Dechert Drives 65+ BDC and Private Credit Fund Capital Markets Deals Totaling Over US$17.5 billion in 2025

Dechert advised on more than 65 transactions across the private credit fund and BDC landscape over the past twelve months, with aggregate capital markets deal value (not including dollars raised through continuous equity offerings by non-traded funds) exceeding US$17.5 billion. The deals spanned the public and private capital markets and underscore the depth of our bench and the breadth of our capabilities.

“The results reflect true cross‑practice collaboration, across capital markets, finance, funds, regulatory and tax,” said Tom Friedmann, partner in Dechert’s Boston office and co-head of Dechert’s Permanent Capital Practice. “We’re helping sponsors and BDCs access a broader range of investors and lower cost of capital through innovative structures and programmatic financing tools.”

Our team counseled business development companies, registered closed‑end funds, interval funds, private credit funds and other private credit investment vehicles on a wide range of offerings and transactions, including:

• Public and private notes offerings (including unsecured and convertible).
• Preferred and common equity offerings (IPOs, public follow‑ons and private placements).
• At‑the‑market programs (equity and investment‑grade notes), including establishments and renewals.
• Shelf registrations and takedowns.
• Exchange and tender offers.
• Other related financing arrangements.

“Our BDC and ’40 Act experience is embedded in every offering document and process, helping clients manage leverage, other regulatory requirements and disclosure with confidence,” said Bill Bielefeld, partner in Dechert’s Washington, D.C. office and co-head of Dechert’s Permanent Capital Practice.

“Our team is proud to represent more than 100 BDCs, including those from 18 of the top 20 managers in Private Debt Investor’s BDC Manager Rankings (both public and private),” added Harry Pangas, a partner in Dechert’s Washington, D.C. office and co-head of Dechert’s Permanent Capital Practice. “We also represent more than 70% of all private credit interval funds with more than US$750 million in assets. We advised both issuers and underwriters across these engagements, supporting first‑time and seasoned issuers alike.”

About Dechert’s Private Credit Practice

Dechert has advised private credit clients for more than 30 years, helping them to innovate and thrive as the industry has grown into a complex and diverse US$3 trillion 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 more than 80% of Private Debt Investor’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.

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