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ARTICLE · 14 JUNE 2024

Capital Markets, Professional Perspective - Recent Developments Affecting Private Credit Funds

Carter Ledyard & Milburn LLP
Carter Ledyard & Milburn LLP
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Carter Ledyard & Milburn LLP

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Non-bank lending, or "private credit," has been thriving since the financial crisis of 2008. By the beginning of 2024, the amount invested in private credit has expanded to $1.4 trillion...

United StatesFinance and Banking
Ronald Feiman
Ronald Feiman

Recent Developments Affecting Private Credit Funds

Non-bank lending, or "private credit," has been thriving since the financial crisis of 2008. By the beginning of 2024, the amount invested in private credit has expanded to $1.4 trillion, about half the amount of commercial and industrial bank lending. As the private credit market has swelled, the environment continues to change with it.

What has happened so far in 2024 that has significance for the private credit markets and the funds that develop and invest in private lending? Below, I note developments in five areas.

Legal Environment

The most meaningful 2024 event to date in the legal framework was the February 20 denial of certiorari by the U.S. Supreme Court in an appeal from the Second Circuit's holding in Kirschner v. JP Morgan Chase Bank N.A. et al. The Second Circuit had held that a syndicated term loan is not a "security" (under the circumstances of the case).

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