Dechert Advises Barings on the Launch of Europe’s First Multicurrency Private Credit CLO

Dechert advised Barings, a leading investment manager, on the launch of Europe’s first multicurrency private credit CLO, Barings Euro Middle Market CLO 2025-1 DAC. With Euro and Sterling tranches, it is the first of its kind to combine a multicurrency structure with a portfolio targeting exclusively private credit assets, directly originated by Barings’ European Private Credit Platform.

This is Dechert’s second landmark transaction with Barings, having advised Barings last November on the first-ever European Middle Market Private Credit CLO. The Dechert team, which has advised as drafting counsel on each European Private Credit CLO to date, also advised Ares Management on its first European Direct Lending CLO earlier this year.

Dechert’s top-ranked securitization, investment adviser and fund lawyers represent issuers, placement agents, collateral managers and equity investors in CLO transactions, including middle-market balance sheet and broadly syndicated arbitrage CLOs, across the United States and Europe.

The cross-border Dechert team that advised Barings was led by global finance partners Aaron Scott and Christopher Duerden with associates Rory O’Connor and Edmund Mayne. The tax team that advised on this matter was led by partners Daniel Hawthorne and Craig Cohen along with associate Nicolas Kokkinos.

About Dechert

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For more than 150 years, we have advised clients on critical issues – from high-stakes litigation to first-in-market transaction structures and complex regulatory matters. Our nearly 1,000 lawyers in commercial centers worldwide are immersed in the key sectors we serve – financial services, private capital, real estate, life sciences and technology.

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