Restructuring & Special Situations
Independent Mark Review
“Who reviews your marks?” is now a standard operational due diligence question — and “the deal team stands behind them” is not an answer an LPAC accepts twice. We provide quarterly sample-and-exception testing of private credit marks with an independent range per position and a report written for your auditor, your LP advisory committee, and the DDQs already in your inbox.
Who calls us
The situations
- Emerging managers mid-fundraise where a named independent reviewer is the cheapest credibility available
- Established funds whose auditor or LPAC has started asking harder questions
- Managers with PIK-heavy or amendment-heavy positions where the mark and the reality drift apart quietly
What you receive
The deliverable
Quarterly: auditor-ready workpapers, an LPAC summary written to be forwarded, exception flags with reasoning, and DDQ-quotable language on your valuation governance. Priced as a governance line item.
Sample, test, report, escalate
Sample
Risk-weighted position selection each quarter — stressed names always in scope.
Test
Independent range per sampled position; exception flags with reasoning, not just scores.
Report
Auditor-ready workpapers, an LPAC summary, and DDQ-quotable language.
Escalate
When a mark review surfaces a credit problem, the full restructuring practice is behind the finding. **Why it is the recurring first engagement** Priced as a governance line item — below the level that needs a committee memo. It starts the relationship in peacetime, puts us inside the portfolio information, and means that if a credit ever stresses, the advisor already knows the book.
Common questions
Straight answers
Does this replace our auditor or valuation agent?
No — it strengthens your position with both. We test marks independently; we do not produce the primary marks or the audit opinion.
What does the LPAC actually receive?
A quarterly summary: sample coverage, range results, exceptions and resolutions — written to be forwarded, not decoded.
We use a big-name valuation firm annually — why quarterly review?
Annual point-in-time work misses the quarter where the drift happens. Amendment-heavy books move fast; 2026 default data shows stress resolving by amendment months before any formal trigger.
An answer for the ODD questionnaire
A named independent reviewer, quarterly, priced as a governance line item.