The Global Risks Alliance (GRA)
What readiness means in private Credit: the evidence, governance and documentation a programme needs before a competent institution can review it independently.
Readiness in Private Credit is the state in which a programme's evidence, governance and documentation let a competent institution review it independently, against frameworks such as Alternative Investment Fund Managers Directive, as amended (AIFMD II) and FSB recommendations on leverage in nonbank financial intermediation. A readiness file is released only at the owner's written direction, and GRA does not approve, rate, underwrite, lend or invest.
Fig.A programme from scoping to the owner's decision. Design, not a record.
Where a portfolio's assets sit, and how much of its value is most exposed. Hypothetical assets, not an assessment.
A readiness file describes a programme's evidence, risks and governance so that an institution can carry out its own review. GRA does not approve, rate, underwrite, lend or invest, and it recommends no counterparty.
| Question | Resilience evidence |
|---|---|
| Can the borrower service debt under stress? | Revenue and cost under hazard and transition scenarios |
| Does collateral hold value? | Asset locations and hazard, insurance status |
| What happens at refinancing? | Maturity profile against credit market scenarios |
| How concentrated is the book? | Sector, sponsor and geographic concentration |
Private credit funds are regulated mostly as investment funds: in the EU, AIFMD II adds rules for loan-originating funds, including leverage limits and retention. Bank lending to funds falls under Basel rules and the FSB's 2025 nonbank leverage recommendations on counterparty risk management. Topic depth at direct lending.
A file is released only at the programme owner's written direction, to a party the owner chooses, with no fee tied to any transaction.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Readiness file | A document set describing a programme's evidence, risks, governance and data so that a competent institution can carry out its own independent review; it is not an approval, rating or offer of finance. |
| Due diligence | The independent investigation a lender or investor carries out before committing finance. |
| Environmental and social safeguards | Requirements lenders set so financed projects avoid, minimise and offset harm to people and the environment. |
| Direct lending | Lending by funds directly to companies without syndication or public issuance. |
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.