ILPA-aligned reporting plus credit-portfolio depth for private debt LPs
Private credit LPs care about a different set of disclosures than equity LPs. Yield-to-maturity, PIK (payment-in-kind) accrual, weighted-average coupon, default rate, recovery rate, and the loan-by-loan composition of the portfolio drive their underwriting more than ILPA fee disclosure does. Ashta extends the standard ILPA packet with these credit-specific disclosures, computed from the loan ledger and reconciled against the fund's capital activity.
What changes when you run ilpa reporting for private credit
| Dimension | Result | How it works |
|---|---|---|
| Loan-level disclosures | Yield · PIK · Maturity · Seniority | Each loan emits its own row in the supporting schedule; aggregated to the fund WAC. |
| PIK accrual tracking | Quarterly mark | Non-cash interest accrued is recognised on the fund NAV and disclosed per loan. |
| Default + recovery rate | Portfolio + by vintage | Defaults flagged at the loan level; recovery tracked through workout to final resolution. |
| Weighted-average coupon | Live | Recomputed at each NAV publish from the active loan book. |
Common questions about ilpa reporting for private credit
How does Ashta handle PIK accrual and non-cash interest in private credit reporting?
PIK is modelled as a separate interest accrual on each loan that pays in kind. The accrued amount is recognised on the fund NAV at each publish, surfaced per loan on the supporting schedule, and disclosed in aggregate in the LP packet so the LP can see the share of fund return that is cash-pay versus PIK.
Can Ashta report default rate and recovery per vintage cohort?
Yes. Default events are flagged at the loan level with the workout stage and projected recovery. The reporting packet aggregates default rate by vintage cohort (loans originated in 2022 vs 2023 vs 2024), and recovery rate is tracked through the workout lifecycle from first default flag to final resolution.
How does Ashta surface weighted-average coupon and yield-to-maturity in LP reporting?
WAC is recomputed at each NAV publish from the active loan book, with the LP packet showing both the current WAC and the trailing 4-quarter trend. Yield-to-maturity is computed per loan based on remaining cash flows and aggregated at the fund level, alongside a distribution of YTM by seniority tier.
Does Ashta handle private credit funds with both first-lien and mezzanine exposure in one packet?
Yes. Loans are tagged by seniority (first lien, second lien, unitranche, mezzanine, equity kicker) and the LP packet surfaces both the portfolio composition by seniority and the yield contribution by tier. Risk-adjusted return metrics are computed against the seniority mix.
See ilpa reporting running against a private credit fund
A 30-minute walkthrough against your fund structure — no slides, just the workflow.