williams graduated magna cum laude from the University of Pennsylvania with a BS in Economics and received an MBA from the Wharton School of Business.

There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.
*All information is from iCapital and as of July 2025 unless otherwise noted.There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. References herein to the “Fund” in each instance refer to the iDirect Private Credit Fund, unless specified otherwise.
Learn More
Overview
Terms & Materials
NAV & Performance
1. Source: Audax. From inception in 2000 to September 30, 2024, Audax Private Debt has raised $32B across 37 funds and SMA. This is the most current data available as of June 2025.
2. Source: Bain Capital. Over $16B total AUM across the representative private credit strategies with 35 investment professionals on the ground globally. Headcount data as of April 1, 2025, and represents Bain Capital Credit, LP (“BCC”) investment professionals (excluding Special Situations) and Platform Services non-investment professionals. Bain Capital has multiple offices in New York and Shanghai. Bain Capital Credit and Special Situations have employees/servicers in Athens, Milan, Paris, and Stockholm but no formal office. Firm-level AUM for Bain Capital is estimated as of December 31, 2024, unless otherwise noted. BCC AUM estimated as of December 31, 2024, and includes vehicles advised and sub-advised by Bain Capital Credit, LP, its subsidiaries and credit vehicles managed by its AIFM affiliate, except for vehicles managed by the Bain Capital Special Situations team, but for which Bain Capital Credit LP is the named adviser.
3. Source: Charlesbank. As of December 31, 2024. Charlesbank AUM is inclusive of all Charlesbank Flagship, Technology and Credit Funds. This is the most current data available as of June 2025. Amount invested is as of April 2025; since 2017; includes Credit Opportunities Fund I – III (COF I – III), Credit Dislocation Overage Fund (DOF), and Performing Sleeve (PS).