Few firms combine what Dechert does: unparalleled rated debt experience, fund formation expertise across private and registered funds, sophisticated tax solutions, U.S. and EU risk retention and regulatory expertise as well as skill structuring liquidity lines.
That combination lets us navigate the full complexity of transferring and negotiating fund interests in a securitized format, and it's why our lawyers are recognized for their work in this area. In 2025, Dechert was Named “Law Firm of the Year” by Alternative Credit Investor for private credit fund structuring, including rated note funds and CFOs.
We've advised on the transactions that define this market, representing major CFO placement agents and underwriters, managers and debt & equity investors on landmark deals including:
- Ares Capital CFO I & Ares Capital II
- Churchill CFOs I–IV
- Monroe Capital CFO
- Hunter Point Capital CFO
- New Mountain Capital
- Coller Capital PBN I
- Grosvenor Capital CFO
- Sculptor CFO
- Thrivent CFO
- Carlyle CFO
A Trusted Source of Market Intelligence on CFOs and Rated Note Products
Dechert closely monitors developments in the CFO and rated note markets and regularly publishes market-leading insights to help clients navigate evolving structures, opportunities and risks:
- LP-Led CFOs: Their Rise and Key Considerations
- Rated Note Fund Market Update 2026: "Not Throwing Away Their Shot"
- CFO Market Update 2026: The Room Where It Happens
- Dechert Files Comment Letter in Response to NAIC's Proposal for Multi-Collateral Structured Credit Investments
- Duration Is Not Destiny: The NAIC's Proposal for Multi-Collateral Structured Credit Investments
- CLO Equity Fund Market 2026 Update: Clearing Skies
- Preference Given: Preferred Equity's Growing Reach Across Structured Finance
- Dechert published a “Collateralized Fund Obligations” chapter in Global Legal Insights (GLI)'s Fund Finance 2025 and 2026 editions, also known as the “Pink Book,” covering the fundamentals of CFOs, including their structure, key terms and features and important considerations, and more.
- In 2022, our team authored a ground-breaking white paper describing the re-emergence of CFOs, which have their roots in the early 2000s and had previously been more of a niche product focused primarily on providing liquidity for limited partnership (LP) interests of private equity funds.
- This article drew the attention of industry observers and reporters alike, resulting in a follow-up article by the Financial Times which quoted Dechert partner John Timperio.
