Private Credit FAQs for Responsible Investment Certification

RIAA has developed a set of Frequently Asked Questions (FAQs) to support the application of the Responsible Investment Standard to private credit funds and asset classes within the Responsible Investment Certification Program.

The growth of private credit across direct lending, infrastructure debt, real estate debt, asset-backed lending and other private market strategies has highlighted the need for greater clarity on how Certification requirements apply in practice. While the Responsible Investment Standard is designed to be asset-class agnostic, private credit structures often present unique considerations relating to transparency, borrower due diligence, stewardship, exclusions screening, sustainability-linked lending and impact claims.

The FAQs are intended to provide practical guidance on how the principles and requirements of the Responsible Investment Standard may be interpreted and assessed in a private credit context. They draw on RIAA's assessment experience, evolving market practice and relevant responsible investment, stewardship and private markets guidance from Australia, New Zealand and global markets.

The guidance is designed to support consistent assessment outcomes, strengthen the integrity of Responsible Investment claims and assist product providers in understanding how Certification expectations may apply to private credit strategies.

As with all aspects of the Certification Program, private credit products will continue to be assessed on a case-by-case basis, having regard to product design, investment strategy, portfolio construction, lending practices, stewardship activities and disclosure practices.

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For other RIAA resources on private credit or private markets see below.

• Learn more about responsible investment approaches across private credit and other private markets in RIAA's fact sheet.
• Read RIAA’s recommendations on transparency, stewardship and market integrity across Australia’s public and private markets.
• Explore RIAA’s position on responsible KiwiSaver investment in private assets.
• Read RIAA’s position on transparency and look-through disclosure for managed investment schemes and underlying assets.