Private Credit
Dechert has advised private credit clients for over 30 years, helping them to innovate and thrive as the industry has grown
into a complex and diverse multi-trillion-dollar market.
We create value on the full spectrum of strategies and sub-strategies, including asset- based, distressed debt, permanent capital, direct lending, subordinated debt, specialty financing, special situations and venture debt. With 80% of PEI Private Credit's top 100 private credit firms as clients, we offer market‑leading fund formation, financing, regulatory, M&A and tax expertise across the U.S., Europe, the Middle East and Asia. Dechert’s global private credit work, overseeing hundreds of private credit funds and transactions each year, enables us to provide exceptional market insight and innovative structuring.
We draw on the strengths of Dechert lawyers across disciplines to help private credit clients see around corners and succeed in today’s increasingly competitive environment. We engage with key industry stakeholders across jurisdictions, including working with trade bodies and industry groups to navigate regulatory challenges and shape the industry’s future, providing clients with early insight into how the market is developing and evolving.
Winner, Law Firm of the Year Private Credit Fund Structuring
One of Two Top-Ranked Law Firms Globally in PDI's Hall of Fame having won nine "Law Firm of the Year" titles over the contest's 13-year history
Finalist, Law Firm of the Year Private Credit Transactions
Alternative Credit Investors, 2026
Private Debt Investor , 2025
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The numbers:
10 / 10 We advise all of the top 10 global asset management firms
80% 80% of PEI Private Credit's top 100 private debt firms are represented by Dechert
50 50 CLO managers work with Dechert, more than any other law firm
30 + Years in private credit
220 + Financial services M&A
18 of the top 20 public and private BDC managers are clients 18 / 20
deals since 2019, with more than 30 in 2025 alone
US$1T Advised on financings exceeding US$1 trillion over the past 5 years, representing leading financial institutions, private capital firms and alternative asset managers
We advise more than 50% of all publicly traded and private BDCs 50%
We represent 70% of all credit interval funds with more than US$750 million in assets 70%
^ Advised on the largest sustainability-linked private credit financing
^ Founder member of the Credit Managers General Counsel Network
^ Founder member of AIMA’s Alternative Credit Council’s legal and technical working group
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The firm is able to provide thought leadership on emerging and evolving regulatory requirements on a cross-border scale, with a particularly strong focus on risk retention matters. Client Quote, Chambers USA “
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How we help you achieve your objectives Private Credit Fund Formation and Regulatory Team Fund Formation
Permanent Capital Dechert’s experience with permanent capital dates back to the 1980 legislation that created business development companies (BDCs) and exempted them from some of the 1940 Act’s more onerous restrictions. Our multidisciplinary team is actively engaged in all aspects of the representation of alternative investment platforms and investment management companies, including public and private BDCs, ELTIFs, closed-end funds, interval funds, and other permanent capital vehicles. We guide clients not only through legal and business trends and developments, but also the regulatory hurdles and market terms.
We work with our clients to determine the most appropriate fund structures for their business goals. Dechert clients benefit from our global knowledge of private credit and where it’s headed, including the current state of fund terms, market trends and structural innovations gained by launching numerous funds per year. Private credit fund structuring often requires careful navigation with a close eye on tax, regulatory and compliance, marketing and sustainability concerns, particularly when customizing for a global investor base. We represent credit funds of all types, encompassing liquid credit, hybrid and less liquid private-equity-style credit strategies, including direct lending, mezzanine, distressed, special situation, private credit secondaries and CLO captive equity funds, as well as investment funds tailored for investment into structured products.
DeALS Team Asset Leverage Solutions Structured Finance
Drawing on the combined experience of our fund formation and structured products teams, our lawyers are uniquely placed to advise managers and borrowers on a variety of fund financing structures, including Collateralized Fund Obligations (CFOs) and rated feeders. Dechert also represents asset managers and their lenders in leverage strategies for private credit funds, including asset-backed lending facilities, bankruptcy-remote financings, CLO warehouse facilities, bond issuances, repurchase facilities and other bespoke financings. We pride ourselves on being a solutions provider for our clients, particularly in transactions that are market firsts or require creativity.
The most prolific CLO players turn to Dechert as counsel in connection with the formation, operation and compliance of CLO platforms as well as risk retention capital formation strategies and private credit solutions. We are a trusted adviser to some of the largest asset managers with respect to their most complex structured credit/CLO strategies as well as supporting underwriters and equity investors. We lead the market in the representation of issuers, placement agents, collateral managers and equity investors in CLO transactions, including middle‑market balance sheet CLOs, private loan securitizations and broadly syndicated arbitrage CLOs in the U.S. and Europe.
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Fund Leverage As we regularly advise the largest private credit market participants on the most sophisticated transaction structures and leverage strategies in the market, we are able to guide clients through the most appropriate financing solutions. We advise asset managers and their lenders in loans to private credit funds to finance investments in middle market and broadly syndicated corporate loans. Our team has expertise in a wide range of established and newer solutions, including asset-based facilities, structured financings, unsecured issuances, repos, and bespoke and esoteric products. Fund Finance We can help with a wide array of fund-related financing, including subscription facilities, NAV facilities, hybrid facilities and asset‑backed loans. We deliver on all aspects of fund finance for financial institutions, alternative lenders, asset managers and investment funds, including providing input on debt and leverage issues at the time of fund formation and in connection with downstream structuring and transactions. We deliver effective deal structuring and execution, drawing on a deep understanding of fund structures and the financing options available to fund entities. Direct Lending We support lenders across all layers of the capital structure, including unitranche, senior credit facilities, first lien/second lien financings, mezzanine financing, Holdco PIK financing, equity and preferred equity. We advise on the full range of financing transactions from performing credit through to special situations lending and rescue financing and on the implementation of direct lending strategies, including bilateral, club and syndicated lending for private equity-backed buyouts, management buyouts, and other corporate and M&A transactions. Overall, we can provide insight into the latest terms and current state of the market to support your business objectives.
Asset-Based Finance As private credit managers increasingly look to collateral-based cash flows to either facilitate their financing requirements or as an investment to support a diverse portfolio mix, Dechert has the expertise to assist in the purchase and financing of a broad array of assets, including auto loans, unsecured consumer loans, mortgages, credit card receivables, solar-related receivables and esoteric assets. We leverage our cross- disciplinary strength and commercial, innovative approach to provide efficient execution of our clients’ transactions. Special Situations and Restructuring Combining specialists in financial restructuring, global finance, capital markets, PE and regulatory matters, we support clients by offering comprehensive, market-savvy advice on complex stressed, distressed and restructuring situations involving private credit. Our integrated approach helps clients navigate challenging economic, business, legal and regulatory issues at every stage of the private credit life cycle and across the capital stack. We work with clients to develop and implement liquidity solutions. Further, we advise some of the leading distressed funds and investment firms on in- and out-of-court financial and operational restructurings and workouts, including liability management transactions.
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Financial Services M&A Team M&A and Strategic Transactions With private credit market consolidation and strategic collaborations expected to rise, we help develop and deliver financeable deals with a focus on speed-to-market execution, optimized deal structures and practical terms that address the specific risks associated with the regulatory environment in which our private credit clients operate. We have advised countless asset managers, insurance companies and other financial services institutions on M&A, joint ventures, reorganizations and other strategic transactions and regularly represent clients seeking to expand their product offerings, AUM or both, through innovative domestic and cross-border transactions, calling on specialists from our world- renowned asset management, M&A, PE and finance capabilities. We are also at the forefront of the growing secondaries market, having advised on the world’s largest private credit secondaries transaction.
Sustainability We help private credit managers across the U.S., Europe, Asia and other jurisdictions from institutional investors to portfolio companies navigate the growing and rapidly developing ESG and sustainability-related regulatory landscape, designing ESG and sustainability‑related policies and procedures and sustainability-linked private credit financings. Global Tax Tax laws and regulations are more than just considerations; they often drive business strategy, structure, and deal consummation in the private credit space. With global tax lawyers who are fully integrated into our private credit solutions, clients count on Dechert to anticipate and resolve tax issues related to structuring funds, joint ventures, securitizations, novel financing structures and financial products, and M&A transactions.
Leading private credit fund managers rely on us
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How you can benefit from our platform
Information Advantage ^ Receive market data and insights from The Cred, Dechert's premier source for private credit industry insights, on evolving fund structuring solutions and financing structures, strategies and market terms across private credit strategies, including asset-based, distressed debt, permanent capital, direct lending, subordinated debt, specialty financing, special situations and venture debt. ^ Hear an inside view into the private credit market and its future, with knowledge gained through Dechert's role as a founding member of key industry groups and committees, such as AIMA’s ACC Legal and Technical Working Group and the Credit Managers General Counsel Network, as well as through our industry-leading events like the Private Credit Summit in New York and London. Integrated Team ^ Access a multi-disciplinary team that combines fund formation, structured finance, corporate financing, regulatory, corporate/M&A and tax expertise across the private credit industry life cycle to provide seamless and flexible service . ^ Access to a breadth of expertise rooted in practical experience working alongside clients at the forefront of the private credit industry.
Innovative Solutions ^ Bring innovative products and technology to market, including
hybrid fund structures, private loan securitizations, middle market CLOs, rated funds and CFOs, sustainability- linked private credit financings, private credit secondaries transactions and more. We also advise on listed, non- listed, continuously offered, and private BDCs, interval funds, and tender offer funds, and can arrange conversions from one form to another. ^ Achieve a competitive edge by collaborating with an entrepreneurial team taking transformative steps to evolve the private credit industry since its inception, create new market standards and capitalize on opportunities that arise as the private credit industry continues to expand at a rapid rate.
Scale ^ Work with a market leader in private credit for 30+ years . Our team of 350+ private credit lawyers has built up a breadth of knowledge across all private credit strategies and across the capital stack which we use to help identify opportunities and solutions for our clients.
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Dechert is the goliath of law firms in U.S. middle market leveraged finance facilities to funds, separate accounts and BDCs. With their overwhelmingly dominant share of the market, they see the vast majority of deals. Not only are they excellent, intimately knowledgeable and responsive, but they also know the latest terms that borrowers and lenders are agreeing to, which is highly valuable in a negotiation. Client Quote, Legal 500 U.S.
Excellent fund finance practice, with partners who know everything about the market and commercial terms
expected by clients. Legal 500 UK, 2026
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International Recognition
#1 U.S. CLO Issuer Counsel Asset-Backed Alert , 2025
#1 U.S. Middle Market CLO Manager's Counsel #2 Broadly Syndicated Loans Manager’s Counsel 9fin , 2025
“Fund Formation Law Firm of the Year” for Europe PDI Annual Awards, 2025 “Best Law Firm for Private Equity / Private Credit” With Intelligence's HFM European Awards, 2025
“CLO Law Firm of the Year” GlobalCapital U.S. Securitization Awards , 2016-2026 “CLO Deal of the Year” and “Overall Securitization Deal of the Year” GlobalCapital European Securitization Awards, 2026
Ranked Among the Top Ten Law Firms ^ US Loans: Legal Adviser – Borrower (by deal count and volume) ^ US Leveraged Loans: Legal Adviser – Borrower (by deal count) ^ Global Loans: Legal Adviser – Borrower (by deal count) Bloomberg , 2025
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Legal 500, 2025-2026 ^ Ranked for Commercial Lending: Advice to Lenders/Private Credit in the U.S. ^ Ranked for Investment Fund Formation and Management: Mutual/Registered/Exchange-Traded Funds in the U.S. ^ Ranked for Capital Markets: Debt, Equity and High-Yield in the U.S. ^ Ranked for Structured Finance: Securitization in the U.S and Securitization in the UK. ^ Ranked for Investment Fund Formation and Management: Fund Finance and Private Funds in London. ^ Ranked for Banking & Finance in Latin America and Luxembourg. Chambers and Partners, 2025-2026 ^ Ranked as tier 1 for registered funds since the publication’s inception in the U.S. ^ Ranked among the top law firms for Banking & Finance and Capital Markets: Securitization with areas of strength across ABS, CLO, SFR, CMBS, and CRE CLO transactions in the U.S. ^ Ranked in the spotlight table for Private Equity: Credit Funds in the UK. ^ Ranked among the top law firms for Investment Funds in Asia-Pacific, China, Ireland, Luxembourg, Middle East, the UK and the U.S. ^ Ranked among the top law firms for Banking & Finance: Lenders: Mid-Market in the UK.
Global Restructuring Review, 2018-2025 ^ One of the world’s top restructuring law firms for cross-border and insolvency matters in Global Restructuring Review’s “GRR 30” listing for eight consecutive years.
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Attorney advertising. Prior results do not guarantee a similar outcome. PRG1000023 4-14-26
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