Private credit fund accounting
Daily accrual, PIK, fees and amortisation — facility by facility.
How is private credit fund accounting different?
Private credit accounting is accrual-driven at the facility level: interest accrues daily on each loan's terms (rate, spread, floor), PIK interest capitalises, fees and original issue discount amortise over the loan's life, and draws and repayments change balances — all feeding monthly or quarterly NAV and income distributions.
Facility-level terms
Each loan carries its own rate, reference index, floor, PIK toggle, amortisation schedule, fees and covenants. Pooling them loses information that LPs and auditors will ask for.
PIK and fees
PIK interest is accrued and added to principal; it is income without cash. Upfront fees and OID are typically amortised into income over the loan's life.
Distributions
Credit funds often distribute income monthly or quarterly, itemised between interest income and return of capital.
Questions
Does FUN/D handle revolvers and delayed draws?
Yes, at the facility level.
Want to see this on your own fund?
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Someone from FUN/D will email you within one business day. If it's urgent, call +1-212-658-0862.