You underwrite the lender as much as the borrower, and the lender's appraisal quality is the one thing you cannot see.
A guarantee sits behind a file the fund will probably never open.
What an audit of a partner does not reach
You can audit a partner institution's credit policy, its board minutes, its audited accounts. What none of those hold is how the officer actually worked the file on the day: which questions were asked, which were skipped, which evidence was accepted unreconciled. Your exposure sits precisely there.
Screening against a mandate
Eligibility is a screen before it is an appraisal, which matters when your mandate is written in outcomes and the pipeline keeps bringing you trades nobody wrote a checklist for.
The climate overlay, in your own terms
The overlay carries the vocabulary you already work in, country ownership and the National Designated Authority's no objection among it. LitFin holds no accreditation from, and no arrangement with, the bodies that publish these criteria.
It raises the floor one partner at a time
A partner working this way holds the working of every file it appraised. You are not given a view into their book. They are given something to hand you.