Irish SPVs: Rated Note Feeders And Collateral Fund Obligations

One of many hot topics in the private fund market in 2025 was the intersection between fund finance and structured finance and the use of securitisation technology to help financial institutions to manage their balance sheets and to allow asset managers to expand their capital raising efforts. Two structures in particular that have become increasingly prominent in recent years are rated note feeders (or rated feeder funds) (RNFs) and collateralised fund obligations (CFOs).

As widely reported, these structures have evolved as an innovative means for fund managers to attract capital from certain investors (particularly insurance companies) and, conversely, for such investors to invest in private funds or specific / non-traditional asset classes.