Untitled private-credit case

—A1DRAFTruleset-2026.03.1Owner M. BodockyUpdated 47m ago

27 known3 unknown2 not applicable0 not capturedof 32 requirements

All hard inputs resolved

3 requirements are UNKNOWN with a recorded reason. UNKNOWN is carried into rule evaluation as unresolved — it is never interpreted as PASS, and never defaulted to zero. Candidates depending on them will be returned as CONDITIONAL rather than FEASIBLE.

Case

Mandate identity, use case and target outcome.

Requirement	State	Value / reason / basis
Primary outcome objective case.objective	KNOWN	Tax-efficient income distribution
Pilot use case case.usecase	KNOWN	A1 private-credit loan/receivable
Target notional case.notional	KNOWN	42
Pre-existing wrapper preference case.wrapperpref	N/A	basisClient explicitly asked for an outcome-first assessment; no incumbent wrapper.

Client / Manager

Sponsor, manager and delegation setup.

Requirement	State	Value / reason / basis
Sponsor / originator client.sponsor	KNOWN	Nordhaven Capital Partners
Appointed AIFM / manager client.manager	KNOWN	Third-party AIFM (LU)
Portfolio management delegation client.delegation	KNOWN	Delegated to sponsor

Underlying / Asset

Asset nature, jurisdiction and concentration.

Requirement	State	Value / reason / basis
Underlying instrument type under.type	KNOWN	Mezzanine loan
Borrower / asset jurisdiction under.jurisdiction	KNOWN	Germany
Single-obligor concentration under.concentration	KNOWN	100
Security package under.security	KNOWN	Second-ranking share pledge over the German OpCo plus assignment of intercompany receivables.
Loan origination by the vehicle under.originated	KNOWN	Yes

Investors

Investor types, domiciles and count.

Requirement	State	Value / reason / basis
Investor types inv.types	KNOWN	Professional (MiFID), Well-informed
Investor domiciles inv.domiciles	KNOWN	Germany, Switzerland, Luxembourg
Expected investor count inv.count	KNOWN	14
US persons admitted inv.usperson	KNOWN	No

Access

Custody, settlement and distribution rails.

Requirement	State	Value / reason / basis
Required custody rail acc.custody	KNOWN	ISIN / ICSD settlement
Target platforms acc.platforms	KNOWN	Private bank custody, Direct subscription
Depositary appointed acc.depositary	UNKNOWN	reasonDepositary RFP closes 2026-09-26; two LU candidates still outstanding.

Tax

Withholding, treaty and transparency objectives.

Requirement	State	Value / reason / basis
Tax objective tax.objective	KNOWN	Minimise withholding leakage
Expected source withholding on interest tax.wht	KNOWN	0
Treaty access required tax.treaty	KNOWN	Yes
Fiscal transparency required by investors tax.transparency	KNOWN	Preferred
Substance capacity in vehicle jurisdiction tax.substance	UNKNOWN	reasonSubstance model depends on the AIFM finally appointed; pending manager selection.

Time

Launch window and hard deadlines.

Requirement	State	Value / reason / basis	Traceability
Target launch window time.launch	KNOWN	8–16 weeks
Hard external deadline time.harddeadline	KNOWN	First drawdown must occur before 2026-12-15.

Distribution / Regulation

Marketing scope and regulatory perimeter.

Requirement	State	Value / reason / basis
Marketing countries dist.countries	KNOWN	Germany, Switzerland, Luxembourg
Intended distribution regime dist.regime	KNOWN	AIFMD professional passport
Pre-marketing already performed dist.prewarn	N/A	basisNo pre-marketing performed; mandate is bilateral with identified investors.

Liquidity

Redemption model and lock-up tolerance.

Requirement	State	Value / reason / basis
Liquidity model liq.model	KNOWN	Closed-ended
Acceptable lock-up liq.lockup	KNOWN	Until maturity
Secondary transferability required liq.secondary	UNKNOWN	reasonTwo Swiss investors are still confirming whether internal policy requires transferability.

Synthetic demo data. Wrappers, rules, evidence and scores are fabricated for design review and are not legal, tax or regulatory advice.