Brendan Rempel is the most prominent individual identified in AAG's SEC filing. He is designated both an executive officer and promoter and is described as "Manager of the Manager of the Fund." He signed the September 17 Form D under the title "Manager of Fund Manager." Michael Suchorsky is separately listed as an executive officer. Both use the same San Juan address as the fund.
There are public professional records for individuals named Brendan Rempel with significant investment experience, including venture-capital and private-investment roles. MarketScreener records a Brendan Rempel associated historically with OpenView Investments and subsequently with Fractal Software and Aglaé Management, while a separate market profile identifies Brendan C. Rempel with Aeon Group. Public professional directories also show a Brendan C. Rempel in San Juan. These records are potentially relevant, but FilingDossier does not automatically merge every same-name professional profile with the AAG executive without an explicit identity bridge.
That distinction matters because investment research frequently makes a basic error: finding a person with the same name on LinkedIn or a financial database and treating the biography as conclusively belonging to the Form D executive. Institutional diligence should instead verify the individual's complete legal name, employment history, prior investment vehicles and current role directly with the manager.
Michael Suchorsky presents an even clearer identity-matching problem. General web search results prominently return a musician with that name, including a drummer associated with Lou Reed and Everyman Band. There is no basis for attributing those biographical records to the AAG executive merely because the names match. FilingDossier therefore excludes those unrelated results from the manager biography.
This entity-separation discipline is especially important for new managers whose public institutional biography has not yet been extensively indexed by search engines.
RULE 506(c), ACCREDITED INVESTORS AND THE FUND'S REGULATORY STRUCTURE
AAG uses Rule 506(c), meaning the fund is structured for an accredited-investor offering where general solicitation can potentially be used. Unlike Rule 506(b), simply accepting an investor's unsupported self-certification is generally not enough under 506(c); the issuer must take reasonable steps to verify accredited status.
For individual investors, verification can involve income, net-worth or professional-license evidence depending on the basis used. For entities, accreditation can depend on assets, investor composition or institutional status.
This is relevant to AAG because its minimum investment is $100,000—large enough to indicate a sophisticated private-capital audience but not, by itself, sufficient to demonstrate accredited-investor status.
The fund separately claims Section 3(c)(1) of the Investment Company Act. Section 3(c)(1) is widely used by private funds to avoid registration as an investment company where the vehicle meets applicable ownership and offering requirements.
These are separate legal concepts:
Rule 506(c) governs the securities-offering exemption.
Section 3(c)(1) addresses the fund's exclusion from investment-company registration.
Neither constitutes SEC approval.
Neither means the SEC examined the loan portfolio.
Neither establishes credit quality.
Neither verifies valuation.
Neither guarantees investor distributions.
PRIVATE CREDIT STRATEGY: WHAT THE NAME TELLS US AND WHAT IT DOES NOT
The legal name "AAG Private Credit Fund" strongly indicates an intended private lending or credit strategy, but the Form D provides very little detail regarding actual underlying assets.
The filing does not publicly specify whether AAG intends to originate or purchase:
Senior secured corporate loans Asset-based loans Real-estate bridge loans Equipment financing Receivables financing Consumer loans Venture debt Special-situations credit Distressed debt Litigation finance Merchant advances Royalty financing Secondary private-credit interests
These strategies have fundamentally different risk profiles.
A senior first-lien loan to a profitable operating company is economically very different from an unsecured loan to a distressed borrower. A real-estate bridge loan depends heavily on collateral value and refinancing. Venture debt can rely on future equity raises. Receivables finance can expose the investor to fraud, dilution and debtor concentration.
Accordingly, the words "Private Credit" cannot substitute for an actual portfolio mandate.
AAG investors should obtain the fund's investment policy and determine:
Maximum loan-to-value Minimum debt-service coverage Permitted borrower leverage First-lien versus junior debt limits Sector concentration limits Single-borrower concentration Maximum loan maturity Geographic concentration Floating versus fixed-rate exposure Collateral requirements Personal or corporate guarantees Covenant requirements Default management Non-performing-loan limits Restructuring authority Related-party lending restrictions
NEW-FUND RISK
AAG's 2026 launch means one of the most important risks is simply lack of a fund-level operating history.
The SEC filing reports:
2026 formation September 17, 2026 first Form D First sale yet to occur $0 sold 0 investors
That chronology means any claim about historical AAG Private Credit Fund performance should be treated very carefully unless clearly identified as a predecessor strategy or manager-level track record rather than this legal fund's own returns.
A manager may have substantial prior investment experience even when launching a new legal vehicle. But predecessor performance must be evaluated separately.
Investors should ask whether any advertised historical returns were generated:
By AAG Private Credit Fund itself By AAG Credit Partners By a previous employer By personally managed investments By another pooled fund By separately managed accounts By proprietary capital By hypothetical back-testing
Those categories are not interchangeable.
MANAGEMENT-FEE ANALYSIS
The Form D gives a useful starting point for understanding fund economics.
Management fee: 2%
SEC example: $20,000 if $1 million is raised
If the same 2% base were applied mechanically:
$5 million → $100,000 annually $10 million → $200,000 annually $25 million → $500,000 annually $50 million → $1 million annually
These examples are simple arithmetic illustrations and not statements that AAG has raised those amounts or that its management fee is necessarily calculated annually on committed capital.
The actual operating agreement could contain:
Fee step-downs Fee holidays Different calculations before and after the investment period Offsets from origination fees NAV-based calculations Quarterly billing Expense reimbursements Performance compensation
Investors should review those provisions because fee drag can materially change net private-credit returns.
WHY THE INDEFINITE OFFERING SIZE MATTERS
AAG does not state a fixed target such as $10 million, $50 million or $100 million in Form D. Instead it checks "Indefinite."
This should not be interpreted as unlimited assets under management.
It simply means the Form D does not specify a fixed aggregate offering cap.
For due diligence, investors should separately request:
Target fund size Hard cap First-close target Current commitments Current called capital Current invested capital Available cash Borrowing facilities Gross asset value Net asset value
Because no first sale had occurred at filing, there is currently no SEC Form D basis for describing AAG as having a particular amount of assets raised.
ADDRESS AND PUERTO RICO PRESENCE
AAG's principal address is:
954 Avenida Ponce de Leon Suite 205 San Juan, Puerto Rico 00907
The fund is legally organized in Delaware but operates from Puerto Rico according to the SEC filing. This combination is common enough in private investment structures: Delaware is frequently used as the legal formation jurisdiction while management operations occur elsewhere.
The Puerto Rico address should not be interpreted by itself as evidence of any specific Puerto Rico tax decree, Act 60 status or tax advantage. Those would require separate documentation.
Investors should determine:
Where AAG Credit Partners LLC is legally formed Where investment decisions are made Where books and records are maintained Where investor cash is held Which bank receives subscriptions Whether an independent administrator reconciles capital accounts Where tax reporting is prepared Which law governs the fund operating agreement
WEBSITE AND PUBLIC-DISCLOSURE PENETRATION
As of this review, FilingDossier did not locate a sufficiently authoritative standalone website clearly matching all of the following identifiers simultaneously:
AAG Private Credit Fund, LLC CIK 0002151007 AAG Credit Partners LLC Brendan Rempel Michael Suchorsky 954 Avenida Ponce de Leon, Suite 205 San Juan, Puerto Rico
Because AAG is only days removed from its first Form D, search-index visibility may still be immature.
This means SEC EDGAR currently provides the strongest public evidence concerning the fund.
The absence of a mature indexed website does not establish that no private investor portal or manager website exists. Many 506(c) funds use gated portals, direct introductions or recently launched marketing domains that search engines have not yet indexed.
Nevertheless, institutional investors should expect the manager to provide enough legal identity information to connect any website or investor portal directly to:
AAG Private Credit Fund, LLC AAG Credit Partners LLC The correct subscription entity The correct banking account The correct managers
A domain alone should never be used to authenticate wire instructions.
AUDITOR, ADMINISTRATOR, CUSTODIAN AND SERVICE PROVIDERS
The Form D does not identify:
Auditor Fund administrator Custodian Prime broker Loan servicer Valuation agent Securities counsel Tax accountant Bank Independent loan-review provider
This is not unusual because Form D does not require a full service-provider schedule.
For a new private-credit fund, however, these relationships are important.
An independent administrator can calculate NAV and investor capital accounts.
An auditor can independently test financial statements.
A third-party servicer can provide loan-level cash-flow records.
A custodian or controlled banking arrangement can reduce operational risk.
External legal counsel can help document loan security and perfection.
The absence of these names from Form D therefore represents an information gap, not evidence that the providers do not exist.
CREDIT RISK AND LOSS MECHANICS
Private credit can produce attractive contractual yields partly because borrowers are often unable or unwilling to obtain equivalent financing from traditional banks or public bond markets.
That higher yield is compensation for risk.
Potential AAG fund losses could arise from:
Borrower default Fraud Revenue deterioration Collateral decline Junior lien position Weak covenants Interest-rate stress Refinancing failure Bankruptcy Litigation Documentation errors Improper lien perfection Concentration Illiquidity Workout expenses
Even a secured loan can lose money.
If collateral is worth $10 million when a $6 million loan is originated, investors may initially see a 60% loan-to-value ratio. But if liquidation value falls to $6 million and foreclosure, taxes and senior claims consume proceeds, the apparent collateral cushion can disappear quickly.
Investors should therefore focus on realized recoveries rather than merely stated LTV.
VALUATION RISK
Private loans do not trade continuously on a public exchange.
A fund manager must therefore determine how to mark loans between origination and repayment.
Possible methods include:
Cost Amortized cost Discounted cash flow Broker estimates Comparable credit spreads Third-party valuation Manager-determined fair value
The valuation policy can directly affect reported NAV and performance.
A loan can remain current while its economic value deteriorates if the borrower's credit quality declines. Conversely, a loan may be marked down before any principal loss is ultimately realized.
For AAG, a prospective investor should determine whether valuations are reviewed independently and how frequently loans are re-marked.
LIQUIDITY AND REDEMPTION RISK
The Form D identifies pooled investment fund interests, not exchange-traded securities.
An investor should therefore assume that liquidity may be limited unless the operating documents expressly provide otherwise.
Questions should include:
Is the fund open-ended or closed-ended Is there a lockup Are withdrawals quarterly or annually Is there a notice period Can redemptions be suspended Are there investor-level gates Is there a fund-level gate Can distributions be made in kind Can the manager establish side pockets Can loans be extended beyond original maturity
Private credit can create a liquidity mismatch when investors expect periodic redemptions while the fund owns loans that cannot be sold quickly without discounting.
RULE 506(c) MARKETING RISK
AAG's use of Rule 506(c) means potential investors may encounter advertisements or public marketing.
Investors should distinguish three separate things:
Marketing claim Offering document Actual portfolio result
For example, a website could advertise a target yield or historical strategy return while the new fund itself had not yet closed its first investor as of the Form D date.
The governing documents and audited financial statements should take precedence over marketing summaries.
NEGATIVE-EVIDENCE AND ENFORCEMENT REVIEW
FilingDossier did not identify an SEC enforcement action in the sources reviewed that specifically names AAG Private Credit Fund, LLC in relation to this September 2026 offering.
That observation has limited significance because the fund was only created in 2026 and its first Form D was filed days ago.
A newly created entity naturally has little entity-level litigation or regulatory history.
The appropriate diligence process should therefore extend to:
AAG Credit Partners LLC Brendan Rempel Michael Suchorsky Predecessor investment entities Prior funds Prior lending operations State court records Federal court records Bankruptcy records UCC filings Regulatory records
The limited age of the fund makes manager-level history more informative than fund-level history.
STRENGTHS VS RISKS
AAG's principal verification strengths are straightforward.
The fund exists in SEC EDGAR.
Its legal jurisdiction is disclosed.
Its Puerto Rico operating address is disclosed.
Its manager is explicitly named.
Two management-related individuals are identified.
Its management fee is directly disclosed.
Its securities exemption is clear.
Its minimum investment is disclosed.
The fund correctly identifies itself as an unregistered pooled investment vehicle relying on an Investment Company Act exclusion rather than implying SEC registration as an investment company.
There are also important limitations.
It is newly organized.
It reported no investors as of filing.
It reported no capital sold as of filing.
The total offering amount is indefinite.
The underlying loan strategy is not described in Form D.
There is not yet a public fund-level performance history.
The public website footprint is limited.
Service providers are not identified in the filing.
The complete biographies of the management team require further verification.
Portfolio diversification is unknown.
Leverage policy is unknown.
Liquidity terms are unknown.
Incentive compensation beyond the stated 2% management fee is not established from Form D.
FINAL ASSESSMENT
AAG Private Credit Fund, LLC is a verifiable new private fund rather than a name that exists only on a website. Its September 17, 2026 Form D establishes a Delaware LLC operating from San Juan, Puerto Rico; identifies AAG Credit Partners LLC as manager; names Brendan Rempel and Michael Suchorsky as related persons; discloses a 2% management fee; sets a $100,000 minimum investment; and confirms reliance on Rule 506(c) and Investment Company Act Section 3(c)(1).
The strongest positive transparency point is the direct disclosure of the manager and fee structure.
The biggest limitation is age.
At the filing date, the fund reported that its first sale had yet to occur. It had sold $0 and reported zero investors. Therefore, statements implying that AAG Private Credit Fund already has a large seasoned loan book or a long standalone performance record would require evidence outside the Form D.
That makes the next stage of diligence especially important.
Before investing, an investor should obtain:
Private Placement Memorandum LLC Operating Agreement Subscription Agreement AAG Credit Partners organizational documents Investment mandate Current pipeline or portfolio schedule Loan underwriting policy Credit committee process Concentration limits Leverage limits Valuation policy Default/workout procedures Auditor information Fund administrator information Bank/custody arrangements Tax adviser Legal counsel Management biographies Predecessor performance Fee and expense schedule Redemption and liquidity provisions
If historical returns are presented, investors should establish whether those returns actually belong to AAG Private Credit Fund or to prior investments managed by the principals.
The available evidence therefore supports a narrow but important conclusion: AAG Private Credit Fund is a real 2026 SEC Form D issuer with a clearly disclosed manager and fee structure, but it remains a newly launched vehicle whose actual loan portfolio, fundraising progress and performance cannot yet be established from the September 17 filing.
Form D is a regulatory notice of an exempt securities offering. It is not SEC approval, SEC registration of the fund as an investment company, verification of the loan portfolio, or a guarantee of principal, yield or liquidity.
SEC SNAPSHOT
ISSUER: AAG Private Credit Fund, LLC
SEC CIK: 0002151007
ENTITY TYPE: Limited Liability Company
JURISDICTION: Delaware
YEAR ORGANIZED: 2026
FORM D FILING DATE: September 17, 2026
FILING TYPE: New Notice
EXEMPTION: Regulation D Rule 506(c)
INVESTMENT COMPANY ACT: Section 3(c)(1)
REGISTERED INVESTMENT COMPANY: No
INDUSTRY: Pooled Investment Fund
SUBCATEGORY: Other Investment Fund
SEC BUSINESS ADDRESS: 954 Avenida Ponce de Leon Suite 205 San Juan, Puerto Rico 00907
PHONE: 732-306-3432
FUND MANAGER: AAG Credit Partners LLC
MANAGEMENT FEE: 2%
SEC ITEM 16 EXAMPLE: $20,000 estimated related-person payment assuming $1,000,000 is raised
RELATED PERSON:
Brendan Rempel
SEC ROLE: Executive Officer Promoter Manager of Manager of Fund Form D Signer
SIGNATURE TITLE: Manager of Fund Manager
SECOND RELATED PERSON:
Michael Suchorsky
SEC ROLE: Executive Officer
OFFERING TYPE: Pooled Investment Fund Interests
TOTAL OFFERING: Indefinite
AMOUNT SOLD AT FILING: $0
FIRST SALE: Yet to Occur
INVESTORS AT FILING: 0
MINIMUM INVESTMENT: $100,000
OFFERING DURATION: More than one year
SALES COMMISSIONS: $0 reported
FINDER FEES: $0 reported
GENERAL SOLICITATION FRAMEWORK: Rule 506(c)
INVESTOR ELIGIBILITY: Accredited-investor verification framework applicable under Rule 506(c)
PUBLIC AUM: Not established from Form D
CURRENT FUND NAV: Declined to disclose
UNDERLYING LOAN PORTFOLIO: Not publicly detailed in Form D
TARGET FUND SIZE: Not stated in Form D; offering amount listed as indefinite
INVESTMENT STRATEGY: Private credit implied by fund name, but detailed loan mandate should be verified from offering documents
AUDITOR: Not identified in Form D / not independently confirmed in this review
FUND ADMINISTRATOR: Not identified in Form D / not independently confirmed
CUSTODIAN: Not identified in Form D / not independently confirmed
LOAN SERVICER: Not identified in Form D / not independently confirmed
FUND COUNSEL: Not identified in Form D / not independently confirmed
VALUATION AGENT: Not identified in Form D / not independently confirmed
WEBSITE PENETRATION:
SEC issuer — CONFIRMED AAG Credit Partners relationship — CONFIRMED Management fee — CONFIRMED Brendan Rempel relationship — CONFIRMED Michael Suchorsky relationship — CONFIRMED Puerto Rico operating address — CONFIRMED Rule 506(c) — CONFIRMED Section 3(c)(1) — CONFIRMED Minimum investment — CONFIRMED Publicly identifiable mature fund website — LIMITED / NOT CONCLUSIVELY MATCHED Loan portfolio — NOT PUBLICLY ESTABLISHED Current investors — 0 AT FILING Capital raised — $0 AT FILING Historical fund performance — NOT YET ESTABLISHED Manager predecessor performance — REQUIRES VERIFICATION
CORE INVESTOR QUESTIONS:
What type of private credit will AAG originate or purchase Does it focus on corporate, real estate, asset-backed or specialty finance What percentage must be senior secured Are second-lien or unsecured loans permitted What is maximum LTV What is maximum borrower concentration What industries are permitted What loan maturities are targeted Are loans fixed or floating rate Can the fund borrow What is maximum fund-level leverage Who sits on the credit committee Who independently services the loans Who verifies collateral Who perfects security interests Who values the portfolio Who calculates NAV Who is the auditor Who is the administrator What predecessor track record belongs directly to the management team How is the 2% fee calculated Is there carried interest or an incentive allocation Are origination and servicing fees retained by the manager Are borrower-paid fees offset against management fees What is the lockup period What redemption gates exist How are defaults and restructurings handled What percentage of the portfolio can become non-performing before distributions are affected
CORE RISKS:
2026 launch / limited fund history No investors reported at initial filing No capital sold at initial filing Portfolio not publicly disclosed Private borrower credit risk Default risk Collateral-value risk Documentation and lien-perfection risk Concentration risk Illiquidity Valuation subjectivity Interest-rate risk Refinancing risk Workout and foreclosure costs Potential leverage Manager/key-person dependence Fee drag Unclear incentive compensation from public filing Limited public service-provider information Limited public fund-level performance history
INDEPENDENT CONCLUSION:
AAG Private Credit Fund, LLC has a genuine and highly recent SEC regulatory footprint. The September 17, 2026 Form D provides a clean legal bridge among AAG Private Credit Fund, AAG Credit Partners LLC, Brendan Rempel and Michael Suchorsky and explicitly identifies a 2% management fee.
At the same time, this is a launch-stage fund rather than a mature credit vehicle whose portfolio and performance can already be reconstructed publicly.
The most important future evidence will be the first Form D amendment showing actual capital sold, followed by portfolio-level evidence identifying the type, diversification and performance of the credit assets acquired.
Until then, investors should distinguish three questions:
Does the fund legally exist — Yes, independently confirmed through SEC EDGAR.
Has the Form D reported investor capital raised as of September 17, 2026 — No; the filing reports $0 sold and first sale yet to occur.
Does the SEC filing establish the quality or performance of AAG's future private-credit portfolio — No.
Form D is a notice filing for an exempt offering and is not SEC approval, endorsement, or verification of investment merit.
PRIMARY EVIDENCE REVIEWED:
U.S. Securities and Exchange Commission EDGAR AAG Private Credit Fund, LLC Form D Filed September 17, 2026 CIK 0002151007
SEC Form D Item 3 Brendan Rempel Michael Suchorsky
SEC Form D Item 4 Pooled Investment Fund Other Investment Fund
SEC Form D Item 6 Rule 506(c) Investment Company Act Section 3(c)(1)
SEC Form D Item 11 $100,000 Minimum Investment
SEC Form D Item 13 Indefinite Offering $0 Sold at Filing
SEC Form D Item 16 AAG Credit Partners LLC 2% Management Fee
Public professional databases reviewed only for possible management-background leads; same-name identities were not automatically attributed without an independent entity bridge.