A PPM for private credit funds and direct-lending vehicles

The private-credit framework covers the standard PPM skeleton with credit-specific sections: fund thesis (senior, unitranche, mezzanine, bridge), target borrower profile, underwriting criteria, portfolio-construction rules (concentration limits, industry caps, position-size caps), draw mechanics and commitment periods, distribution policy, and a risk library tuned to credit — default, recovery, covenant, subordination, draw-period illiquidity, rate risk, and sponsor-borrower relationship risks.

The wizard also renders a yield-focused projection rather than an equity-return one — portfolio weighted average yield, target net IRR, and sensitivity to default and recovery assumptions rather than cap-rate exits.

Use it for a direct-lending fund, a commercial real estate bridge-debt program, a specialty-finance vehicle (litigation finance, trade finance, consumer receivables), or a venture-debt sleeve. Also fits single-loan SPVs — a one-off $5–$20M bridge to a sponsor you know — where the documentation still needs to look like a PPM rather than a loan agreement.

If the thesis is primarily equity with debt mixed in opportunistically, a real estate or business-acquisition framework typically reads cleaner. The private-credit framework is strongest when the expected return shape is primarily yield.

Common shapes are a Delaware LP or LLC offering LP / Class A interests under Rule 506(c), often with a 8–10% preferred return, a management fee on committed capital, and a modest promote above the pref. Raise sizes typically run $10M–$100M for fund structures and $2M–$15M for single-deal SPVs. The wizard supports both and keeps the fee and distribution waterfall consistent across the document.