The Global Risks Alliance (GRA)
Topics at Private Credit: the pages in this section are listed below, each with its own scope and status.
The Private Credit topics are the eight subject dossiers of its field, among them direct lending, leverage and refinancing, and valuation and data gaps. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.
GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.
Topic pages in Private Credit share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for direct lending and private credit managers and bank fund-finance and leveraged finance teams.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Unitranche loan | A single loan combining senior and subordinated debt into one facility with a blended rate. |
| Interest coverage ratio | Earnings before interest, tax, depreciation and amortisation divided by interest expense. |
| Fair value | The price that would be received to sell an asset in an orderly transaction between market participants. |
| Evergreen fund | A fund without a fixed end date that accepts new capital and allows periodic redemptions. |
| Subscription line | A bank facility to a fund secured on investors' uncalled capital commitments. |
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
Structures, counterparties and financing cycles.
TopicBorrower vulnerabilities and covenants.
TopicOpacity and modelling limits.
TopicVehicle terms and investor stresses.
TopicOrigination, distribution and exposures.
TopicInsurer asset allocations and risk.
TopicSector and borrower common exposures.
TopicPrivate-market sensitivity and uncertainty.
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.