Structuring Private Credit Funds and their Asset Holding Vehicles

DAMIEN CROSSLEY, HEAD OF TAX, MACFARLANES

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...

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