Private Credit
Covenant represents lenders and institutional investors in private credit transactions, applying the same approach it brings to fund investments: data extraction, issue spotting, and benchmarking against the client's own portfolio. Whether committed through a fund or extended directly to a borrower, credit agreements are reviewed with the same rigor as any other private markets matter.
Every private credit matter,
fully covered
Direct lending
Senior secured, unitranche, and mezzanine facilities are negotiated and executed on behalf of lenders extending credit directly to borrowers.
Syndicate-side review
A single lender inside a syndicate is represented apart from syndicate counsel, which works for the group and prioritizes consensus. Covenant provides a preliminary read on economic and structural terms before the full legal review concludes, benchmarked against that lender's own portfolio, so a deal team can negotiate pricing, fees, and covenants while those terms remain open. Review is targeted and lender-specific, fitting alongside syndicate counsel's work rather than duplicating it.
From draft to negotiation,
while terms are still open
Documents are submitted.
Credit agreements and related materials are shared as soon as they're received.
Covenant runs the review
An AI-assisted process flags key economic and structural terms and benchmarks them against the client's own portfolio.
Terms come back sorted: Standard, favorable, unfavorable.
A concise summary identifies recommended negotiating points alongside the read.
Negotiation moves forward with a clear picture.
The deal team enters discussions informed by Covenant's analysis, with review tailored to each investor's own strategy and portfolio, not applied as generic documentation.
Credit experience from both sides of the table
Richard leads Covenant's private market practice. Richard brings deep expertise in the full lifecycle of private markets transactions and an innovative vision on how AI will change institutional investing. Previously, Richard served as General Counsel of CVC Capital Partners.
Herman leads Covenant's direct investments and venture financing practice. Previously practiced at O'Melveny & Myers in corporate finance and credit. Herman has represented a variety of venture funds as well as companies in venture financings, giving him a deep understanding of venture transactions and the players that are involved.
Built for institutional scale
Ready to get started?
Submit a credit agreement for a free review, or start a conversation with our team.