THE CRED Convos

As the rated note feeder market continues to grow, horizontally sold rated feeders are becoming increasingly common. In this edition of THE CRED Convos, Dechert partner Lindsay Trapp is joined by counsel Blake Gilson to highlight what differentiates horizontally sold feeders from vertical structures for both investors and asset managers, the challenges of subscription lines in these feeders, the management of cash in these structures and much more.

In this edition of THE CRED Convos, Lindsay Trapp sits down with fellow partners Jean-Louis Frognet and Olivier Gaston-Braud from Dechert’s Luxembourg office to discuss the different types of structures that give investors exposure to private credit in Luxembourg, the growing interest in securitization across Europe, the “Luxembourg toolbox” for structured credit and much more!

Join Dechert partners Lindsay Trapp and John McGrath on the latest edition of THE CRED Convos as they highlight recent changes to the UK’s Matching Adjustment regime and examine the complexities of Europe’s securitization regulation, which also impacts rated funds outside of the EU if a master fund is based there.

What’s next for rated products and the insurance sector? Ares Management Corporation’s Liya Pozdeeva discusses the rise of rated note fund structures for the insurance sector, including how this trend is tracking in the UK and Europe, as well as regulatory considerations.

Dive into the growing rated funds and fund finance market as Dechert global finance partner Lindsay Trapp sits down with Thomas Speller, Senior Managing Director and Global Head of Fund Finance at KBRA, to discuss the expansion of asset classes, the methodologies for rating these assets, the impact of leverage on ratings, the complexities of evergreen fund structures and much more!

In this edition of THE CRED Convos, Dechert global finance partner Lindsay Trapp and counsel Blake Gilson highlight how the flexibility and structure of leverage rated issuers are transforming the fund financing landscape since the product’s emergence in the space within the last year.

How are resilience, growth and innovation shaping the future of the private credit industry? Arcmont Asset Management Partner and Co-CIO Mattis Poetter discusses private credit’s unique journey since Arcmont was established in 2011, the technological advancements that have helped identify trends early, private credit investors’ need for long-term sustainability and much more.

Private credit is more than just direct lending, so what other industry opportunities should asset managers hone in on? Dan Pietrzak, KKR’s Global Head of Private Credit, highlights the estimated US$6.1 trillion asset-based finance market, growth factors in the private debt market, positive fundraising outcomes in private credit and how businesses are preparing for potential headwinds in the years to come.

What trends are driving the private credit industry in Europe? Mike Dennis, Co-Head of European Credit at Ares Management, highlights how private credit is catching up with private equity in European markets, the increasing retail and institutional appetite for the asset class, and private credit’s “huge runway for growth” in Europe.

In this insightful edition of THE CRED Convos, Dechert partner Mikhaelle Schiappacasse sits down with Jeff Cohen, Head of ESG and Sustainability at Oak Hill Advisors and the Acting Vice Chair of the ESG IDP to discuss the project’s development, frameworks and standards informing IDP, the value it brings to the market, how others can support the initiative and much more.

The private credit industry has grown substantially over the past several decades – nearly a $2 trillion market in 2024 – but what key factors are driving its evolution? In this edition of THE CRED Convos, Grishma Parekh, co-head of North American core senior lending at HPS Investment Partners, highlights what makes private credit increasingly appealing to investors and lenders.

In an insightful edition of THE CRED Convos, Golub Capital President David Golub discusses key growth trends to watch in the world of lending to private equity-backed companies in the coming decade.

In this THE CRED Convos vlog, Dechert global finance partner Lindsay Trapp and lateral counsel Blake Gilson discuss updates from the recent NAIC summer meeting focused on structured credit and fund finance. Key topics include the approval of NAIC's ability to demand reviews of credit ratings for securities held by insurers, the lack of published methodologies for review, and potential implications for insurers.

In this THE CRED Convos vlog, Dechert global finance partner Lindsay Trapp and lateral counsel Blake Gilson break down the NAIC’s interim meetings of the Risk-Based Capital Investment Risk and Evaluation working group in late June, focusing on continued discussion around residual tranches, proposed amendments to the NAIC’s policies and procedures manual and more!

In this episode of THE CRED's Structured Credit and Fund Finance vlog series, Dechert global finance partner Lindsay Trapp and new lateral counsel Blake Gilson discuss updates from the annual NAIC Spring Meeting, including residual tranches in rated funds, potential SVO process changes, and what insurers can expect before the organization's Summer Meeting.

In this first episode of our Structured Credit and Fund Finance vlog series, global finance partner Lindsay Trapp and Gopal Narsimhamurthy of KBRA discuss the trends driving growth in the rated funds market as well as factors that fund managers should consider when determining their strategies for investing in new asset classes.