Pension Fund and Allocator Vetting

The problem

Allocations to private credit have expanded rapidly, with assets under management projected to approach $4 trillion by 2030. Manager selection materials generally emphasize returns and loss rates, while conduct at the borrower level, including servicing, modification, and enforcement practices, is rarely presented in a form a fiduciary can evaluate.

Source: Moody's, Private Credit Outlook 2026. See also Financial Stability Board, Report on Vulnerabilities in Private Credit, May 2026.

What CPCA does

CPCA provides independent vetting so that union pension funds and institutional allocators can direct capital away from predatory managers and toward transparent, responsible lenders. Our work supplements, and does not replace, an allocator's own investment and legal diligence.

Due diligence support

Structured question sets and documentation requests covering origination standards, draw administration, fee and reserve practices, modification protocols, and enforcement procedures.

Manager evaluation

Independent review of a manager's disclosed practices against documented borrower outcomes and market norms, presented as analysis of conduct and structure rather than as a rating.

Reputational risk

Assessment of the reputational and stakeholder exposure that lending conduct can create for a public or union fund, including exposure arising from enforcement practices affecting small businesses and community development projects.

The outcomes we seek

• Conduct treated as a standard diligence category alongside performance.
• Fiduciaries able to document the basis for a manager selection decision.
• Capital directed toward lenders that operate transparently.

Allocators and trustees can reach CPCA through the Get Involved page.

CPCA does not publish lender names, ratings, or bad actor lists, and does not provide legal, investment, or financial advice.