The Standards Board for Alternative Investments (SBAI) recently published memoranda regarding three issues in private credit strategies: fund structuring, valuation and conflicts of interest. While the memoranda provide investors with useful questions to ask when investing in a credit strategy, they are also intended to provide guidance to alternative credit fund managers. This two-part series discusses the key takeaways from the memos, including insights from SBAI executive director Thomas Deinet. This second article examines the fund structuring and valuation memoranda. The first article provided general background on the SBAI and summarized the conflicts of interest memorandum. See our two-part series on an ACC study on credit funds: “Continued Growth in Private Credit, Despite Headwinds” (Jan. 16, 2020); and “Outlook for Private Credit ” (Jan. 23, 2020).