监管基金中私人信贷资产的估值治理考虑

April 2026 Table of Contents 1Introduction2Background2Funds’ValuationObligations2Valuation Frequency4Private Credit in Fund Portfolios and the Fair Value Framework5Unlisted CEFs and BDCs and Their Investments in Private Credit8Growth in Private Credit Markets10What Is Private Credit?12Private Credit Investments and Regulated Funds13Private Credit Valuation Challenges and Considerations16Risk- and Materiality-Based Considerations for Private Credit Valuation18Key Areas of Ongoing Monitoring Relevant to Private Credit Valuation19CreditMarketConditionsandMonitoring21PortfolioCompanyandInvestment-SpecificDevelopments21ContractualandCovenantDevelopmentsMonitoring22Benchmarking23Looking Ahead: Evolving Market Infrastructure and Data Availability23IntegrationofAdvancedAnalyticsandArtificialIntelligence24Conclusion25Appendix Acknowledgments JasonNagler,seniordirectoroffundaccountingandcompliance,authoredthispaper;MatthewThornton,deputygeneralcounsel,andMichaelSpratt,associategeneralcounsel,providededitorialassistance;andShaneWorner,seniordirector,industryandfinancialanalysis,andJamesDuvall,assistantdirector,industryandfinancialanalysis,providedresearchassistance. WearegratefulforthecollaborativecontributionsofICI’sSecurityValuationOperationsCommitteePrivateCreditWorkingGroup,whosemembersprovidedsubstantivefeedback,sharedpracticalexperience,andhelpedshapetheconsiderationspresentedherein,andtoStoutRisiusRoss,LLC,DeloitteandToucheLLP,andDebevoise&PlimptonLLPfortheirtechnicalandlegalexpertiseandreview. ICIdevelopedthispaperforthebenefitofitsmembersandtheassetmanagementindustryandissolelyresponsible for its content. TheInvestmentCompanyInstitute(ICI)istheleadingassociationrepresentingtheassetmanagementindustryinserviceofindividualinvestors.ICI’smembersincludemutualfunds,exchange-tradedfunds(ETFs),closed-endfunds, and unit investment trusts (UITs) in the United States, and UCITS and similar funds offered to investorsinotherjurisdictions.Itsmembersmanage$45.3trillioninvestedinfundsregisteredundertheUSInvestmentCompanyActof1940,servingmorethan125millioninvestors.Membersmanageanadditional$10.4trillioninregulatedfundassetsmanagedoutsidetheUnitedStates.ICIalsorepresentsitsmembersintheircapacityasinvestmentadviserstocollectiveinvestmenttrusts(CITs)andretailseparatelymanagedaccounts(SMAs).ICIAssociateMembersincludeserviceproviderstomemberfirmsandCITtrustcompanies.ICIhasofficesinWashington,DC,Brussels,andLondon. The content contained in this document is proprietary property of ICI and should not be reproduced ordisseminatedwithoutICI’spriorconsent.Itisnotintendedtobe,andshouldnotbeconstruedas,legalorinvestmentadvice.Eachfirmshouldmakeindependentdecisions,ifany,basedontheinformationinthisdocument and other appropriate considerations. Copyright©2026bytheInvestmentCompanyInstitute.Allrightsreserved. Introduction Thegrowthofprivatecreditinvestments1inregulatedfundshasbroughtincreasedattentiontothevaluationof assets that do not trade as frequently, or in comparably transparent markets, as traditional public equity orfixedincomeinvestments.Thisinvestingispredominantlyinclosed-endfunds(CEFs),includingtraditionalCEFs,interval funds, tender offer funds, and business development companies (BDCs), and happens to a lesser extentinopen-endmutualfundsandexchange-tradedfunds(ETFs).2 Thispaperbeginsbyoutliningregulatedfunds’valuationobligations.Itthenprovidesanoverviewofprivatecredit,includingkeyinvestmenttypesandhowregulatedfundsgainexposure.Thepapernexthighlightsimportantconsiderationsinvaluingtheseinvestments,whichofteninvolveameaningfuldegreeofexpertjudgment,includinghowfundsmaymonitormarketconditionsandinvestment-specificdevelopmentsbetweenperiodicormarket-drivenvaluationassessments.Itconcludeswithobservationsonhowevolvingmarketinfrastructureanddataavailabilitymayinfluencevaluationpracticesovertime. Thispaperisnotintendedtoprescribespecificvaluationmethodologiesorrevaluationfrequencies,nortoestablishvaluation“bestpractices.”Rather,ithighlightsconsiderations,basedoncommonlyusedapproaches,forfunds,boards,andtheirinvestmentadvisers(i.e.,“valuationdesignees”)whendesigningandapplyingvaluationprocessesthatareconsistentwithapplicableregulatoryandaccountingrequirements,whileremainingoperationallypractical. Background Funds’ Valuation Obligations Valuationhaslongbeenacorelegal,regulatory,andaccountingresponsibilityforfunds.Awell-functioningvaluationprocessiscriticallyimportanttofundsandtheirshareholders.TheSecuritiesandExchangeCommission(SEC)hasstated,“Propervaluation,amongotherthings,promotesthepurchaseandsaleoffundsharesatfairprices, and helps to avoid dilution of shareholder interests. Improper valuation can cause investors to pay fees thataretoohighortobasetheirinvestmentdecisionsoninaccurateinformation.”3Proper valuation also helps ensureaccuratetotalreturnperformancecalculations,whicharebasedonchangestoafund’snetassetvalue(NAV). Funds’valuationpracticesareguidedbythe1940Actandaccountingstandards.4Section2(a)(41)ofthe1940Actes