A direct-lending deal, start to finish

Triage teasers and CIMs against the fund box, write down why you passed, keep the pipeline current.

• PCT-004 Kill the deal in 10 minutes: the agent that screens every CIM against your fund's box · screening · Vendor + in-house

Spread the financials, challenge the add-backs, build the downside, price against public comps, draft the IC memo and red-team it.

• PCT-008 EBITDA add-back autopsy: how much of this borrower's EBITDA exists only in the credit agreement? · documentation · Vendor + in-house
• PCT-003 Same loan, different marks: who else holds your borrower, how they value it, and who might sell · comps · Vendor + in-house

Track the request list, answer from the data room, turn management calls into an issues list, screen every name, check the sponsor.

Check every turn of the credit agreement against the term sheet, extract covenants, scan for trapdoors.

• PCT-002 Covenants, baskets and add-backs out of a 200-page credit agreement, every line cited to a section · documentation · Vendor + in-house
• PCT-010 Lender-on-lender violence radar: scan every credit agreement for J.Crew, Serta, and Chewy trapdoors · documentation · Vendor + in-house

Conditions precedent, signatures, the funds flow, and the rating pack for insurer buyers.

• PCT-062 The private letter rating pack: assemble what the rating agency and the insurer's regulator will ask for, with every figure sourced · closing · Buildable in-house · new

Book the loan without rekeying, set the reporting and covenant calendar, check the first compliance cert, pre-check assignments.

Hand the deal to the portfolio team with a thesis and watch metrics, then look back at the underwriting case after 12 months.

• PCT-007 Don't trust the compliance cert: re-run the covenant math from the monthly pack, automatically · monitoring · Vendor + in-house
• PCT-013 Soft credit events, read overnight: every amendment, waiver, PIK toggle and extension in your book · documentation · Vendor + in-house