Work / Private Credit
Every loan in compliance.Some won't be next quarter.The work is knowing which.
Capital preservation is a craft. The senior team reads every Credit Agreement before the wire. Every covenant gets tested at quarter end.
The work that catches a break early is the work done before the break shows. The larger fund has time for it. The smaller fund only has time for the monthly.
Tacita does the work.
The work
Origination. The work behind the wire. Credit Agreement read line by line, with the covenants, conditions precedent, and material adverse change language pulled out for the file. Sponsor and borrower history through the public record and the references the deal team can call. Industry context, comparable structures, recent pricing on similar facilities. The IC pack assembled at the standard a fund three times the size would produce, before the meeting, with the open questions still open.
Monitoring. Every borrower file kept current as the reporting lands. Monthly financials reconciled against the model. Compliance certificates checked against the underlying numbers, not the other way around. Covenants tested at quarter end, with the headroom on each one tracked across periods. Trends watched at the cadence the data permits. The borrower whose interest cover has been declining for three quarters surfaced before the fourth.
Watchlist. For the loans where something has moved, the work shifts. Updated cash flow forecasts under scenario, against actual versus projected. Amendment and waiver history kept current. The recovery analysis run before it is needed, not after. Communication with the sponsor logged and indexed. The loan you would be running anyway, with the work that was going to fall behind kept in front.
Portfolio. Across the book, the view that holds. Aggregate exposure by sector, geography, vintage, sponsor. Stress applied at the portfolio level, with the loans that move most under each scenario flagged. Concentration risk surfaced before the next IC has to ask. The fund's risk position visible at the cadence the LPs expect, and the cadence you set for yourself.
Our proposition
Where we'd start.
Bring us a loan. One you originated last quarter and haven't had time to monitor properly, or one on the watchlist whose recovery analysis is overdue, or one you're underwriting now where the IC pack would benefit from a second pass. We read the Credit Agreement, model the covenants, build the trend analysis on the financials, run the what-ifs against the position. You read what we produce and decide whether the work matches what a senior credit analyst at a larger fund would have written.
The work is the proof.
We work under standard NDA. Borrower-submitted information stays inside the engagement.
Show us the file you've opened twice this week.
Past it is the fund every sponsor phones first.