Dechert Drives US$7 Billion in Rated Note Fund Deals in 2025

Thus far in 2025, a cross-practice Dechert team has advised clients on 12 Rated Note fund closings totaling over US$7 billion as well as 5 CLO Equity funds and Collateralized Fund Obligations (CFOs) totaling over US$1 billion. This achievement highlights strong market momentum and consistent execution across multiple jurisdictions.

“Our momentum reflects both repeat mandates and new market entrants turning to Dechert for innovative structuring and efficient execution,” said Ross MacConnell, partner in Dechert’s corporate practice. “We’re focused on helping clients access deeper pools of capital while navigating regulatory and rating considerations.”

The team brings a deep, cross-border bench of 40 partners, counsel and associates and spans key European fund domiciles, including the UK, Ireland, Luxembourg, Germany and France, as well as the U.S., the Middle East and Asia. The group is comprised of Dechert’s funds, structured finance, tax and regulatory lawyers to deliver end-to-end solutions from structuring through rating, issuance and distribution.

“Clients choose us for cross-border know-how, speed and certainty of execution in a complex, regulated space,” said Arina Lekhel, partner in Dechert’s financial services practice. “Our global platform and integrated team continue to deliver for managers and sponsors as insurance capital solutions evolve.”

These structured fund products are designed to meet insurers’ regulatory and capital allocation needs while giving managers access to deep pools of long-term capital. With well-established relationships and deep knowledge of private and public funds, structured finance, regulatory requirements and tax, Dechert helps asset managers structure, rate and distribute these products to insurers and provides liquidity and risk retention solutions to CLO managers and CFO sponsors.

“Where products involve funds or investors located in Europe, our multi-jurisdictional team is experienced in structuring innovative solutions to address EU and UK regulatory capital and securitization requirements,” added John McGrath, partner in Dechert’s finance practice.

Dechert remains committed to leading market dialogue, with several initiatives planned for the second half of 2025. These include an update to the 2024 GLI Pink Book Chapter on CFOs and a private credit fund structuring report co-authored with AIMA/ACC.

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About Dechert

Dechert is the law firm that helps business leaders lead.

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.

Dechert delivers unwavering partnership so our clients can achieve unprecedented results.