ABF, fund finance, infra & SRT

Where the hours go

1. Loan tape review and anomaly checks
2. Base and stress cash-flow models
3. Borrowing base and eligibility monitoring
4. Servicer reporting reconciliation
5. Side-letter and LP-eligibility review for sub lines
6. NAV LTV and concentration tests
7. Borrowing base on back-leverage facilities
8. Amendments to eligibility criteria
9. Project model review and sensitivities
10. Contract (PPA, offtake, lease) review
11. Lock-up and DSCR covenant monitoring
12. Reference pool profiling
13. Replenishment and eligibility review
14. Tranche loss modeling
15. Partnership origination terms

AI workflows for this sector

PCT-035	Will the new concentration limit bite? Test your portfolio against your back-leverage facility's eligibility limits BDCsFund financemonitoring	Vendors Oxane Partners, Allvue, Cardo AI, dv01, Intain +2 · See all vendors for this stage →	Buildable in-house
PCT-040	SRT reference pool analyzer: what's actually in the pool you're insuring, and what can the bank add later? Bank partnerships / SRTunderwriting	Vendors No vendor verified	Buildable in-house
PCT-003	Same loan, different marks: who else holds your borrower, how they value it, and who might sell Live demo BDCsDirect lendingResearch & ratingscomps	Vendors The LoanEdge, Octus, Canoe Intelligence	Vendor + in-house
PCT-069	ABF data-tape anomaly screen: duplicate collateral, stale borrowing-base assets and impossible loan fields Live demo ABF / asset-basedFund financediligence	Vendors dv01, Intain, Setpoint, Lumonic, Oxane Partners	Vendor + in-house
PCT-071	Every borrower's quarterly pack, spread into one monitoring model: covenant headroom tracked quarter by quarter Direct lendingABF / asset-basedmonitoring	Vendors Allvue, CovenantIQ, Lumonic, Oxane Partners, Alkymi +16 · See all vendors for this stage →	Vendor + in-house
PCT-072	Borrowing base certificate, re-run from the tape: eligibility, concentration excess and true availability ABF / asset-basedFund financemonitoring	Vendors Cardo AI, dv01, Intain, Setpoint, Lumonic +1 · See all vendors for this stage →	Vendor + in-house

Latest news

1. 19 Oct 2026Regulatory

   Bank of England's PRA reported to be reviewing how Barclays booked total return swaps financing private credit loans

   Bank leverage to private credit lenders is under supervisory scrutiny, which can affect how banks price and structure back-leverage and swap financing.

   Source: The Guardian (citing the Financial Times) ↗ · more ↗

2. 16 Oct 2026Private credit

   Jefferies Credit Partners BDC cuts its CIBC revolver to $100m from $125m and extends it to Oct 8, 2027

   A bank revolver is downsized and extended by one year as a lender exits. Track lender-group changes and commitment cuts alongside the price and sector-cap moves in other facility amendments.

   Source: SEC Form 8-K (Jefferies Credit Partners BDC Inc.) ↗ · more ↗

3. 16 Oct 2026Private credit

   26North BDC's JPMorgan facility amendment caps recurring-revenue loans at 15% and resets the advance rate to 55%

   A second back-leverage lender in two weeks tightening the recurring-revenue (ARR) loan concentration limit — not a software sector cap. Test your own facility's concentration limits against a 15% ARR cap.

   Source: SEC Form 8-K (26North BDC, Inc.) ↗ · more ↗

4. 16 Oct 2026Private credit

   StepStone Private Credit Fund upsizes its Wells Fargo SPV III facility to $1.0bn and cuts the margin to 1.95%

   Back-leverage is still getting bigger, longer and cheaper for large non-traded credit vehicles, even as some lenders tighten sector caps. Use it as a pricing reference point for facility negotiations.

   Source: SEC Form 8-K (StepStone Private Credit Fund LLC) ↗

5. 15 Oct 2026Private credit

   Liberty Mutual Investments and Elda River form a strategic partnership targeting up to $500 million in credit investments

   Insurer-backed private credit capacity aimed at energy-transition middle-market credit. Treat $500 million as a target, not committed AUM.

   Source: Elda River newsroom (Business Wire) ↗ · more ↗

6. 13 Oct 2026Bank partnerships

   ING and PGGM agree a €5bn project-finance risk-sharing deal (Linden-1)

   Infra debt risk is being distributed synthetically to pension money. Price the reference portfolio carefully: size disclosed, risk transferred and pricing not.

   Source: BCR Publishing ↗

Public data: what you can and can't get

• Public ABS: loan-level data in Form ABS-EE filings on EDGAR for registered auto and other deals
• Rating agency pre-sales for rated private ABF
• Private tapes are confidential
• BDC credit facility agreements and amendments filed on EDGAR
• Most fund facilities and side letters are private
• Public project bonds and rating reports
• Regulator filings for utilities
• Project models and contracts are private
• Bank Pillar 3 reports disclose securitisation positions in aggregate
• FSB, ECB and EBA reports on SRT markets
• Reference pool tapes are confidential

Sector descriptions are general and educational. Not investment advice.