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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n12cj168.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-scene nx-es-scene\" data-scene=\"text\" data-ground=\"none\" data-es-org=\"gra\" aria-labelledby=\"nx-scene-title\"><div class=\"nx-scene-intro nx-es-intro\"><p class=\"nx-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 Private Credit<\/p><span class=\"nx-scene-rule\" aria-hidden=\"true\"><\/span><p class=\"nx-scene-accent nx-es-sig\"><strong>Spatial finance<\/strong><span>Where capital meets hazard, exposure and transition<\/span><\/p><h1 id=\"nx-scene-title\" class=\"nx-scene-title\">Private Credit<\/h1><p class=\"nx-scene-lede\">Nonbank and privately originated credit, liquidity, leverage and corporate exposure. Private Credit is an established platform of The Global Risks Alliance.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/about\/\">Open Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/about\/\">About GRA<\/a><\/div><\/div><dl class=\"nx-scene-stats nx-es-stats\"><div><dt class=\"nx-eyebrow\">STEM methods<\/dt><dd>4<\/dd><dd class=\"nx-scene-stat-note\">Canonical methods this field applies<\/dd><\/div><div><dt class=\"nx-eyebrow\">Topics<\/dt><dd>8<\/dd><dd class=\"nx-scene-stat-note\">Subject pages in the field<\/dd><\/div><div><dt class=\"nx-eyebrow\">Counterparts<\/dt><dd>1<\/dd><dd class=\"nx-scene-stat-note\">Platforms in shared fields across the network<\/dd><\/div><div><dt class=\"nx-eyebrow\">Report series<\/dt><dd>2<\/dd><dd class=\"nx-scene-stat-note\">Reports series it contributes to<\/dd><\/div><\/dl><\/section><section id=\"nx-s-1-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">21 pages under Private Credit.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"ledger\"><div class=\"nx-hero-panel\"><div class=\"nx-register\" data-variant=\"ledger\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Private Credit<\/strong><\/span><\/div><ol class=\"nx-register-rows\"><li><div><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">STEM methods<\/span><span class=\"nx-register-v\">4 canonical methods applied<\/span><\/div><\/li><li><div><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">Topics<\/span><span class=\"nx-register-v\">8 subject pages<\/span><\/div><\/li><li><div><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Counterparts<\/span><span class=\"nx-register-v\">1 platforms in shared fields<\/span><\/div><\/li><li><div><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Report series<\/span><span class=\"nx-register-v\">2 Reports series<\/span><\/div><\/li><li><a href=\"https:\/\/globalriskalliance.com\/private-credit\/about\/\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Industry scope<\/span><span class=\"nx-register-v\">Industry scope and publisher<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/private-credit\/sector\/\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Financial discipline<\/span><span class=\"nx-register-v\">Financial discipline overview<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/private-credit\/research\/\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Professional research<\/span><span class=\"nx-register-v\">Professional research<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/private-credit\/innovation\/\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Technology emerging<\/span><span class=\"nx-register-v\">Technology and emerging practices<\/span><\/a><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"finance\" aria-label=\"Coverage, Monitor, Topics, Stress test\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Coverage, Monitor, Topics, Stress test\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-areas\" aria-selected=\"true\" data-key=\"p1\">Coverage<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-s-3-sec\" aria-selected=\"false\" data-key=\"p2\">Monitor<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-s-4-sec\" aria-selected=\"false\" data-key=\"p3\">Topics<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-4\" aria-controls=\"nx-sec-instrument\" aria-selected=\"false\" data-key=\"p4\">Stress test<\/button><\/div><section id=\"nx-sec-areas\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Coverage<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The areas of capital markets and investment this platform takes on.<\/h2><p class=\"nx-lede\">Private Credit studies lending to companies by funds and other non-bank lenders outside public bond and syndicated loan markets. It has grown quickly, financing mid-sized and private equity-owned firms with floating-rate, bilateral loans that are valued infrequently. Its pages set out how risk builds through leverage, refinancing, valuation, liquidity, links to banks and insurers, and concentration, and how stress is analysed, with every source labelled. Global Risks Alliance shares industry understanding and does not rate, recommend or advise.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"columns\"><div class=\"nx-cells\" data-cols=\"4\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m11 17 2 2a1 1 0 1 0 3-3\"\/><path d=\"m14 14 2.5 2.5a1 1 0 1 0 3-3l-3.88-3.88a3 3 0 0 0-4.24 0l-.88.88a1 1 0 1 1-3-3l2.81-2.81a5.79 5.79 0 0 1 7.06-.87l.47.28a2 2 0 0 0 1.42.25L21 4\"\/><path d=\"m21 3 1 11h-2\"\/><path d=\"M3 3 2 14l6.5 6.5a1 1 0 1 0 3-3\"\/><path d=\"M3 4h8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Direct lending<\/h3><p class=\"nx-p nx-mt-1\">Senior and unitranche loans from funds to mid-sized and sponsor-backed companies, and the terms that govern them.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Leverage and refinancing<\/h3><p class=\"nx-p nx-mt-1\">Borrower leverage, interest coverage, payment-in-kind interest, amend-and-extend and the maturity wall.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M4.268 21a2 2 0 0 0 1.727 1H18a2 2 0 0 0 2-2V7l-5-5H6a2 2 0 0 0-2 2v3\"\/><path d=\"m9 18-1.5-1.5\"\/><circle cx=\"5\" cy=\"14\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Valuation and data gaps<\/h3><p class=\"nx-p nx-mt-1\">How private loans are valued without market prices, and what investors and supervisors can and cannot see.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M5 22h14\"\/><path d=\"M5 2h14\"\/><path d=\"M17 22v-4.172a2 2 0 0 0-.586-1.414L12 12l-4.414 4.414A2 2 0 0 0 7 17.828V22\"\/><path d=\"M7 2v4.172a2 2 0 0 0 .586 1.414L12 12l4.414-4.414A2 2 0 0 0 17 6.172V2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Liquidity and redemptions<\/h3><p class=\"nx-p nx-mt-1\">Closed-end, evergreen and semi-liquid vehicles, and the mismatch between investor terms and loan liquidity.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect x=\"16\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"2\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"9\" y=\"2\" width=\"6\" height=\"6\" rx=\"1\"\/><path d=\"M5 16v-3a1 1 0 0 1 1-1h12a1 1 0 0 1 1 1v3\"\/><path d=\"M12 12V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Bank and nonbank links<\/h3><p class=\"nx-p nx-mt-1\">Bank lending to private credit funds through subscription lines, NAV facilities and back leverage.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M22 12a10.06 10.06 1 0 0-20 0Z\"\/><path d=\"M12 12v8a2 2 0 0 0 4 0\"\/><path d=\"M12 2v1\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Insurers and private credit<\/h3><p class=\"nx-p nx-mt-1\">Insurers&#8217; growing private credit holdings, affiliated asset managers, private ratings and capital treatment.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2 20a2 2 0 0 0 2 2h16a2 2 0 0 0 2-2V8l-7 5V8l-7 5V4a2 2 0 0 0-2-2H4a2 2 0 0 0-2 2Z\"\/><path d=\"M17 18h1\"\/><path d=\"M12 18h1\"\/><path d=\"M7 18h1\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Concentration and industry<\/h3><p class=\"nx-p nx-mt-1\">Sector, sponsor and borrower concentration in private credit portfolios.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 3v18h18\"\/><path d=\"m19 9-5 5-4-4-3 3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Stress methods<\/h3><p class=\"nx-p nx-mt-1\">Scenario and stress approaches for private credit funds, borrowers and the wider system.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-s-3-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-3\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Monitor<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Credit portfolio and watchlist.<\/h2><p class=\"nx-lede\">The screen a team would use to follow this field: its measures, states and decisions. Names are examples and values are illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-credit-watchlist\" data-cx=\"credit.watchlist\" data-variant=\"section\" aria-label=\"Credit portfolio and watchlist: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Credit portfolio and watchlist<\/h3><p class=\"nx-fk-sub\">Direct lending fund \u00b7 Quarter 2<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure&#8217;s values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>3 borrowers on watchlist<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Private Credit<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"4\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Covenant tests<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-credit-watchlist-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-credit-watchlist-t0\" aria-label=\"Covenant tests\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Borrower<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Leverage (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Covenant (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c3\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">Interest cover (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c4\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c4\">Status<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-credit-watchlist:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\" aria-current=\"true\" data-cur=\"true\"><td>Borrower 12<\/td><td data-num=\"true\" data-sv=\"5.9\">5.9<\/td><td data-num=\"true\" data-sv=\"6\">6.0<\/td><td data-num=\"true\" data-sv=\"1.5\">1.5<\/td><td><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>Breach<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 4<\/td><td data-num=\"true\" data-sv=\"5.5\">5.5<\/td><td data-num=\"true\" data-sv=\"6\">6.0<\/td><td data-num=\"true\" data-sv=\"2.3\">2.3<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Tight<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 9<\/td><td data-num=\"true\" data-sv=\"3.7\">3.7<\/td><td data-num=\"true\" data-sv=\"5.5\">5.5<\/td><td data-num=\"true\" data-sv=\"3.4\">3.4<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Pass<\/span><\/td><\/tr><tr data-fk-key=\"cx-credit-watchlist:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Borrower 15<\/td><td data-num=\"true\" data-sv=\"4.1\">4.1<\/td><td data-num=\"true\" data-sv=\"5.75\">5.75<\/td><td data-num=\"true\" data-sv=\"2.1\">2.1<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Pass<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"2\" data-t=\"kv\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Borrower 12<\/h4><\/div><\/div><dl class=\"nx-fk-dl\"><div><dt>Sector<\/dt><dd>Logistics<\/dd><\/div><div><dt>PIK toggle<\/dt><dd><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Used<\/span><\/dd><\/div><div><dt>Action<\/dt><dd>waiver with equity cure<\/dd><\/div><div><dt>Committee<\/dt><dd>week 5<\/dd><\/div><\/dl><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Book by leverage band<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Book by leverage band\" data-fk-chart=\"cx-credit-watchlist-c2\"><g data-m=\"axes\"><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><text data-m=\"tick\" x=\"34\" y=\"183.5\" text-anchor=\"end\">0<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"98\" y2=\"98\"\/><text data-m=\"tick\" x=\"34\" y=\"101.5\" text-anchor=\"end\">50<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"16\" y2=\"16\"\/><text data-m=\"tick\" x=\"34\" y=\"19.5\" text-anchor=\"end\">100<\/text><text data-m=\"label\" x=\"40\" y=\"6\" text-anchor=\"start\">share of commitments<\/text><\/g><line data-m=\"axis\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><g data-m=\"col\" data-k=\"c-b0\"><rect data-m=\"bar\" data-k=\"b-b0\" data-c=\"s4\" x=\"53.2\" y=\"35.7\" width=\"67.7\" height=\"144.3\"\/><text data-m=\"tick\" x=\"87\" y=\"194\" text-anchor=\"middle\">&lt;3\u00d7<\/text><rect data-m=\"hit\" x=\"40\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b1\"><rect data-m=\"bar\" data-k=\"b-b1\" data-c=\"s4\" x=\"147.2\" y=\"60.3\" width=\"67.7\" height=\"119.7\"\/><text data-m=\"tick\" x=\"181\" y=\"194\" text-anchor=\"middle\">3\u20134\u00d7<\/text><rect data-m=\"hit\" x=\"134\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b2\"><rect data-m=\"bar\" data-k=\"b-b2\" data-c=\"s4\" x=\"241.2\" y=\"129.2\" width=\"67.7\" height=\"50.8\"\/><text data-m=\"tick\" x=\"275\" y=\"194\" text-anchor=\"middle\">4\u20135\u00d7<\/text><rect data-m=\"hit\" x=\"228\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b3\"><rect data-m=\"bar\" data-k=\"b-b3\" data-c=\"s4\" x=\"335.2\" y=\"73.4\" width=\"67.7\" height=\"106.6\"\/><text data-m=\"tick\" x=\"369\" y=\"194\" text-anchor=\"middle\">5\u20136\u00d7<\/text><rect data-m=\"hit\" x=\"322\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b4\"><rect data-m=\"bar\" data-k=\"b-b4\" data-c=\"s4\" x=\"429.2\" y=\"60.3\" width=\"67.7\" height=\"119.7\"\/><text data-m=\"tick\" x=\"463\" y=\"194\" text-anchor=\"middle\">&gt;6\u00d7<\/text><rect data-m=\"hit\" x=\"416\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><\/svg><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Credit portfolio and watchlist: the screen&#8217;s structure, terms and states for Direct lending fund.<\/span><span data-honesty=\"true\">Example names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-s-4-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-4\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topics<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">The questions this field works on.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/direct-lending\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Direct lending<\/h3><p class=\"nx-p nx-mt-1\">Structures, counterparties and financing cycles.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/leverage-and-refinancing\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Leverage and refinancing<\/h3><p class=\"nx-p nx-mt-1\">Borrower vulnerabilities and covenants.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/valuation-and-data-gaps\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Valuation and data gaps<\/h3><p class=\"nx-p nx-mt-1\">Opacity and modelling limits.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/liquidity-and-redemptions\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Liquidity and redemptions<\/h3><p class=\"nx-p nx-mt-1\">Vehicle terms and investor stresses.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/bank-nonbank-connections\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Bank nonbank connections<\/h3><p class=\"nx-p nx-mt-1\">Origination, distribution and exposures.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/insurance-and-private-credit\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Insurance and private credit<\/h3><p class=\"nx-p nx-mt-1\">Insurer asset allocations and risk.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Concentration and industry<\/h3><p class=\"nx-p nx-mt-1\">Sector and borrower common exposures.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/stress-scenario-methods\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Stress scenario methods<\/h3><p class=\"nx-p nx-mt-1\">Private-market sensitivity and uncertainty.<\/p><\/a><\/div><\/div><\/div><\/section><section id=\"nx-sec-instrument\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-ns-layout=\"es-wide\" aria-labelledby=\"nx-s-5\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stress test<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">How a shock to assets becomes a system loss.<\/h2><p class=\"nx-lede\">The equity the system loses after interbank contagion, against the initial hit, as leverage, interconnection and recovery rates change, the core of a macroprudential <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">stress test<\/a>. Teaching model with stated illustrative values, not a prediction.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-in nx-fk\" id=\"nx-in-private-credit-0\" data-nxi=\"debtrank\" data-nxi-id=\"debtrank\" data-nxi-z=\"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\" aria-label=\"How a shock to assets becomes a system loss\"><div class=\"nx-in-body\"><div class=\"nx-in-main\"><div class=\"nx-in-tabs\" data-nxi-tabs=\"true\" aria-label=\"Views of the model\" hidden><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"result\">Result<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"net\">Network<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"fan\">Uncertainty<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"tornado\">Sensitivity<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"loops\">Loops<\/button><\/div><div class=\"nx-in-stage\" id=\"nx-in-private-credit-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Equity lost\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-in-tip\" data-nxi-tip=\"true\" aria-live=\"polite\"><\/p><div class=\"nx-in-bar\" data-nxi-bar=\"true\" role=\"group\" aria-label=\"Play over time\" hidden><button type=\"button\" class=\"nx-in-btn\" data-nxi-prev=\"true\" aria-label=\"Step back\">&#8249;<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-play=\"true\" aria-pressed=\"false\">Play<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-next=\"true\" aria-label=\"Step forward\">&#8250;<\/button><span class=\"nx-in-step\" data-nxi-step=\"true\" aria-live=\"polite\"><\/span><\/div><\/div><div class=\"nx-in-side\"><p class=\"nx-eyebrow\">Controls<\/p><div class=\"nx-in-ctl\" data-nxi-ctl=\"true\"><dl class=\"nx-in-pv\"><div><dt>Fall in external assets<\/dt><dd>2.0%<\/dd><\/div><div><dt>Leverage (assets over equity)<\/dt><dd>10 times<\/dd><\/div><div><dt>Interbank share of assets<\/dt><dd>10%<\/dd><\/div><div><dt>Recovery on interbank claims<\/dt><dd>40%<\/dd><\/div><div><dt>Banks in the system<\/dt><dd>20<\/dd><\/div><div><dt>Core banks<\/dt><dd>20% of banks<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Equity lost to the initial shock<\/dt><dd>18.0%<\/dd><\/div><div><dt>Equity lost after contagion<\/dt><dd>45.0%<\/dd><\/div><div><dt>Added by contagion (DebtRank)<\/dt><dd>27.0 points<\/dd><\/div><div><dt>Banks in default<\/dt><dd>0<\/dd><\/div><\/dl><\/div><\/div><details class=\"nx-in-more\"><summary>Numbers, methods and sources<\/summary><div class=\"nx-in-more-in\"><div class=\"nx-in-tblw\" data-nxi-table=\"true\"><table class=\"nx-in-tbl\"><thead><tr><th scope=\"col\">Round<\/th><th scope=\"col\">System equity lost (%)<\/th><th scope=\"col\">Banks in default<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>18.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">1<\/th><td>28.80<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>35.28<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>39.17<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>41.50<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>42.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>43.74<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>44.24<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>44.55<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>44.73<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>44.84<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">11<\/th><td>44.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">12<\/th><td>44.94<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">13<\/th><td>44.96<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">14<\/th><td>44.98<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">15<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">16<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">17<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">18<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">19<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">20<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">21<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">22<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">23<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">24<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">25<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">26<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">27<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">28<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">29<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">30<\/th><td>45.00<\/td><td>0<\/td><\/tr><\/tbody><\/table><\/div><button type=\"button\" class=\"nx-in-btn\" data-nxi-csv=\"true\" hidden>Download the numbers (CSV)<\/button><h4 class=\"nx-h4\">Methods<\/h4><ol class=\"nx-in-meth\"><li>DebtRank <span class=\"nx-in-cite\">Battiston and others (2012), Scientific Reports 2:541<\/span><\/li><li>Differential DebtRank <span class=\"nx-in-cite\">Bardoscia and others (2015), PLOS ONE 10<\/span><\/li><li>Contagion in financial networks <span class=\"nx-in-cite\">Gai and Kapadia (2010), Proc. R. Soc. A 466<\/span><\/li><li>Clearing in financial networks <span class=\"nx-in-cite\">Eisenberg and Noe (2001), Management Science 47<\/span><\/li><li>Uncertainty fan (parameter Monte Carlo) <span class=\"nx-in-cite\">Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333<\/span><\/li><li>One-at-a-time sensitivity (tornado) <span class=\"nx-in-cite\">Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley<\/span><\/li><\/ol><h4 class=\"nx-h4\">Data<\/h4><p class=\"nx-p\">No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme&#8217;s own evidence.<\/p><\/div><\/details><figcaption class=\"nx-caption\">How a shock to assets becomes a system loss. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: DebtRank (Battiston and others (2012), Scientific Reports 2:541); Differential DebtRank (Bardoscia and others (2015), PLOS ONE 10); Contagion in financial networks (Gai and Kapadia (2010), Proc. R. Soc. A 466).<\/figcaption><div class=\"nx-in-pls\"><p class=\"nx-eyebrow\">Across the six pillars, led by Nexus Consortium<\/p><ul class=\"nx-in-pl\" aria-label=\"Where this instrument connects across the pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Experiments<\/span> <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Built in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/foundry\/\">Private Credit in Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Tested at<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/universe\/\">Private Credit in Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Codified in<\/span> <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Published in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/reports\/\">Private Credit in Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Taught in<\/span> <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><\/li><\/ul><\/div><span class=\"nx-in-keep\" hidden><i data-c=\"c1\"><\/i><i data-c=\"c2\"><\/i><i data-c=\"c3\"><\/i><i data-c=\"c4\"><\/i><i data-c=\"c5\"><\/i><i data-c=\"c6\"><\/i><i data-c=\"l0\"><\/i><i data-c=\"l1\"><\/i><i data-c=\"l2\"><\/i><i data-c=\"l3\"><\/i><i data-c=\"l5\"><\/i><i data-c=\"h3\"><\/i><i data-c=\"neg\"><\/i><i data-c=\"on0\"><\/i><i data-c=\"on1\"><\/i><i data-l=\"0\"><\/i><i data-l=\"1\"><\/i><i data-l=\"2\"><\/i><i data-l=\"3\"><\/i><i data-l=\"4\"><\/i><i data-l=\"5\"><\/i><i data-on=\"0\"><\/i><i data-on=\"1\"><\/i><i data-pol=\"p\"><\/i><i data-pol=\"n\"><\/i><i data-k=\"R\"><\/i><i data-k=\"B\"><\/i><i data-k=\"dash\"><\/i><i data-dash=\"true\"><\/i><i data-view=\"result\"><\/i><i data-nxi-live=\"on\"><\/i><i data-nxi-live=\"off\"><\/i><i class=\"nx-in-svg nx-in-grid nx-in-ax nx-in-tk nx-in-at nx-in-ln nx-in-band nx-in-lbl nx-in-lk nx-in-ref nx-in-reft nx-in-mk nx-in-x nx-in-rect nx-in-val nx-in-rowl nx-in-cl nx-in-arrow nx-in-pol nx-in-cln nx-in-loop nx-in-edge nx-in-node nx-in-nl nx-in-reach nx-in-trib nx-in-agent nx-in-flow nx-in-legend nx-in-sw nx-in-note nx-in-loops nx-in-3d nx-in-cv nx-in-field nx-in-fl nx-in-fv nx-in-range nx-in-btn nx-in-err nx-in-tbl nx-in-cite\"><\/i><\/span><\/figure><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Overview, Exposure, loss and capital, The problem, What the platform does\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Overview, Exposure, loss and capital, The problem, What the platform does\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-overview\" aria-selected=\"true\" data-key=\"p1\">Overview<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-audience\" aria-selected=\"false\" data-key=\"p2\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-3\" aria-controls=\"nx-sec-the-problem\" aria-selected=\"false\" data-key=\"p3\">The problem<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-4\" aria-controls=\"nx-sec-what-the-platform-does\" aria-selected=\"false\" data-key=\"p4\">What the platform does<\/button><\/div><section id=\"nx-sec-overview\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-6\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Overview<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What Private Credit does.<\/h2><p class=\"nx-lede\">Private <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 credit-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"The risk of loss from a borrower or counterparty failing to meet obligations.\" data-ts=\"NRS-C1\" data-tr=\"draft\">credit risk<\/a> is the risk in lending to companies by funds and other non-bank lenders outside public bond and syndicated loan markets. Global Risks Alliance&#8217;s platform explains direct lending, leverage and refinancing, valuation and data gaps, liquidity, links to banks and insurers, concentration and stress methods. It rates nothing.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M16 21v-2a4 4 0 0 0-4-4H6a4 4 0 0 0-4 4v2\"\/><circle cx=\"9\" cy=\"7\" r=\"4\"\/><path d=\"M22 21v-2a4 4 0 0 0-3-3.87\"\/><path d=\"M16 3.13a4 4 0 0 1 0 7.75\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Who it serves<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its community<\/h3><p class=\"nx-p nx-mt-1\">Private-credit professionals; banking analysts; pension and insurer risk teams.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M6 18h8\"\/><path d=\"M3 22h18\"\/><path d=\"M14 22a7 7 0 1 0 0-14h-1\"\/><path d=\"M9 14h2\"\/><path d=\"M9 12a2 2 0 0 1-2-2V6h6v4a2 2 0 0 1-2 2Z\"\/><path d=\"M12 6V3a1 1 0 0 0-1-1H9a1 1 0 0 0-1 1v3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">How it works<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its methods<\/h3><p class=\"nx-p nx-mt-1\">Private lending exposure; valuation risk; borrower stress.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z\"\/><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M10 9H8\"\/><path d=\"M16 13H8\"\/><path d=\"M16 17H8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">What it produces<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its outputs<\/h3><p class=\"nx-p nx-mt-1\">Private credit structure briefs; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 market-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"The risk of loss from movements in market prices, rates or volatility.\" data-ts=\"NRS-C1\" data-tr=\"draft\">market risk<\/a> studies.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-7\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">What Private Credit means for exposure, loss and capital.<\/h2><p class=\"nx-lede\">The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-au\" data-au-voice=\"finance\" data-au-n=\"2\"><figure class=\"nx-au-c\" data-au-fig=\"capital-fiscal\"><h3 class=\"nx-h4\">Capital, solvency and fiscal indicators<\/h3><p class=\"nx-p nx-au-what\">The indicators a risk officer, supervisor or ministry of finance reads first on Private Credit.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Who reads it<\/th><th scope=\"col\">Framework<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">CET1 ratio<\/td><td data-label=\"Unit\">% of risk-weighted assets<\/td><td data-label=\"Who reads it\">Banks, supervisors<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">% of stressed outflows<\/td><td data-label=\"Who reads it\">Banks, central banks<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Solvency ratio<\/td><td data-label=\"Unit\">% of solvency capital requirement<\/td><td data-label=\"Who reads it\">Insurers, supervisors<\/td><td data-label=\"Framework\">IAIS Insurance Core Principles<\/td><\/tr><tr><td data-label=\"Indicator\">Combined ratio<\/td><td data-label=\"Unit\">% of earned premium<\/td><td data-label=\"Who reads it\">Insurers<\/td><td data-label=\"Framework\">Actuarial practice<\/td><\/tr><tr><td data-label=\"Indicator\">Protection gap<\/td><td data-label=\"Unit\">uninsured share of economic loss<\/td><td data-label=\"Who reads it\">Insurers, ministries of finance<\/td><td data-label=\"Framework\">Published loss statistics<\/td><\/tr><tr><td data-label=\"Indicator\">Public debt<\/td><td data-label=\"Unit\">% of GDP<\/td><td data-label=\"Who reads it\">Ministries of finance, IMF<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Gross financing needs<\/td><td data-label=\"Unit\">% of GDP per year<\/td><td data-label=\"Who reads it\">Ministries of finance, investors<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution&#8217;s own reporting and are never shown here.<\/span><\/figcaption><\/figure><figure class=\"nx-au-c\" data-au-fig=\"transmission\"><h3 class=\"nx-h4\">Transmission channels<\/h3><p class=\"nx-p nx-au-what\">How a shock in Private Credit reaches credit, market, underwriting, liquidity and operational risk, and feeds back.<\/p><div class=\"nx-au-fig\"><svg class=\"nx-au-svg\" viewBox=\"0 0 560 268\" role=\"img\" aria-label=\"Transmission channels from shocks through micro and macro channels to financial risks\" focusable=\"false\" data-nx-z=\"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\"><\/svg><\/div><figcaption class=\"nx-caption\"><span>Channel structure after the Basel Committee&#8217;s work on climate-related risk drivers and transmission channels; links shown are typical paths, not estimated exposures.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-chips nx-au-fw\" aria-label=\"Frameworks cited\"><span class=\"nx-chip\">NGFS climate scenarios \u00b7 Network for Greening the Financial System<\/span><span class=\"nx-chip\">IFRS S2 Climate-related Disclosures \u00b7 ISSB<\/span><span class=\"nx-chip\">TCFD recommendations \u00b7 Financial Stability Board TCFD<\/span><span class=\"nx-chip\">Principles for the effective management of climate-related financial risks \u00b7 Basel Committee on Banking Supervision<\/span><\/div><\/div><\/div><\/section><section id=\"nx-sec-the-problem\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The problem<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Credit risk does not disappear when it leaves banks.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">In private credit, a fund or other nonbank lender negotiates a loan directly with a borrower, usually a mid-sized company, often one owned by a private equity sponsor. Loans are typically floating-rate, held to maturity and not traded, so their value is estimated rather than observed in a market. Investors include pension funds, insurers, endowments, sovereign funds and, increasingly, individuals through semi-liquid vehicles.<\/p><p class=\"nx-p\">This structure has strengths. Lenders who hold loans to maturity are not forced to sell in market panics, and close relationships with borrowers can allow problems to be worked out. It also has vulnerabilities that are harder to see. Borrowers are often highly leveraged and sensitive to interest rates; valuations can lag reality; some vehicles offer investors periodic liquidity against illiquid assets; and leverage at the fund level, through bank facilities, adds another layer. Common exposures to the same sectors, sponsors and lenders mean that problems could cluster.<\/p><p class=\"nx-p\">Private credit is also tightly connected to the rest of finance. Banks lend to private credit funds and compete or partner with them; insurers hold growing allocations; pension funds depend on returns to meet obligations. How stress would travel through these links in a severe downturn has not yet been tested at the market&#8217;s current scale. Shared, careful analysis of these questions is in the industry&#8217;s common interest.<\/p><\/div><\/div><\/section><section id=\"nx-sec-what-the-platform-does\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-9\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">What the platform does<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Market and risk research, not investment.<\/h2><p class=\"nx-lede\">Private Credit is designed for private-credit professionals, banking analysts and pension and insurer risk teams. Its methods are private lending exposure analysis, valuation risk research and borrower stress analysis.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z\"\/><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M10 9H8\"\/><path d=\"M16 13H8\"\/><path d=\"M16 17H8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Briefs<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Private credit structure briefs<\/h3><p class=\"nx-p nx-mt-1\">Explanations of how private credit vehicles, loans and financing chains are structured and where risk sits.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 3v18h18\"\/><path d=\"m19 9-5 5-4-4-3 3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Studies<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Market risk studies<\/h3><p class=\"nx-p nx-mt-1\">Aggregated research on leverage, liquidity, valuation and concentration across the market.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Scenarios<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Stress research<\/h3><p class=\"nx-p nx-mt-1\">Research scenarios that trace borrower and vehicle stress through to banks, insurers and pensions.<\/p><\/div><\/div><p class=\"nx-note nx-mt-3\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, introduce counterparties or take transaction-based pay, and readiness work is not approval. Private Credit recommends no fund, manager, loan or allocation.<\/p><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"finance\" aria-label=\"Across the Consortium, Grounding, Cycle\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Across the Consortium, Grounding, Cycle\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-across-the-consortium\" aria-selected=\"true\" data-key=\"p1\">Across the Consortium<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-sec-grounding\" aria-selected=\"false\" data-key=\"p2\">Grounding<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-sec-cycle\" aria-selected=\"false\" data-key=\"p3\">Cycle<\/button><\/div><section id=\"nx-sec-across-the-consortium\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Across the Consortium<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Methods, neighbours and a governance counterpart.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">The platform draws on four canonical methods: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\">financial economics and macro-finance<\/a>, financial and risk engineering, network science and contagion and scenario design and stress testing; see the STEM foundation of Private Credit.<\/p><p class=\"nx-p\">Private credit is distinct from private equity ownership and from traditional bank credit, and it links to both: within GRA, see <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/\">Private Equity Nexus<\/a>, Banking Nexus, Financial Stability, Insurance Nexus and Institutional Funds Nexus. Governance dialogue on capital is convened by the Global Risks Forum (GRF) on <a class=\"nx-link\" href=\"https:\/\/globalriskforum.com\/capital\/\">Capital Nexus<\/a>, and <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> science comes from The Global Centre for Risk and Innovation (GCRI) on Systems Modelling.<\/p><\/div><\/div><\/section><section id=\"nx-sec-grounding\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-11\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Grounding<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Built on named science, technology, engineering and mathematics.<\/h2><p class=\"nx-lede\">Every claim on Private Credit rests on methods with a canonical page in the STEM Commons, so readers can see what a finding depends on and where its limits lie.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-chips\"><span class=\"nx-chip\">Financial economics and macro-finance<\/span><span class=\"nx-chip\">Financial and risk engineering<\/span><span class=\"nx-chip\">Network science and contagion<\/span><span class=\"nx-chip\">Scenario design and stress testing<\/span><\/div><p class=\"nx-p nx-mt-3\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/\">See the STEM foundation of Private Credit<\/a><\/p><\/div><\/div><\/section><section id=\"nx-sec-cycle\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-12\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Cycle<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How work moves in this field.<\/h2><p class=\"nx-lede\">A question becomes evidence, a governed build, an organised community, a controlled test, a reviewed publication and, finally, a decision taken by the competent authority under its own rules.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cycle-lanes\"><ol class=\"nx-pl-list\"><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Question<\/strong> <span class=\"nx-pl-in\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a><\/span> National, regional or institutional priority. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/programmes\/\">Question in Private Credit<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Evidence<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> STEM foundation of the platform. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/\">Evidence in Private Credit<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Build<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> Foundry. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/foundry\/\">Build in Private Credit<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Organise<\/strong> <span class=\"nx-pl-in\">Universe<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/organization\/architecture\/ii.-definitions\/i.-nexus-ecosystem\" data-tc=\"Nexus Ecosystem\" data-tk=\"Nexus Standards\" data-td=\"The whole of the institutions, pillars, systems and communities\">Nexus ecosystem<\/a>. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/community\/\">Organise in Private Credit<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Test<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Universe (independent site). <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/universe\/\">Test in Private Credit<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Publish<\/strong> <span class=\"nx-pl-in\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a><\/span> Reports. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/reports\/\">Publish in Private Credit<\/a><\/li><li data-pillar=\"authority\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Decide<\/strong> <span class=\"nx-pl-in\">Competent authority<\/span> Competent authorities and institutions, through <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-s18\" data-tc=\"NXS-RLS\" data-tk=\"Nexus system\" data-td=\"Participants, agreements and handoffs\" data-ts=\"NRS-S18\">NXS-RLS (participants, agreements and handoffs)<\/a>. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/trust\/\">Decide in Private Credit<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Renew<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Corrections and the next annual agenda. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/programmes\/\">Renew in Private Credit<\/a><\/li><\/ol><p class=\"nx-caption\"><span>Each step of the cycle in the pillar it runs in; the decision stays with the competent authority, outside the programme.<\/span><\/p><ul class=\"nx-pl-legend\" aria-label=\"Pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/universe.nexus\/\">Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/\">Risk Academy<\/a><\/li><li data-pillar=\"authority\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span>Competent authority (outside the programme)<\/li><\/ul><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-pillars\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Six pillars<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How this works across the six pillars.<\/h2><p class=\"nx-lede\">Private Credit works through six pillars of one annual programme, led by the Nexus Consortium, with GCRI, GRF and GRA each contributing in its role: explore, experiment and prototype in <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/labs\" data-tc=\"Labs\" data-tk=\"Nexus Standards\" data-td=\"The research pillar of the programme, one of six (OR-11, OR-12)\">Labs<\/a>, build, simulate and prepare in Foundry, convene and test in Universe, codify, correct and apply in <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a>, publish in every format in Reports, teach in the open in Risk Academy.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-pl-ring nx-canvas-wrap\" data-pl-hex=\"true\"><figure class=\"nx-nsig nx-phex\" data-nx-phex=\"012345\" data-phex-ctx=\"whole\" data-phex=\"{&quot;S&quot;:[{&quot;id&quot;:&quot;labs&quot;,&quot;c&quot;:&quot;L&quot;,&quot;name&quot;:&quot;Labs&quot;,&quot;full&quot;:&quot;Labs&quot;,&quot;verb&quot;:&quot;Experiments&quot;,&quot;url&quot;:&quot;https:\/\/therisk.global\/nexus-labs\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-labs\/&quot;,&quot;does&quot;:[&quot;Turns open questions into designed experiments&quot;,&quot;Prototypes new methods, data pipelines and tools&quot;,&quot;Records failures and limits alongside results&quot;,&quot;Hands reproducible prototypes to the Foundry&quot;]},{&quot;id&quot;:&quot;foundry&quot;,&quot;c&quot;:&quot;F&quot;,&quot;name&quot;:&quot;Foundry&quot;,&quot;full&quot;:&quot;Foundry&quot;,&quot;verb&quot;:&quot;Builds&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/private-credit\/foundry\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-foundry\/&quot;,&quot;does&quot;:[&quot;Builds the cycle's software, data and environments&quot;,&quot;Simulates scenarios and runs benchmarks&quot;,&quot;Monitors hazards, systems and evidence&quot;,&quot;Develops and tracks the National Portfolio&quot;]},{&quot;id&quot;:&quot;universe&quot;,&quot;c&quot;:&quot;U&quot;,&quot;name&quot;:&quot;Universe&quot;,&quot;full&quot;:&quot;Universe&quot;,&quot;verb&quot;:&quot;Convenes and tests&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/private-credit\/universe\/&quot;,&quot;home&quot;:&quot;https:\/\/universe.nexus\/&quot;,&quot;does&quot;:[&quot;Sets the annual mandate and admits missions&quot;,&quot;Runs readiness, the controlled build and Action Week&quot;,&quot;Stands down temporary capacity and seals evidence&quot;,&quot;Reviews the year and renews the mandate&quot;]},{&quot;id&quot;:&quot;standards&quot;,&quot;c&quot;:&quot;S&quot;,&quot;name&quot;:&quot;Standards&quot;,&quot;full&quot;:&quot;Nexus Standards&quot;,&quot;verb&quot;:&quot;Codify and correct&quot;,&quot;url&quot;:&quot;https:\/\/nexustandards.com\/finance\/&quot;,&quot;home&quot;:&quot;https:\/\/nexustandards.com\/&quot;,&quot;does&quot;:[&quot;Identifies every artefact with a UNI&quot;,&quot;Routes work to the standards that apply&quot;,&quot;Validates and monitors conformance evidence&quot;,&quot;Takes cycle findings as change proposals&quot;,&quot;Records national adoption&quot;]},{&quot;id&quot;:&quot;reports&quot;,&quot;c&quot;:&quot;R&quot;,&quot;name&quot;:&quot;Reports&quot;,&quot;full&quot;:&quot;Reports&quot;,&quot;verb&quot;:&quot;Publishes&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/private-credit\/reports\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-reports\/&quot;,&quot;does&quot;:[&quot;Publishes four editions a year, with Q4 as the annual flagship&quot;,&quot;Maintains country and regional profiles&quot;,&quot;Publishes exponential technology streams&quot;,&quot;Records corrections and method changes&quot;]},{&quot;id&quot;:&quot;academy&quot;,&quot;c&quot;:&quot;A&quot;,&quot;name&quot;:&quot;Academy&quot;,&quot;full&quot;:&quot;Risk Academy&quot;,&quot;verb&quot;:&quot;Teaches&quot;,&quot;url&quot;:&quot;https:\/\/risksacademy.com\/finance-economics\/&quot;,&quot;home&quot;:&quot;https:\/\/risksacademy.com\/&quot;,&quot;does&quot;:[&quot;Publishes a course for every system, standard and programme role&quot;,&quot;Assesses learning on real cycle tasks&quot;,&quot;Issues microcredentials and achievements through accountable issuers&quot;,&quot;Feeds qualified people into the next cycle&quot;]}],&quot;H&quot;:[{&quot;id&quot;:&quot;F01&quot;,&quot;f&quot;:2,&quot;t&quot;:1,&quot;ph&quot;:&quot;READINESS_PREPARATION&quot;,&quot;art&quot;:&quot;Admitted mission becomes a cycle project with a decision case&quot;},{&quot;id&quot;:&quot;F02&quot;,&quot;f&quot;:1,&quot;t&quot;:2,&quot;ph&quot;:&quot;CONTROLLED_BUILD&quot;,&quot;art&quot;:&quot;Core Build Report and go or no-go evidence&quot;},{&quot;id&quot;:&quot;F03&quot;,&quot;f&quot;:1,&quot;t&quot;:4,&quot;ph&quot;:&quot;CLOSEOUT&quot;,&quot;art&quot;:&quot;Sealed observations and indicator series behind a profile&quot;},{&quot;id&quot;:&quot;F04&quot;,&quot;f&quot;:2,&quot;t&quot;:4,&quot;ph&quot;:&quot;AFTER_ACTION_REVIEW&quot;,&quot;art&quot;:&quot;After-action and scenario findings for chapters 10 and 13&quot;},{&quot;id&quot;:&quot;F05&quot;,&quot;f&quot;:1,&quot;t&quot;:4,&quot;ph&quot;:&quot;AFTER_ACTION_REVIEW&quot;,&quot;art&quot;:&quot;National Portfolio movement for chapter 11&quot;},{&quot;id&quot;:&quot;F06&quot;,&quot;f&quot;:4,&quot;t&quot;:3,&quot;ph&quot;:&quot;CORRECTION&quot;,&quot;art&quot;:&quot;Method and correction findings as change proposals&quot;},{&quot;id&quot;:&quot;F07&quot;,&quot;f&quot;:2,&quot;t&quot;:3,&quot;ph&quot;:&quot;DOCKET_REVIEW&quot;,&quot;art&quot;:&quot;Docket items that need a standard or a profile&quot;},{&quot;id&quot;:&quot;F08&quot;,&quot;f&quot;:3,&quot;t&quot;:1,&quot;ph&quot;:&quot;READINESS_PREPARATION&quot;,&quot;art&quot;:&quot;Composed mission profiles and national adoption records&quot;},{&quot;id&quot;:&quot;F09&quot;,&quot;f&quot;:3,&quot;t&quot;:5,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Each adopted standard or profile becomes a course module&quot;},{&quot;id&quot;:&quot;F10&quot;,&quot;f&quot;:2,&quot;t&quot;:5,&quot;ph&quot;:&quot;CLOSEOUT&quot;,&quot;art&quot;:&quot;Assessed cycle tasks become completion evidence&quot;},{&quot;id&quot;:&quot;F11&quot;,&quot;f&quot;:5,&quot;t&quot;:2,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Qualified participants for the next cycle's roles&quot;},{&quot;id&quot;:&quot;F12&quot;,&quot;f&quot;:4,&quot;t&quot;:2,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Q4 synthesis informs the next-year mandate&quot;},{&quot;id&quot;:&quot;F13&quot;,&quot;f&quot;:1,&quot;t&quot;:3,&quot;ph&quot;:&quot;CONTROLLED_BUILD&quot;,&quot;art&quot;:&quot;Validation and monitoring evidence for conformance review&quot;},{&quot;id&quot;:&quot;F14&quot;,&quot;f&quot;:1,&quot;t&quot;:5,&quot;ph&quot;:&quot;PLANNING&quot;,&quot;art&quot;:&quot;Each system's rooms become a learning-by-doing course&quot;},{&quot;id&quot;:&quot;R1&quot;,&quot;f&quot;:3,&quot;t&quot;:4,&quot;ph&quot;:null,&quot;art&quot;:&quot;Applied in editions&quot;},{&quot;id&quot;:&quot;R2&quot;,&quot;f&quot;:4,&quot;t&quot;:5,&quot;ph&quot;:null,&quot;art&quot;:&quot;Taught in the open&quot;},{&quot;id&quot;:&quot;R3&quot;,&quot;f&quot;:5,&quot;t&quot;:0,&quot;ph&quot;:null,&quot;art&quot;:&quot;Questions become experiments&quot;},{&quot;id&quot;:&quot;R4&quot;,&quot;f&quot;:0,&quot;t&quot;:1,&quot;ph&quot;:null,&quot;art&quot;:&quot;Tested prototypes are built&quot;}],&quot;PH&quot;:[[&quot;PLANNING&quot;,&quot;Planning&quot;],[&quot;READINESS_PREPARATION&quot;,&quot;Readiness preparation&quot;],[&quot;CONTROLLED_BUILD&quot;,&quot;Controlled build&quot;],[&quot;CLOSEOUT&quot;,&quot;Closeout&quot;],[&quot;AFTER_ACTION_REVIEW&quot;,&quot;After-action review&quot;],[&quot;CORRECTION&quot;,&quot;Correction&quot;],[&quot;DOCKET_REVIEW&quot;,&quot;Docket review&quot;],[&quot;RENEWAL&quot;,&quot;Renewal&quot;]],&quot;L&quot;:[[1,3],[1,2],[2,5],[2,4],[1,5,2],[1,4,3],[1,4,2],[1,2,3],[2,3,5],[1,5,2,3],[1,4,2,3],[1,3,5,2],[1,2,4,3],[2,4,3,5],[1,5,2,4,3],[1,4,3,5,2],[0,1,2,3,4,5]],&quot;CTX&quot;:[{&quot;id&quot;:&quot;whole&quot;,&quot;n&quot;:&quot;The whole programme&quot;,&quot;s&quot;:[0,1,2,3,4,5],&quot;t&quot;:&quot;Every pillar hands its work to another; together they close the year's feedback loops.&quot;},{&quot;id&quot;:&quot;practice&quot;,&quot;n&quot;:&quot;From prototype to practice&quot;,&quot;s&quot;:[0,1,2,3],&quot;t&quot;:&quot;A Labs prototype is built in the Foundry, tested in a Universe mission and codified as a standard.&quot;},{&quot;id&quot;:&quot;build-test&quot;,&quot;n&quot;:&quot;Build and test&quot;,&quot;s&quot;:[1,2],&quot;t&quot;:&quot;The Foundry builds what a mission needs; Universe returns the go or no-go evidence.&quot;},{&quot;id&quot;:&quot;conformance&quot;,&quot;n&quot;:&quot;Conformance&quot;,&quot;s&quot;:[1,3],&quot;t&quot;:&quot;Validation evidence goes to Standards for review; composed profiles come back for the next build.&quot;},{&quot;id&quot;:&quot;correction&quot;,&quot;n&quot;:&quot;A finding becomes a correction&quot;,&quot;s&quot;:[1,4,3],&quot;t&quot;:&quot;Observations are published, a method finding becomes a change proposal, the corrected profile returns to the build.&quot;},{&quot;id&quot;:&quot;mandate&quot;,&quot;n&quot;:&quot;Setting the next mandate&quot;,&quot;s&quot;:[2,4],&quot;t&quot;:&quot;After-action findings go into the editions; the Q4 synthesis informs next year's mandate.&quot;},{&quot;id&quot;:&quot;people&quot;,&quot;n&quot;:&quot;People for the next cycle&quot;,&quot;s&quot;:[2,5],&quot;t&quot;:&quot;Assessed cycle tasks become completion evidence; qualified participants take roles in the next cycle.&quot;},{&quot;id&quot;:&quot;learning&quot;,&quot;n&quot;:&quot;Learning by doing&quot;,&quot;s&quot;:[1,2,5],&quot;t&quot;:&quot;Each system's rooms become a course; learners join missions, and missions return to the Foundry.&quot;}]}\"><div class=\"nx-nsig-plate\"><div class=\"nx-nsig-strip\" role=\"group\" aria-label=\"Routes through the programme\" hidden><\/div><div class=\"nx-nsig-stage\"><div class=\"nx-nsig-top\"><span>Select pillars \u00b7 hover lines<\/span><span class=\"nx-nsig-pairs\">18 \/ 18 handoffs<\/span><\/div><div class=\"nx-nsig-tilt\"><svg class=\"nx-nsig-svg\" viewBox=\"-370 -290 740 580\" role=\"img\" aria-label=\"The six pillars of the Consortium's programme: 18 of 18 handoffs in play, 17 feedback loops closed.\" focusable=\"false\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-phex-legend\" aria-hidden=\"true\"><span><i class=\"nx-phex-k1\"><\/i>handoff in play<\/span><span><i class=\"nx-phex-k2\"><\/i>recorded handoff<\/span><span><i class=\"nx-phex-k3\"><\/i>no direct handoff<\/span><\/p><div class=\"nx-phex-phase\" hidden><p class=\"nx-phex-phh\"><span class=\"nx-phex-phk\">Programme year<\/span><span class=\"nx-phex-pn\">All phases<\/span><\/p><div class=\"nx-phex-steps\" role=\"group\" aria-label=\"Phases of the programme year\"><\/div><div class=\"nx-nsig-actions\"><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"play\">Play the year<\/button><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"allph\">All phases<\/button><\/div><\/div><\/div><div class=\"nx-nsig-read\"><div><p class=\"nx-nsig-k\">Route<\/p><p class=\"nx-nsig-name\">The whole programme<\/p><p class=\"nx-nsig-line\">Every pillar hands its work to another; together they close the year&#8217;s feedback loops.<\/p><\/div><p class=\"nx-nsig-code\" aria-live=\"polite\"><span>L<\/span> \u00b7 <span>F<\/span> \u00b7 <span>U<\/span> \u00b7 <span>S<\/span> \u00b7 <span>R<\/span> \u00b7 <span>A<\/span><\/p><dl class=\"nx-nsig-stats\"><div><dt>Pillars<\/dt><dd><strong>6<\/strong> <small>of 6<\/small><\/dd><\/div><div><dt>Handoffs<\/dt><dd><strong>18<\/strong> <small>of 18<\/small><\/dd><\/div><div><dt>Loops<\/dt><dd><strong>17<\/strong> <small>closed<\/small><\/dd><\/div><\/dl><div class=\"nx-nsig-detail\"><h3 class=\"nx-nsig-dh\">Handoffs in play<\/h3><ul class=\"nx-nsig-rel nx-phex-rel\"><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F01<\/span><span class=\"nx-nsig-rt\"><b>Universe \u2192 Foundry<\/b> \u00b7 Admitted mission becomes a cycle project with a decision case<\/span><span class=\"nx-phex-ph\">Readiness preparation<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F02<\/span><span class=\"nx-nsig-rt\"><b>Foundry \u2192 Universe<\/b> \u00b7 Core Build Report and go or no-go evidence<\/span><span class=\"nx-phex-ph\">Controlled build<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F03<\/span><span class=\"nx-nsig-rt\"><b>Foundry \u2192 Reports<\/b> \u00b7 Sealed observations and indicator series behind a profile<\/span><span class=\"nx-phex-ph\">Closeout<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F04<\/span><span class=\"nx-nsig-rt\"><b>Universe \u2192 Reports<\/b> \u00b7 After-action and scenario findings for chapters 10 and 13<\/span><span class=\"nx-phex-ph\">After-action review<\/span><\/li><\/ul><p class=\"nx-nsig-hint\">and 14 more<\/p><\/div><div class=\"nx-nsig-actions\" data-phex-acts=\"true\" hidden><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"all\">Whole ring<\/button><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"clear\">Clear<\/button><button type=\"button\" class=\"nx-nsig-btn nx-nsig-pri\" data-phex-act=\"copy\">Copy route<\/button><\/div><\/div><\/div><figcaption class=\"nx-nsig-note\">F01 to F14 are the recorded handoffs of the programme year, each with the artefact that moves and its phase; R1, R2, R3 and R4 carry work around the ring. A loop counts when every pillar on it is selected. Every pillar is led by the Nexus Consortium.<\/figcaption><\/figure><ol class=\"nx-pl-list\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Labs<\/span><span class=\"nx-pl-role\">Where questions become experiments and prototypes: new methods, data and tools are tried in the open, with their limits on record, before the Foundry builds them, under the Nexus Consortium.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Foundry<\/span><span class=\"nx-pl-role\">Where exposure and scenario evidence is built so supervisors, insurers and investors can read it.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/private-credit\/foundry\/\">Private Credit in Foundry<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Universe<\/span><span class=\"nx-pl-role\">Where scenarios are tested in controlled exercises, and finance-readiness dialogues read what they mean for capital and cover.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/private-credit\/universe\/\">Private Credit in Universe<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/universe.nexus\/\">universe.nexus<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Nexus Standards<\/span><span class=\"nx-pl-role\">Where disclosure and data rules are codified so risk evidence is comparable for finance and insurance.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/nexustandards.com\/\">nexustandards.com<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Reports<\/span><span class=\"nx-pl-role\">Where sector analysis and the finance and insurance readiness series are published, with exposure and limits stated.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/private-credit\/reports\/\">Private Credit in Reports<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Risk Academy<\/span><span class=\"nx-pl-role\">Where finance, insurance and public-finance professionals learn to read risk evidence, on Risk Academy.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/risksacademy.com\/\">risksacademy.com<\/a><\/li><\/ol><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-4\" data-hue=\"finance\" aria-label=\"Frameworks, Consortium, Pages\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Frameworks, Consortium, Pages\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-1\" aria-controls=\"nx-sec-frameworks\" aria-selected=\"true\" data-key=\"p1\">Frameworks<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-2\" aria-controls=\"nx-sec-consortium\" aria-selected=\"false\" data-key=\"p2\">Consortium<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-3\" aria-controls=\"nx-s-16-sec\" aria-selected=\"false\" data-key=\"p3\">Pages<\/button><\/div><section id=\"nx-sec-frameworks\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">14<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Frameworks<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">What the work is read against.<\/h2><p class=\"nx-lede\">The platform does not set standards. It reads its evidence against the frameworks that competent bodies have adopted, so a finding can be placed where a decision-maker already works.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Framework or standard<\/th><th scope=\"col\">Body<\/th><th scope=\"col\">What it sets<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Framework or standard\">Alternative Investment Fund Managers Directive, as amended (AIFMD II)<\/td><td data-label=\"Body\">European Union<\/td><td data-label=\"What it sets\">Rules for EU funds that originate loans, including leverage limits, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-retention\" data-tk=\"Nexus risk vocabulary\" data-td=\"Accepting the financial consequences of a risk, through reserves, budgets or deductibles.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk retention<\/a>, concentration limits and liquidity requirements<\/td><\/tr><tr><td data-label=\"Framework or standard\">FSB recommendations on leverage in nonbank financial intermediation<\/td><td data-label=\"Body\">Financial Stability Board<\/td><td data-label=\"What it sets\">Recommendations on monitoring leverage, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 counterparty-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"The risk that the other party to a contract defaults before final settlement.\" data-ts=\"NRS-C1\" data-tr=\"draft\">counterparty risk<\/a> management and inconsistent treatment across nonbanks<\/td><\/tr><tr><td data-label=\"Framework or standard\">IOSCO recommendations for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 liquidity-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"The risk that an entity cannot meet obligations as they fall due, or cannot sell assets without large losses.\" data-ts=\"NRS-C1\" data-tr=\"draft\">liquidity risk<\/a> management for collective investment schemes<\/td><td data-label=\"Body\">International Organization of Securities Commissions<\/td><td data-label=\"What it sets\">Expectations for matching redemption terms to asset liquidity, including liquidity management tools<\/td><\/tr><tr><td data-label=\"Framework or standard\">IFRS 13 Fair Value Measurement and ASC 820<\/td><td data-label=\"Body\">International Accounting Standards Board; Financial Accounting Standards Board<\/td><td data-label=\"What it sets\">Fair value hierarchy and disclosure for assets without quoted prices, including Level 3 inputs<\/td><\/tr><tr><td data-label=\"Framework or standard\">International Private Equity and Venture Capital Valuation Guidelines<\/td><td data-label=\"Body\">IPEV Board<\/td><td data-label=\"What it sets\">Industry guidance on fair value estimation for private investments, including debt instruments<\/td><\/tr><tr><td data-label=\"Framework or standard\">Form PF reporting requirements<\/td><td data-label=\"Body\">US Securities and Exchange Commission and Commodity Futures Trading Commission<\/td><td data-label=\"What it sets\">Confidential reporting by private fund advisers on assets, leverage and liquidity<\/td><\/tr><tr><td data-label=\"Framework or standard\">NAIC Securities Valuation Office filing and private letter rating oversight<\/td><td data-label=\"Body\">National Association of Insurance Commissioners<\/td><td data-label=\"What it sets\">Treatment of insurers&#8217; privately rated securities for capital purposes<\/td><\/tr><tr><td data-label=\"Framework or standard\">Solvency II matching adjustment and investment rules<\/td><td data-label=\"Body\">European Union, EIOPA and national supervisors<\/td><td data-label=\"What it sets\">Rules affecting how insurers hold and capitalise illiquid credit assets<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-consortium\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-15\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">15<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Consortium<\/span><\/div><h2 id=\"nx-s-15\" class=\"nx-section-title\">The same field, seen three ways.<\/h2><p class=\"nx-lede\">GCRI studies a field as science, GRF governs it and GRA builds shared financial understanding of it. Private Credit links to its counterparts so that work on one side is visible on the others.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"3\" aria-label=\"Platform\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskforum.com\/capital\/\"><span class=\"nx-dir-name\">Capital Nexus<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Institution<\/span><span class=\"nx-dir-v\">GRF<\/span><\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Shared field<\/span><span class=\"nx-dir-v\">Financial stability<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/div><\/section><section id=\"nx-s-16-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-16\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">16<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-16\" class=\"nx-section-title\">Pages in Private Credit.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/about\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Industry scope and publisher<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/sector\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Financial discipline overview<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/research\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional research<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/innovation\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Technology and emerging practices<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/readiness\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Resilience and finance readiness<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/programmes\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Research and industry programmes<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/tools\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Analytical and data resources<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/community\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional community<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/learning\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional learning<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/events\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional meetings<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/publications\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Reports and sector briefs<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/participate\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Membership and research participation<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Contact the industry platform<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/trust\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Antitrust, independence and financial perimeter<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">STEM foundation of Private Credit<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/cycle\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">How work moves in this field<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/foundry\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Build in Foundry<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/universe\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Test in Universe<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/reports\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Publish in Reports<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/counterparts\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">The same field across the Consortium<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Topics<\/h3><\/a><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-5\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Connected, Questions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-5-tab-1\" aria-controls=\"nx-s-17-sec\" aria-selected=\"true\" data-key=\"p1\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-5-tab-2\" aria-controls=\"nx-s-18-sec\" aria-selected=\"false\" data-key=\"p2\">Questions<\/button><\/div><section id=\"nx-s-17-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-17\" role=\"tabpanel\" data-band-tab=\"nx-band-5-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">17<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connected<\/span><\/div><h2 id=\"nx-s-17\" class=\"nx-section-title\">Where this page leads across the Consortium.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/fields\/markets\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Field gateway<\/span><span class=\"nx-dest-host\">GCRI<\/span><\/span><span class=\"nx-dest-title\">Capital markets and investment<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/fields\/stability\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Field gateway<\/span><span class=\"nx-dest-host\">GCRI<\/span><\/span><span class=\"nx-dest-title\">Financial stability<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-18-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-18\" role=\"tabpanel\" data-band-tab=\"nx-band-5-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">18<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-18\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>Who publishes Private Credit?<\/summary><div class=\"nx-answer\">The Global Risks Alliance (GRA) publishes Private Credit and is responsible for what it publishes. 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.<\/div><\/details><details><summary>Is Private Credit active?<\/summary><div class=\"nx-answer\">Private Credit is an established platform of The Global Risks Alliance. Information and enquiries are open today. 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.<\/div><\/details><details><summary>How can I contribute?<\/summary><div class=\"nx-answer\">Start with <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/participate\/\">the participation paths<\/a> or write to the contact form. An enquiry receives a reference; it does not create membership, a role or an assignment.<\/div><\/details><details><summary>Where are findings published?<\/summary><div class=\"nx-answer\">Reviewed outputs appear on <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/publications\/\">the publications page<\/a>, and contributions to the Reports series are listed on Publish in Reports.<\/div><\/details><details><summary>Which values on this platform are real?<\/summary><div class=\"nx-answer\">Indicator names, units, sources, methods and frameworks are real. Levels in figures and canvases are examples in a design. A programme replaces them with labelled evidence it owns.<\/div><\/details><details><summary>How do I report an error?<\/summary><div class=\"nx-answer\">Use <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/trust\/corrections\/\">corrections and concerns<\/a>, or write to the integrity concern form. A correction is recorded as a new version, never a silent edit.<\/div><\/details><details><summary>Can GRA help me invest in or raise private credit?<\/summary><div class=\"nx-answer\">No. GRA does not invest, arrange, advise on or introduce counterparties for any transaction, and recommends no fund or manager.<\/div><\/details><details><summary>Is private credit a threat to financial stability?<\/summary><div class=\"nx-answer\">That is an open research question. The platform studies vulnerabilities and connections with stated uncertainty and takes no position beyond the evidence.<\/div><\/details><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Contribute evidence from this page.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">Global Risks Alliance<\/span><span class=\"nx-chip\">Private Credit<\/span><span class=\"nx-chip\">Finance and Insurance Readiness<\/span><span class=\"nx-chip\">Scenario and Stress-Test<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GRA<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/contribute\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">Global Risks Alliance<\/span><\/span><span class=\"nx-dest-title\">See every way to contribute<\/span><span class=\"nx-dest-why\">The contribution types, how each is reviewed, what credit you receive, the licence and what is never accepted.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gra\/private-credit#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-scn-h-a-p10\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">How it works<\/span><h2 id=\"nx-scn-h-a-p10\" class=\"nx-h3 nx-mt-2\">How Private Credit works.<\/h2><p class=\"nx-lede nx-mt-2\">Choose a view and press Play to follow the platform&#8217;s process, its programme year, the standards it applies and how its findings are published. The outline shows how the work is designed to run, not the status of any decision.<\/p><div class=\"nx-mt-3\"><div class=\"nx-pe\" id=\"nx-pe-a-p10\" data-nx-pe=\"nx-pe-a-p10\" data-active=\"platforms\"><div class=\"nx-pe-shell\"><p class=\"nx-pe-eb\">Private Credit<\/p><h2 class=\"nx-pe-title\">How Private Credit works<\/h2><p class=\"nx-pe-others\"><span aria-current=\"true\">Platforms<\/span> \u00b7 <span>Programme year<\/span> \u00b7 <span>Standards<\/span> \u00b7 <span>Reports<\/span><\/p><p class=\"nx-pe-cap\">A platform joins a field to named methods, labelled evidence and the outputs it publishes, without becoming the authority it serves.<\/p><ol class=\"nx-pe-steps\"><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">01 Scope<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">01<\/span><span class=\"nx-pe-st\">Field and families<\/span><span class=\"nx-pe-k\">Start \u00b7 The platform lead<\/span><span class=\"nx-pe-sm\">The home states the field, its families and who it serves.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">02<\/span><span class=\"nx-pe-st\">Topic dossiers<\/span><span class=\"nx-pe-k\">Record \u00b7 Platform authors<\/span><span class=\"nx-pe-sm\">Topics explain the subject with labelled evidence.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">02 Evidence<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">03<\/span><span class=\"nx-pe-st\">Evidence labels<\/span><span class=\"nx-pe-k\">Record \u00b7 GCRI<\/span><span class=\"nx-pe-sm\">Each value is labelled: observed, published statistics, estimated, modelled, scenario or unknown.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">04<\/span><span class=\"nx-pe-st\">Methods<\/span><span class=\"nx-pe-k\">Step \u00b7 Method owners<\/span><span class=\"nx-pe-sm\">Methods come from the STEM Commons, each with one canonical page.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">03 Work<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">05<\/span><span class=\"nx-pe-st\">Scenarios on the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/span><span class=\"nx-pe-k\">Model \u00b7 Foundry pillar<\/span><span class=\"nx-pe-sm\">Scenarios run on the Nexus systems, labelled as scenario.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">06<\/span><span class=\"nx-pe-st\">Standards that apply<\/span><span class=\"nx-pe-k\">Record \u00b7 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a><\/span><span class=\"nx-pe-sm\">The platform names the standards that apply. A validator report is evidence for review.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">04 Publish<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">07<\/span><span class=\"nx-pe-st\">Editions<\/span><span class=\"nx-pe-k\">Record \u00b7 Reports<\/span><span class=\"nx-pe-sm\">Findings are published through Reports with their limits.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">08<\/span><span class=\"nx-pe-st\">Authority decides<\/span><span class=\"nx-pe-k\">Outcome \u00b7 The competent authority<\/span><span class=\"nx-pe-sm\">Decisions and execution stay with the government, operator or licensed institution.<\/span><\/li><\/ol><\/li><\/ol><p class=\"nx-pe-foot\"><span><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/\" rel=\"noopener\">Private Credit home<\/a> \u00b7 Platforms \u00b7 Shared methods<\/span><span>An outline of how the work is designed to run; it does not report the status of any decision or record.<\/span><\/p><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" id=\"nx-tp-globalriskalliance-com-private-credit\" data-nx-takepart=\"GRA\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-h\"><div class=\"nx-container\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Take part<\/span><\/div><h2 id=\"nx-tp-globalriskalliance-com-private-credit-h\" class=\"nx-h3 nx-mt-2\">Take part in Private Credit.<\/h2><p class=\"nx-lede nx-mt-2\">Start from who you are. Answer an open call. Or form and lead a competence cell on the Private Credit platform.<\/p><div class=\"nx-mt-3\" data-nx-tabs=\"true\" data-active=\"routes\"><div class=\"nx-tablist\" role=\"tablist\" aria-label=\"Ways to take part\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-globalriskalliance-com-private-credit-tab-routes\" aria-controls=\"nx-tp-globalriskalliance-com-private-credit-panel-routes\" aria-selected=\"true\" data-key=\"routes\">Routes<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-globalriskalliance-com-private-credit-tab-calls\" aria-controls=\"nx-tp-globalriskalliance-com-private-credit-panel-calls\" aria-selected=\"false\" data-key=\"calls\">Open calls<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-globalriskalliance-com-private-credit-tab-cell\" aria-controls=\"nx-tp-globalriskalliance-com-private-credit-panel-cell\" aria-selected=\"false\" data-key=\"cell\">Cells and CERTs<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-globalriskalliance-com-private-credit-tab-index\" aria-controls=\"nx-tp-globalriskalliance-com-private-credit-panel-index\" aria-selected=\"false\" data-key=\"index\">The Index<\/button><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-globalriskalliance-com-private-credit-panel-routes\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-tab-routes\"><div class=\"nx-cells\" data-cols=\"3\"><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">National institutions<\/h3><p class=\"nx-p nx-mt-1\">Ministries, statistics offices and agencies: a national desk and chapter, and a seat in the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/national-chapters\/\">National chapters<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Sectors and professions<\/h3><p class=\"nx-p nx-mt-1\">Operators, regulators, banks, insurers and professional bodies whose work touches Private Credit. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/participate\/\">Participate<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Learning<\/h3><p class=\"nx-p nx-mt-1\">Courses and practice, with a record of every course completed. Free to study. <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/open-learning\/\">Open learning<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Standards<\/h3><p class=\"nx-p nx-mt-1\">Draft, review and adopt the methods and data standards with the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/working-groups\/\">Working groups<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Communities and research<\/h3><p class=\"nx-p nx-mt-1\">Universities, civil society and individual experts: projects, data and review. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">Write to the team<\/a><\/p><\/div><\/div><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-globalriskalliance-com-private-credit-panel-calls\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-tab-calls\" hidden><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-nx-calls=\"true\"><thead><tr><th scope=\"col\">Open call<\/th><th scope=\"col\">Seeks<\/th><th scope=\"col\">Closes<\/th><\/tr><\/thead><tbody><tr data-closes=\"2026-12-15\"><td>Founding call for experts to the working groups <span class=\"nx-chip\">CALL-FOUNDING-EXPERTS<\/span><\/td><td>expert, editor, chair<\/td><td>2026-12-15<\/td><\/tr><tr data-closes=\"2026-12-01\"><td>Open nomination for the three independent expert seats of the Global Standards Council <span class=\"nx-chip\">CALL-GSC-IND<\/span><\/td><td>council-member<\/td><td>2026-12-01<\/td><\/tr><tr data-closes=\"2026-12-15\"><td>Nominations of interim regional members (applies only if the transitional provision is decided) <span class=\"nx-chip\">CALL-GSC-REG<\/span><\/td><td>council-member<\/td><td>2026-12-15<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Review of the wave-1 risk core outlines (C1, C2, C3, C4, C8, C10, C11) <span class=\"nx-chip\">CALL-REVIEW-WAVE1<\/span><\/td><td>contributor<\/td><td>2027-01-31<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Experts for the core standards of risk science: uncertainty and evidence grading, scales, structured expert judgement, tolerability, extremes and compound events, catastrophic and existential risk, ethics and equity, units and measurement (NRS-C17 to NRS-C24) <span class=\"nx-chip\">CALL-CORE-SCIENCE<\/span><\/td><td>expert, editor, chair<\/td><td>2027-01-31<\/td><\/tr><tr data-closes=\"2027-03-31\"><td>Independent reviewers for the families of the hazard atlas, three from at least two regions for each family (NHS2-R19), priority families first <span class=\"nx-chip\">CALL-ATLAS-REVIEW<\/span><\/td><td>expert<\/td><td>2027-03-31<\/td><\/tr><tr data-closes=\"2026-11-30\"><td>Members of the interim Frontier Safety Review Panel and red-team reviewers (biosafety and biosecurity, AI safety and security, critical-infrastructure security); applications treated in confidence <span class=\"nx-chip\">CALL-FRONTIER-SAFETY-REVIEW<\/span><\/td><td>expert<\/td><td>2026-11-30<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Experts in ontology, metrology, software verification and conformity assessment for the requirement register, the NHS-2 machine representation, the conformance test suites and the conformity assessment scheme <span class=\"nx-chip\">CALL-CONFORMANCE-ONTOLOGY<\/span><\/td><td>expert, editor<\/td><td>2027-01-31<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note\">Calls past their closing date are hidden automatically. Every call, proposal and route: <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/open-areas-and-calls\/\">open areas and calls<\/a>.<\/p><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-globalriskalliance-com-private-credit-panel-cell\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-tab-cell\" hidden><div class=\"nx-panel-split\"><ol class=\"nx-terms\"><li><h3 class=\"nx-terms-t\">Gather the cell<\/h3><p class=\"nx-terms-d\">Bring together three to seven people with complementary skills: data, field practice, policy and communication.<\/p><\/li><li><h3 class=\"nx-terms-t\">Register it<\/h3><p class=\"nx-terms-d\">Write to the team with the cell&#8217;s name, members, area and region. You receive a reference and a contact. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">Write to the team<\/a><\/p><\/li><li><h3 class=\"nx-terms-t\">Choose a charter<\/h3><p class=\"nx-terms-d\">Pick one focus: research and evidence, data and maps, standards review, or community preparedness.<\/p><\/li><li><h3 class=\"nx-terms-t\">Learn together<\/h3><p class=\"nx-terms-d\">Follow shared study paths at Risk Academy, with practice and a record of every course completed. <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/hazards-resilience\/\">Hazards and resilience<\/a><\/p><\/li><li><h3 class=\"nx-terms-t\">Lead and report<\/h3><p class=\"nx-terms-d\">Hold regular sessions. Publish what the cell learns through Reports. Bring findings to the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/working-groups\/\">Working groups<\/a><\/p><\/li><\/ol><aside class=\"nx-callout nx-panel-aside\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-cert\"><h3 class=\"nx-h4\" id=\"nx-tp-globalriskalliance-com-private-credit-cert\">Specialise as a Community Emergency Response Team (CERT)<\/h3><p class=\"nx-p\">A CERT prepares its neighbourhood for the hazards it faces. It builds a local hazard profile from this site&#8217;s map. It trains in household and street preparedness. It learns first aid and light search through recognised local providers, and it runs drills.<\/p><p class=\"nx-p\">A CERT works alongside the local emergency services and follows their direction. It never replaces them and is not an emergency service.<\/p><\/aside><\/div><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-globalriskalliance-com-private-credit-panel-index\" aria-labelledby=\"nx-tp-globalriskalliance-com-private-credit-tab-index\" hidden><p class=\"nx-panel-lead\">What a national team or a local community can do on The Global Risks Index (<a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-s6\" data-tc=\"NXS-GRX\" data-tk=\"Nexus system\" data-td=\"Canonical data, provenance and risk\" data-ts=\"NRS-S6\">NXS-GRX<\/a>) today.<\/p><div class=\"nx-cells\" data-cols=\"4\"><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Your country&#8217;s profile<\/h3><p class=\"nx-p nx-mt-1\">Open risk profiles for 195 countries, with sources and licences on every value. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Correct or reply<\/h3><p class=\"nx-p nx-mt-1\">Correct a value or reply for your country. The change is logged with its effect. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Offer data<\/h3><p class=\"nx-p nx-mt-1\">Offer a dataset. It enters through the licence gate, with your credit. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Use the open data<\/h3><p class=\"nx-p nx-mt-1\">Layers, profiles and tiles through the open API. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-hue=\"finance\" id=\"nx-grix-globalriskalliance-com-private-credit\" data-tone=\"alt\" data-nx-grix=\"risk:world\" aria-labelledby=\"nx-grix-globalriskalliance-com-private-credit-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><span class=\"nx-eyebrow\">The Global Risks Index<\/span><h2 id=\"nx-grix-globalriskalliance-com-private-credit-h\" class=\"nx-section-title\">Every figure on this page is indexed: hazards, climate, conflict, the world.<\/h2><p class=\"nx-lede\">The Index is the Consortium&#8217;s indexing system for risk data. Every indicator, hazard, series and country profile carries its <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> identifier, its source and its licence, so what this page shows can be traced, corrected and reused.<\/p><\/div><div class=\"nx-grix\"><ol class=\"nx-grix-rail\" aria-label=\"The data pipeline\"><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">01 \u00b7 Sources<\/span><span class=\"nx-grix-t\">205 registered sources<\/span><span class=\"nx-grix-m\">Every value keeps its source and licence; withheld values are counted.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/data\/\">Data and licences<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">02 \u00b7 Nexus Standards<\/span><span class=\"nx-grix-t\">NIS-1 and NHS-1<\/span><span class=\"nx-grix-m\">451 indicators, 905 hazards; every record carries a <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/uni\/\" data-tc=\"UNI\" data-tk=\"Nexus Standards\" data-td=\"The universal identifier of every Nexus artifact (NS-1)\">UNI<\/a>.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">03 \u00b7 The Index<\/span><span class=\"nx-grix-t\">54 series, 195 country profiles<\/span><span class=\"nx-grix-m\">Computed on the standards; no value is published until an edition is released.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/\">The Global Risks Index<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">04 \u00b7 This page<\/span><span class=\"nx-grix-t\">Private Credit<\/span><span class=\"nx-grix-m\">Maps, figures and feeds read the Index in the context of hazards, climate, conflict.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/developers\/\">Public API<\/a><\/li><\/ol><div class=\"nx-grix-kpis\"><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Sources<\/span><span class=\"nx-metric\" data-count=\"true\">205<\/span><span class=\"nx-metric-note\">registered, each with its licence<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Indicators<\/span><span class=\"nx-metric\" data-count=\"true\">451<\/span><span class=\"nx-metric-note\">NIS-1, 106 composites, 20 domain indices<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Hazards<\/span><span class=\"nx-metric\" data-count=\"true\">905<\/span><span class=\"nx-metric-note\">NHS-1, crosswalked to UNDRR-ISC HIPs<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Series<\/span><span class=\"nx-metric\" data-count=\"true\">54<\/span><span class=\"nx-metric-note\">global, sector, strategic, technology, thematic<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Country profiles<\/span><span class=\"nx-metric\" data-count=\"true\">195<\/span><span class=\"nx-metric-note\">one site per country<\/span><\/div><\/div><div class=\"nx-grix-grid\"><div class=\"nx-grix-col\"><h3 class=\"nx-grix-h\">Series in this context <span class=\"nx-grix-hm\">hazards, climate, conflict<\/span><\/h3><ol class=\"nx-grix-ledger\"><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GLB<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/global\/\">Global Systems<\/a><span class=\"nx-grix-row-d\">The state of interdependent <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 global-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"Nexus risk class: a risk whose hazard, consequences or causal chain crosses national borders and acts at continental or planetary scale, so that no single country can assess or manage it alone.\" data-ts=\"NRS-C1\" data-tr=\"draft\">global risk<\/a>: the twenty domain indices aggregated to the world, the five core <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> (water, energy, food, health, biodiversity) and their couplings, the global tail register and the gap\u2026<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000002<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Climate \u00b7 Conflict<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">TH<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/th-04\/\">Disaster Risk Intelligence (DRI)<\/a><span class=\"nx-grix-row-d\">Signals, observations, event streams, geospatial layers and scenario packs turned into structured risk intelligence for preparedness and planning.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000111<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Climate \u00b7 Conflict<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GS<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/gs-10\/\">Global Cities<\/a><span class=\"nx-grix-row-d\">Urban exposure, heat, flooding, informal settlement, service dependency and the economic weight of cities at risk.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000068<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Infrastructure \u00b7 Climate<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GS<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/gs-07\/\">Global Climate<\/a><span class=\"nx-grix-row-d\">Chronic and acute physical climate hazard, transition exposure, adaptation gaps and scenario pathways to 2030, 2050 and 2100.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000065<\/span><span class=\"nx-grix-dom\">Climate \u00b7 Hazards \u00b7 Finance<\/span><\/span><\/li><\/ol><p class=\"nx-grix-foot\" data-nav=\"inline\"><a class=\"nx-link\" href=\"https:\/\/risksindex.com\/series\/\">All 54 series<\/a> \u00b7 <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/indices\/\">The 20 domain indices<\/a><\/p><\/div><div class=\"nx-grix-col nx-grix-side\"><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Country profiles <span class=\"nx-grix-hm\">the world<\/span><\/h3><div class=\"nx-grix-chips\"><a class=\"nx-grix-chip\" href=\"https:\/\/risksindex.com\/countries\/\">All 195 country profiles<\/a><\/div><p class=\"nx-grix-foot\">Every country profile carries the source and licence of each value. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/contribute\/\">Correct a value or reply<\/a><\/p><\/div><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Hazard domains <span class=\"nx-grix-hm\">NHS-1<\/span><\/h3><ul class=\"nx-grix-list\"><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/atmo\/\">Atmosphere and weather<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000135<\/span><\/li><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/geo\/\">Solid Earth<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000138<\/span><\/li><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/sys\/\">Systemic and compound events<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000148<\/span><\/li><\/ul><\/div><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Geodata and API <span class=\"nx-grix-hm\">open<\/span><\/h3><p class=\"nx-grix-m\">Open layers on an equal-area hexagon grid, shown as densities per km\u00b2 or as symbols: <span class=\"nx-grix-tag\">People \u00b7 GHSL 2025<\/span><span class=\"nx-grix-tag\">People \u00b7 WorldPop 2025<\/span><span class=\"nx-grix-tag\">Built-up area<\/span><span class=\"nx-grix-tag\">Ports<\/span><span class=\"nx-grix-tag\">Airports<\/span><span class=\"nx-grix-tag\">Roads<\/span><span class=\"nx-grix-tag\">Railways<\/span><span class=\"nx-grix-tag\">Rivers and lake centrelines<\/span><\/p><ul class=\"nx-grix-list\"><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/observatory\/\">Risk Observatory map<\/a><span class=\"nx-grix-dom\">open<\/span><\/li><\/ul><p class=\"nx-grix-m\"><code class=\"nx-grix-code\">\/api\/v1\/public\/grix<\/code> \u00b7 <code class=\"nx-grix-code\">https:\/\/nexustandards.com\/uni\/{uni}<\/code><br><a class=\"nx-link\" href=\"https:\/\/risksindex.com\/developers\/\">Developers<\/a> \u00b7 Data \u00b7 Made with Natural Earth, Public domain; GHSL and WorldPop, CC BY 4.0<\/p><\/div><\/div><\/div><p class=\"nx-grix-note\">Snapshot of the Index registries pinned 2026-10-23 \u00b7 22c6eed. Research and risk-analytics information: not a rating, an official classification, a warning, a benchmark or advice.<\/p><\/div><\/div><\/section><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-globalriskalliance-com-private-credit-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-globalriskalliance-com-private-credit-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-globalriskalliance-com-private-credit-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/programme\/the-nexus-cycle\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> The cycle<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/finance-economics\/banking-credit\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Banking and credit risk<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Financial and economic risk standards<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-19\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Private Credit<\/span><h2 id=\"nx-close-19\" class=\"nx-section-title\">Bring an exposure or capital question to the Alliance.<\/h2><p class=\"nx-lede\">Information and enquiries are open today. 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.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/write-to-us\/readiness-request\/\">Propose a readiness pilot <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-legal-20\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Legal<\/span><h2 id=\"nx-legal-20\" class=\"nx-h3 nx-mt-2\">Legal documents.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Legal documents\"><a href=\"https:\/\/globalriskalliance.com\/legal\/terms\/\">Platform Terms of Use <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/privacy\/\">Platform Privacy Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/cookies\/\">Platform Cookie and Storage Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/legal-notice\/\">Legal Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/acceptable-use\/\">Acceptable Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/participation-terms\/\">Participation and Events Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/contribution-terms\/\">Contribution Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/research-and-data-terms\/\">Research and Data Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/ai-use\/\">AI-use Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/intellectual-property\/\">Intellectual Property and Licensing <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/trademark-policy\/\">Trademark and Name Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/disclaimer\/\">Disclaimers and Data Notices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/corrections\/\">Corrections and Right of Reply Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/complaints-and-integrity\/\">Complaints and integrity reporting <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/security\/\">Security and responsible disclosure <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/code-of-conduct\/\">Code of Conduct <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/accessibility\/\">Accessibility Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/third-party-notices\/\">Third-party notices and attributions <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><p class=\"nx-note nx-mt-3\">Maps, data and figures on this site are shown for context and general information. They are not advice, forecasts or warnings; the limits of the information are set out in the Disclaimers and Data Notices.<\/p><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Who publishes Private Credit?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Global Risks Alliance (GRA) publishes Private Credit and is responsible for what it publishes. GRA is a nonprofit business league for the financial services industry. 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