Business development companies have evolved sophisticated financing structures spanning subscription facilities, asset-based lending, CLO issuances, and structured credit products.

The SEC has proposed two complementary rule packages that would fundamentally restructure the U.S. securities offering and reporting disclosure framework. Most significantly, one proposal would preempt state securities law registration requirements for registered offerings, which would be pivotal for non-traded business development companies.

Applying its recent re-interpretation of Article 22 of the European Union Merger Regulation ("EUMR"), which enables Member States to refer to the European Commission ...

On May 28, 2025, the Court of International Trade ("CIT") issued a decision vacating and permanently enjoining several of the Trump Administration's executive orders...

General Partners launching private equity or venture capital funds face significant challenges in financing their GP commitment, particularly when operating in the defense technology and dual-use sectors.

South Korea has finalized its US$350 billion U.S. investment framework, splitting into a US$150 billion shipbuilding package and a US$200 billion program where Korean capital flows through U.S.-managed investment structures. Project selection does not establish binding Korean capital commitments, as funding remains subject to South Korean investment decisions, commercial reasonableness tests, and a US$20 billion annual limit.

As private markets managers shift from fund-by-fund deployment to platform-level management, a critical governance paradox emerges: decision-making authority becomes centralised while fiduciary obligations remain fragmented across legally separate vehicles.

DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker, is the leading source of analysis for significant U.S. and EU antitrust merger investigation and litigation trends.

The Alternative Credit Council and Dechert LLP are pleased to share the findings of our latest research exploring current fund structuring...

The financial services industry is facing a significant cultural and regulatory shift. In July 2025, the UK Financial Conduct Authority (FCA) published new rules1 setting clearer standards for how financial services firms...

On April 3, 2024, the Department of Labor (the "DOL") issued its final amendment ("Final Amendment") to Prohibited Transaction Class Exemption 84-14, commonly referred to as the "QPAM Exemption".

Collateralized Fund Obligations (CFOs) have evolved from a niche structured finance product into a rapidly growing capital markets instrument, with annual issuance projected to reach $30 billion in 2026. This comprehensive analysis examines the structural mechanics, regulatory framework, and emerging trends driving CFO adoption among asset managers and institutional investors seeking rated exposure to diversified private fund portfolios.

After over 25 years, the European Commission (the "Commission") has revised the guidance on market definition in antitrust and merger control investigations. The new guidance, most notably, reflects...

The global CLO equity fund market is experiencing a cautious reopening after a period of tight arbitrage and challenging economics. With U.S. CLO issuance approaching $230 billion in the first half of 2026 and major platforms successfully raising billion-dollar funds, captive and third-party CLO equity fund structures are evolving rapidly as managers deploy sophisticated structuring technologies to provide stable execution capacity and attract institutional capital seeking diversified credit exposure with s

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

The Financial Conduct Authority (FCA) published a consultation paper¹ on 14 October 2025 setting out proposals and guidance to support the adoption of tokenization and tokenized funds...

Survey findings as reported in the 2026 Global Private Equity Outlook show that GPs are grappling with a complex and unpredictable deal environment.

Passed with broad bipartisan support, the GENIUS Act establishes a comprehensive regulatory framework for "payment stablecoins," a type of digital asset that is designed to maintain..

The arrival of credit unions as active participants has been a noteworthy development in the asset-backed securitization market over the past few years, and appears poised for significant growth in the immediate future.

The directive that makes amendments to the Alternative Investment Fund Managers Directive (AIFMD)1 (and, to the relevant extent, the UCITS Directive)2, referred to as "AIFMD 2.0"3 enters into...