Structuring Private Credit Funds and their Asset Holding Vehicles |

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Structuring Private Credit Funds and their Asset Holding Vehicles

In the closed ended credit space, we see three core strategies:

• Special Opportunities – funds investing in distressed, stressed and/or mispriced situations, typically but not solely via the secondary market.

• Junior Credit – funds investing predominately in junior or specialist debt with varying levels of equity exposure. These funds are typically investing via the primary market. In days gone by, they may have called themselves mezzanine funds.

• Direct Lending - funds investing in senior secured loans principally via the primary markets.

Notwithstanding these variations in strategy, the structural considerations for these types of closed ended credit fund are similar.

Fund vehicle

To date, the general preference for a closed ended credit fund with a UK or US nexus has been a limited partnership. Not only does this vehicle usually lend itself to the commercial terms of the fund, it is generally considered to be the most tax efficient vehicle for tax paying participators (including carried interest holders) and is also what investors expect to see.

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