Navigate Risk. Validate Value. Protect Liquidity.
Private credit has entered a new phase. What was once defined by growth and yield is now being shaped by liquidity pressure, valuation scrutiny, and rising credit risk.
PKF O’Connor Davies helps private credit managers and investors bring clarity to complexity—providing independent insight where transparency is limited.
Meet Our Professionals
Helen Rexwinkel
Michael Hayes
Why Private Credit Clients Need a Different Advisor
In today’s environment, private credit participants are facing a new set of questions:
- Are portfolio valuations keeping pace with market reality?
- How resilient are fund structures under redemption or liquidity pressure?
- Where are the earliest signs of borrower stress?
- What do investors, boards, and stakeholders need to see to maintain confidence?
We help clients answer these questions with a practical, independent, and multidisciplinary approach that brings together advisory, tax, accounting, and reporting insight.
An independent perspective to help you make confident decisions in an increasingly complex private credit environment.
What We Do
Independent Valuation & Fair Value Support
When marks are under scrutiny, independence matters. We help clients assess, validate, and challenge portfolio valuations with support grounded in sound methodology and financial reporting requirements.
Services include:
- Portfolio valuation review and challenge
- Model validation
- Assumption testing, including discount rates and recovery scenarios
- Fair value support under ASC 820 and IFRS 13
Portfolio Risk Diagnostics
Identify issues before they affect performance. We help managers and investors gain a clearer view of borrower, portfolio, and structural risk through focused diagnostics and stress analysis.
Services include:
- Credit health assessments
- Covenant and liquidity monitoring
- Downside scenario and sensitivity analysis
- Portfolio risk heatmaps and reporting
Liquidity & Structural Advisory
Ensure your structure holds under pressure. Private credit strategies depend on alignment between asset liquidity, investor expectations, and fund structure. We help clients evaluate that alignment before it becomes a problem.
Services include:
- Redemption and liquidity stress modeling
- Fund structure evaluation
- Cash flow forecasting
- Analysis of gates, side pockets, and evergreen considerations
Distressed Credit & Workout Advisory
Act decisively when credits deteriorate. When portfolio companies face operational or financial pressure, we support clients with clear analysis, stakeholder coordination, and restructuring insight.
Services include:
- Restructuring support
- Recapitalization analysis
- Creditor advisory
- Turnaround support for portfolio companies
LP & Investor Advisory
Bring more transparency to limited partners and capital providers. We provide independent reviews that help investors better understand exposures, performance, valuation assumptions, and structural risk across managers and portfolios.
Services include:
- Portfolio reviews across managers
- Fee and performance analysis
- Risk concentration assessments
- Exposure mapping and reporting support
Who We Serve
- Direct lending funds
- Business development companies (BDCs)
- Insurance asset managers
- Pension funds
- Family offices
- Private equity sponsors with credit strategies
- Investors seeking independent portfolio oversight
Why PKF O’Connor Davies
Independent Perspective – In a market where transparency is limited, independent analysis can help build confidence with investors, boards, and stakeholders.
Integrated Capabilities – Our team brings together advisory, tax, accounting, and reporting experience to help clients address issues from multiple angles.
Middle-Market Focus – We understand the operational realities of middle-market and institutional private credit platforms and tailor our approach accordingly.
Partner-Led Execution – Clients work with experienced professionals who stay close to the engagement and focused on practical outcomes.
Insights for a Changing Market
Private credit’s next phase is not just about growth. It is about transparency, liquidity, and trust.
Organizations that can evaluate risk clearly, support valuations credibly, and prepare for structural stress will be better positioned to respond to market pressure and investor scrutiny.
Let’s Start a Conversation
Whether you are evaluating portfolio risk, reviewing valuations, preparing for investor questions, or assessing liquidity resilience, we can help.