Private debt fund governance issues

At least up until the onset of the coronavirus crisis private debt, which is a relatively new asset class, had been booming. But whilst there is a lot of information that one can find this strategy there is really nothing at all on the governance arrangements of private debt funds.
If the tide now goes out on the private debt market, revealing yet more frauds, (particularly in the US), will a lot reason be because of the poor fund governance structures?

Private equity is the nearest governance model to follow for this asset class. Many of the managers that have diversified into it come from the private equity world. In the US it is common to see a closed ended vehicle that is controlled by the GP as the main fund structure.

To read more on this story see the May issue of The NED.