Private credit is one of the fastest-growing segments of today’s capital markets. These loans—made by funds and other investors—were once the domain of large institutions, but regulated funds are increasingly making them available to everyday investors. With that growth come important questions about how funds determine what these assets are worth.

The growth of private credit in regulated funds has sharpened focus on how less‑liquid assets are valued. This paper outlines valuation obligations, explains how funds access private credit, and highlights the judgment involved in assessing these investments—along with how evolving data and market infrastructure may shape valuation practices over time.

As investments in private credit attract more public attention, questions about how these assets are valued are coming into sharper focus. ICI today released a new paper outlining how regulated funds approach private credit valuation and the governance frameworks that support it.