What's the real cost of getting a debt fund rated?

Honestly? Probably not at sub-$300M. The rating process is expensive in both fees and the operational overhead it forces — you'll need reporting and risk infrastructure that's heavy for a fund your size.

The math flips around $500M+, where the insurance capital it unlocks more than pays for the apparatus. Below that, build the track record and the institutional-grade plumbing first; the rating is a milestone you grow into, not a shortcut.