Private credit workflow checklist

Prepare the investment story

Gather origination criteria, borrower and collateral profile, underwriting process, concentration limits, portfolio construction, and servicing. Identify who owns or controls the asset and which material agreements are still being negotiated. Keep evidence separate from forecasts and state unresolved facts plainly.

Build the economics

Reconcile interest, fees, expected losses, liquidity, leverage, and workout expenses. Make clear which values are actual, assumed, or contingent. Check that the raise, uses, fees, and distribution terms describe the same plan. Supporting exports vary by workflow; do not assume every asset class has a real-estate-style Excel model.

Review the disclosures

Consider default, collateral valuation, concentration, leverage, servicing, liquidity, and legal enforcement. The suggested risk library is a starting point and needs deal-specific edits. Confirm issuer, security, exemption, investor process, and tax or regulatory statements with the appropriate advisers.

Prepare the review package

Use Review to find missing information, then export a working Word draft for counsel. Provide the underlying agreements, diligence, and model. Replace every fictional sample fact before sharing. A completed workflow is not an approved offering.

Explain selection, concentration, and loss handling

Collect the underwriting policy, target borrower and loan characteristics, collateral approach, origination channels, concentration limits, servicing process, and how defaults and recoveries are handled. Distinguish the policy you propose from the portfolio already held.

Check that expected yield, fee treatment, leverage, liquidity, and distribution assumptions align with the loans and vehicle terms. Diversification limits do not eliminate credit losses. Describe exceptions and decision authority accurately, and review related-party origination or servicing arrangements in conflicts.