Absolute Credit Series

In this episode of Absolute Credit, Kirkland partners Lindsay Trapp and Kate Luarasi are joined by Fitch Ratings Global Head of Fund & Asset Management Greg Fayvilevich to address the growing role of ratings across the rapidly evolving fund finance market. The conversation covers Fitch’s recent updates to its CFO rating methodology, including enhancements to better assess GP-led structures, po...

In this episode of Absolute Credit, Kirkland partners  Lindsay Trapp ,  Jared Axelrod ,  Mark Boyagi  and  Sean Hill  discuss how CFO structures are being used alongside continuation vehicles (CVs) to unlock new pathways to liquidity, scale transactions and expand the investor universe. From GP and LP stakes to credit portfolios, the conversation highlights real-world applications, emerging hybrid...

In this episode of the Absolute Credit series, Kirkland partner Lindsay Trapp is joined by Global Head of Private Credit Marc Pinto of Moody’s Ratings to discuss key trends shaping the private credit and fund finance markets. They explore the continued growth in demand for ratings across fund finance products, the expansion of private credit into new asset classes and geographies, and the increasi...

In this episode of the Absolute Credit video series, Kirkland partners Lindsay Trapp, Bruce Gelman and Kate Luarasi discuss insurance-dedicated funds (IDFs) as an increasingly important capital-raising tool for accessing insurance company, high-net-worth and institutional capital. They explain how IDFs can be deployed alongside existing fund strategies to support platform growth, the tax and regul...

In episode five of the Absolute Credit series, partners  Lindsay Trapp ,  Jared Axelrod  and  Michael Urschel  provide a comprehensive refresher on the U.S. risk retention rule. They review its origins in the Dodd-Frank Act, discuss the impact of the LSTA court decision on CLOs, and explore how self-liquidating financial assets and sponsor definitions affect compliance. The discussion also covers...

In episode four of the Absolute Credit video series, partners  Lindsay Trapp  and  Jared Axelrod  cover collateralized fund obligations’ (CFOs) evolution in the private credit and fund finance markets. They examine how asset mix, cash flow generation and liquidity mechanics shape these deals, and discuss ratings and regulatory considerations as CFOs become increasingly popular hybrid financing too...

In episode three of the Absolute Credit video series, partner  Lindsay Trapp  is joined by KBRA Chief Rating Officer Bill Cox to discuss key developments in the rated funds, feeder note and CFO markets. They explore the rapid growth and increasing complexity of rated fund and CFO structures, expanding asset classes and geographies, the rise of evergreen and perpetual vehicles, and how KBRA evaluat...

In episode two of the Absolute Credit video series, Kirkland partners  Lindsay Trapp  and  Jared Axelrod  break down current dynamics in the CLO equity market, noting increased third-party equity activity at the warehouse stage, continued reliance on joint venture and multi-deal capital arrangements, and the growing importance of manager-originator structures amid evolving EU risk-retention rules....

In this inaugural episode of our Absolute Credit series, Kirkland partners  Lindsay Trapp  and  Kate Luarasi  dive into the evolving world of rated fund structures, exploring the key differences between vertical and horizontal structures, the rise of new investor types, and the challenges that come with the attendant complexity, including MFNs and funding mismatches. They share insights on how the...