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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