CPCA plans global expansion with Canada first

The Center for Private Credit Accountability says it is expanding beyond the U.S., starting with a new CPCA Canada chapter focused on investor recovery and lending oversight. The move follows work with investors tied to the collapsed Ontario developer RHH Rental Properties and comes as U.S. private credit defaults hit a record 6.3% over the 12 months through August, according to Fitch Ratings.

Why it matters: - CPCA’s expansion signals that private credit risks are no longer just a U.S. issue. - The Canada chapter is designed to help borrowers and investors challenge questionable lending practices and pursue recovery. - The move comes as Fitch Ratings reported U.S. private credit defaults reached a record 6.3% for the 12 months through August.

What happened: - The Center for Private Credit Accountability announced it will go global, beginning with CPCA Canada. - James McManus founded CPCA, which is headquartered in Harlem. - Andrew Long, a former professional hockey player, will be the face of CPCA Canada. - Long invested in RHH Rental Properties Ltd., the collapsed Ontario developer, and brought friends and family in as investors. - CPCA said its Canadian work began with investors in RHH Rental Properties, which operated as Reid’s Heritage Properties and filed for bankruptcy in June 2025.

The details: - RHH Rental Properties had about $94 million in liabilities when it filed for bankruptcy, much of it owed to investors. - CPCA has been helping those investors trace how their money moved into the United States. - Under Canadian law, CPCA Canada will be organized as its own chapter, while the U.S. organization remains the founding body. - The chapter will offer Canadian borrowers and investors support similar to CPCA’s U.S. work. - That includes investigating questionable lending practices, guiding victims through recovery, and pressing for stronger oversight. - CPCA says it pushes for transparency, ethical lending standards, and regulatory oversight in private credit. - The organization educates borrowers, tracks lending data, and serves as an independent vetting resource for union pension funds and institutional investors. - Fitch Ratings reported 14 default events in August alone. - CPCA said London is expected to follow after Canada.

Between the lines: - The expansion suggests CPCA sees cross-border private credit issues as interconnected, especially when investor money can move between Canada and the U.S. - Naming a public face for CPCA Canada gives the new chapter a local entry point tied to a real investor loss case. - McManus framed the issue as a broader regulatory problem, arguing that stronger policies are needed to keep bad actors out of the market.

What's next: - CPCA Canada is expected to be launched as the next chapter. - McManus said Canada is the primary focus for now. - London is the next anticipated market after Canada. - CPCA is likely to continue helping RHH investors trace funds and pursue recovery efforts.

The bottom line: - CPCA is turning a domestic watchdog model into a cross-border one, starting with a Canadian case that highlights the growing overlap between private credit, investor losses, and regulatory gaps.