Data room for a private credit fund raise
A private credit fund data room must show how the manager underwrites, prices and works out loans. LPs want a loan-level track record with yields, defaults, recoveries and realized losses, plus the fund's borrowing plan, valuation policy and the ODD pack. Put the loan tape in a controlled, view-only folder.
Folder index
- 01 Fund overview Strategy, target size and return, borrowing plan, key dates.
- 02 Offering documents PPM, draft LPA, subscription booklet, any feeder or rated note documents.
- 03 Loan-level track record Loan tape with commitment, yield, status, realized loss and recovery by loan.
- 04 Credit process Underwriting memo samples, credit committee charter, watchlist procedure.
- 05 Workouts Case studies of defaulted or restructured loans and the outcomes.
- 06 Portfolio construction Concentration limits, industry exposure, sponsor and non-sponsor mix.
- 07 Fund borrowing Subscription line and asset-level facility terms, limits in the LPA.
How this raise works
Private credit covers direct lending to middle market companies, asset-based finance, specialty finance, distressed and opportunistic credit, and mezzanine. LPs include insurers, pensions, sovereign wealth funds, endowments and, increasingly, wealth channels through evergreen and BDC structures. Insurers often care about capital treatment and may ask for a rated feeder or note structure.
Diligence centres on the loss history across cycles: default rates, recovery rates, time to recovery, non-accruals and amendments, all at loan level. LPs also review origination sources, the share of sponsor-backed versus non-sponsored loans, covenant terms, concentration limits, fund-level borrowing from subscription lines or asset-backed facilities, and how yield is split between cash interest, payment-in-kind interest and fees.
Valuation is a common ODD focus because most loans have no traded price. Expect questions on the third-party valuation agent, how often loans are marked, and how fees from borrowers are shared between the fund and the manager. Tax-exempt and non-US LPs may also ask how the fund handles income that could be effectively connected or unrelated business income.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Permission control carries the most weight here.
- Investor tracking 23%
- Permission control 25%
- Raise workflow 23%
- Investor onboarding 14%
- Cost of a raise 14%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
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Bank-grade platform for large processes, with AI and a mobile app.
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Deal room with AI and readiness tools for preparing a process.
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One of the oldest deal rooms, common on bank-led transactions.
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Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Security-focused deal room with detailed permission controls.
Price Priced on request Trial Demo on request Features 7 of 12 listed
Places 11 to 16: Box (7.1), DealRoom (7.0), ShareVault (6.9), Venue by DFIN (6.5), Digify (6.0), DocSend (5.7)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Fund overviewStrategy, target size and return, borrowing plan, key dates.
- 02 Offering documentsPPM, draft LPA, subscription booklet, any feeder or rated note documents.
- 03 Loan-level track recordLoan tape with commitment, yield, status, realized loss and recovery by loan.
- 04 Credit processUnderwriting memo samples, credit committee charter, watchlist procedure.
- 05 WorkoutsCase studies of defaulted or restructured loans and the outcomes.
- 06 Portfolio constructionConcentration limits, industry exposure, sponsor and non-sponsor mix.
- 07 Fund borrowingSubscription line and asset-level facility terms, limits in the LPA.
- 08 Valuation and ODDValuation policy, third-party valuation agent, administrator, cash controls.
- 09 DDQ and complianceDDQ, Form ADV, fee and expense allocation policy, borrower fee sharing policy.
- 10 Tax and regulatoryTax structuring memo summary for tax-exempt and non-US investors.
- 11 LP foldersPer-LP side letter drafts and specific requests.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | Firmex |
|---|---|---|---|---|---|---|---|
| View-only files | Files can be read but not saved or printed, and the setting can change mid-raise without a new invite. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. |
Setting up the room
- 01
Clean the loan tape
Every loan with dates, amounts, rates, status and outcome. LPs will rebuild loss rates from it, so it must tie to audited financials.
- 02
Write the workout stories
Losses are expected in credit. A clear account of what went wrong and what was recovered builds more trust than a clean record.
- 03
Restrict the tape
Make loan-level files view-only with watermarks and limit them to LPs in active diligence.
- 04
Explain fund borrowing in one place
Put fund-level facility terms and LPA limits together so LPs do not have to piece them together from several files.
- 05
Prepare insurer-specific materials
If insurers are targets, add the rating or capital treatment analysis they need before they reach committee.
Common mistakes
- Reporting loss rates that exclude restructured loans.
- PIK interest folded into yield with no split shown.
- A loan tape that does not tie to audited financial statements.
- Borrower fee sharing that is not disclosed until an LP asks.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What do LPs review in a private credit fund?
Loan-level history with defaults and recoveries, the underwriting and workout process, portfolio limits, fund borrowing, valuation, borrower fee sharing and the manager's operational controls.
Why do LPs want loan-level data?
Summary loss rates can hide restructurings and amendments. Loan-level data lets LPs compute default, recovery and loss figures on their own basis.
Who invests in private credit funds?
Insurers, pensions, sovereign wealth funds, endowments, family offices and, through evergreen funds and BDCs, individual investors via wealth platforms.