Dechert’s private credit and asset-backed finance (ABF) team returned to Las Vegas from February 23–26 for SFVegas 2026, the structured finance industry’s annual cannot-miss event. Although what happens in Vegas is supposed to stay in Vegas, here are a few highlights fit for print:
Private Credit in the Public Eye (Again)
If there was any doubt, SFVegas 2026 confirmed that private credit is no longer “emerging” – it is firmly embedded in the market. What was once a hot topic has become a dominant theme across panels.
Panels on bespoke financing solutions were packed. A standout was “Collateralized Funding Obligations in Focus,” moderated by Dechert’s John Timperio. Just a few years ago, CFOs were niche; this year, they were front and center, reflecting how quickly the market has scaled.
Meanwhile, private credit investment in ABF remains a hot topic, with numerous asset managers looking to either enter the ABF space for the first time or increase their investment in ABF in terms of both volume and variety of asset classes.
Insurance capital continues to fuel this growth, with insurers increasingly leaning into structured products to generate yield and diversify portfolios. With that influx comes greater structural creativity – and, unsurprisingly, more complexity. Market participants appear comfortable with the tradeoff, as innovation continues to outpace standardization. The consensus view was clear: private credit’s role in structured finance is only getting bigger.
AI Mania (With Real Use Cases and Fewer Buzzwords)
Artificial intelligence was everywhere – this time with fewer buzzwords and more practical applications. Panels and hallway conversations focused on how participants are deploying AI, not just theorizing about it.
From analyzing loan tapes in seconds to accelerating document review and flagging risk patterns, firms are embedding AI into their workflows. The result: faster diligence, better structuring and more efficient management of increasingly complex transactions.
That said, legal and regulatory questions are still catching up. Issues around model governance, data integrity and liability remain in play, ensuring that while AI may streamline execution, it will not replace lawyers any time soon.
A Quick Reality Check
The conference glow was set against a more sober backdrop. In the weeks leading up to SFVegas, attention was on rising default risk, particularly among leveraged and rate-sensitive borrowers. In the software space, where private credit exposure is significant, concerns around disruptions have driven redemption pressure across private credit vehicles, while in the consumer finance space, consumer financial health was a topic of conversation given rising delinquency rates in certain asset classes where subprime borrowers are particularly sensitive to rising living costs. Against that backdrop, the constructive tone in Las Vegas was measured. Optimism remains, but with a sharper focus on credit quality, liquidity, downside protection, diversification and reserves.
Closing Thoughts
SFVegas 2026 delivered what it always does: a concentrated burst of dealmaking, trendspotting and industry convergence. The mood remained constructive, pipelines appeared active and attendees returned home with lighter wallets, heavier inboxes and a renewed sense that the structured finance machine is very much up and running.
Of course, the world has not stood still since participants left Las Vegas. The outbreak and escalation of the Iran conflict introduced a new layer of uncertainty. Rising oil prices, market volatility and geopolitical risk are already weighing on market sentiment, with investors reassessing near-term risk. Whether the momentum from SFVegas continues may depend less on what happened in Vegas – and more on what happens next in the world.
