Private Credit Editing and Proofreading Services

Private credit is an asset class where the documents are the asset. There is no market price and no daily liquidity; what a lender owns is a set of contractual rights, and the return depends on whether those rights work when a borrower underperforms. That places enormous weight on definitions that look technical and are in fact economic. A single phrase in the definition of EBITDA can be worth more than the margin on the whole facility, and it will be argued about at precisely the moment the lender has least leverage.

We edit what private credit funds and direct lenders produce — credit papers and investment committee memoranda, term sheets and commitment letters, facility agreement summaries and negotiation trackers, covenant packages and headroom analyses, borrower monitoring and quarterly portfolio reviews, watchlist and impairment memoranda, restructuring and amendment proposals, valuation policies and independent valuation support, fund documentation including limited partnership agreements, investor reporting and capital account statements, fundraising material and track record presentations, and due diligence questionnaires from institutional allocators. Our editors check that the credit paper's description of the protections matches what the documents actually deliver, since the gap between the two is where losses are made.

Covenant definitions are the highest-leverage writing in this asset class, and the pressure in a competitive market is always to let them loosen quietly. An EBITDA definition permitting uncapped run-rate synergies and unlimited exceptional add-backs turns a 4.5× leverage covenant into whatever the borrower's adviser decides it is. We work on credit papers so the covenant is described alongside the definition that operates it — the add-back caps, the lookback period for synergies, whether they require third-party verification, the equity cure limits and how many times cures may be used — and so the paper states the leverage on both the covenant definition and the lender's own view, with the gap quantified. Where the committee is being asked to accept weaker terms to win a deal, we make that trade explicit rather than letting it live in the difference between a headline and a definition. Funds that write credit papers this way find their own portfolio reviews are far more useful two years later.

Everything you send is treated in strict confidence, including borrower information, credit papers and fund documents in draft. We are editors rather than lawyers, credit analysts or investment advisers, and nothing here is legal or investment advice. What we can do is make the analysis legible and the protections described accurately.