Sector fixture
In development · Month 2Diligence for private credit managers.
The ILPA private-credit module of 2025, operationalised — with the logic the framework leaves implicit on attribution, evergreen liquidity, and covenant quality.
In development and well advanced. Your House is told at the introduction when it is live.
The sector
Private credit has moved from a niche allocation to a mainstream mandate. The average single-family office private-markets allocation reached 22 percent of assets by the end of 2025, up from 16 percent in 2019, with credit taking a growing share. ILPA added a private-credit module to its DDQ in 2025 — the first standardisation attempt for the sector. The tooling to run it has not followed.
The diligence gap
Evaluating a credit manager means separating prior-firm performance from current-entity performance, testing whether an evergreen fund's liquidity promise survives stress, and reading covenant quality against institutional thresholds. A generic synthesis does none of these. It accepts a self-reported track record as verified and reviews a standard LPA without asking the questions an open-end credit structure demands.
What the fixture produces
- A track-record analysis that distinguishes prior-firm performance from current-entity performance, with an explicit attribution-letter check.
- An evergreen-fund assessment, where it applies, covering redemption gates, NAV methodology, and the independence of the valuation agent.
- A covenant analysis testing cov-lite concentration, PIK exposure, and single-obligor concentration against institutional thresholds.
- A Releasability Score across five named dimensions, naming what is missing rather than what is present.
What the fixture includes
Document set
- ILPA DDQ response with the private-credit module
- Audited track record
- Limited partnership agreement
- Portfolio holdings and concentration schedule
- Evergreen fund terms (where applicable)
- Representative credit agreement (where applicable)
- Valuation policy and procedures
- Compliance program documentation
- Operational infrastructure documentation
- Workout and restructuring history (where applicable)
Risk flags
- Unaudited track record
- Evergreen redemption gate above 20 percent of NAV
- Track-record attribution without a prior-firm letter
- No independent valuation agent
- Cov-lite concentration above 40 percent
- Single-obligor concentration above 10 percent
- SEC examination findings
- Fund administrator not independent
- Key-person provisions absent
- PIK exposure above 20 percent
Releasability dimensions
- Track record verifiability30%
- Fund terms adequacy25%
- Portfolio transparency20%
- Operational infrastructure15%
- Compliance history10%
Sample output
An eleven-section manager assessment — strategy through allocation signal — with a Releasability Score and a record of findings that span more than one document.
Without this fixture
The most common private-credit failure is treating an unattributed track record as verified performance. Left untested, it surfaces at the advisory-committee meeting rather than in diligence.
Who uses this
- Senior advisors at multi-family offices managing credit allocations across a fragmented manager universe.
- Investment teams at endowments and foundations adding private credit to their mandates.
- OCIOs conducting manager diligence on behalf of clients with credit exposure.
Every fixture clears the same floor the eight workflows did — measured against an authored data room before release, against the standard set out in what we measure.