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What fees do private credit lenders charge?

Beyond the coupon, private credit lenders typically charge an upfront closing or arrangement fee, an original issue discount (OID) on funded amounts, an unused or commitment fee on undrawn revolvers and delayed-draw tranches, and prepayment or call protection in the early years. Mezzanine and venture lenders may add warrants or PIK interest in place of cash coupon. Fee levels vary by lender and deal; TerraNova does not publish per-fund fees.

Figures from the researched book · updated Sep 14, 2026 · refreshed daily · rendered Sep 15, 2026