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1、Trends in Private Credit Fund Structuring 202523Foreword 5Executive Summary 6Research methodology 7Chapter 1 Product design 9 Liquidity management in private credit 10 Leverage 14 Customising access to private credit assets 17Chapter 2 The rise of retail 23Chapter 3 Serving the needs of insurance cl

2、ients 27Chapter 4 Fund formation and structure 31 Fund domicile and vehicle selection 32 Focus on ECI 34 Fee structures and aligning interests 36About 38Acknowledgements 39Contents45ForewordThe Alternative Credit Council and Dechert LLP are pleased to share the findings of our latest research explor

3、ing current fund structuring and product design trends in private credit.This builds on the findings of our initial 2023 paper,providing a time series of data on product design trends as well as new insights on investor preferences.Private credit has become one of the most dynamic and influential se

4、gments of global capital markets.As the industry matures,so too does the need for clear insights into how funds are structured,governed and accessed by investors.This report provides timely and practical analysis that will benefit investors,asset managers and policymakers alike.For investors,the fin

5、dings offer a unique window into how managers are responding to their evolving demands.Our research highlights how the needs of investors are reshaping fund structuring across multiple dimensions liquidity,leverage,customisation,retail participation and the specific needs of insurers,as well as the

6、need for tax neutrality and fee structures which align interests.These insights will enable investors to better evaluate fund offerings,assess alignment of interests and make informed decisions that match their portfolio objectives.For asset managers,the report highlights the tools and structuring s