当前位置:首页 >英文主页 >中英对照 > 报告详情

德杰律师事务所:2025年私募信贷基金架构设计趋势报告(英文版)(40页).pdf

上传人: 小*** 编号:1263380 2026-06-03 40页 5.08MB

下载:

1、Trends in Private Credit Fund Structuring 202523Foreword 5Executive Summary 6Research methodology 7Chapter 1 Product design 9 Liquidity management in private credit 10 Leverage 14 Customising access to private credit assets 17Chapter 2 The rise of retail 23Chapter 3 Serving the needs of insurance cl

2、ients 27Chapter 4 Fund formation and structure 31 Fund domicile and vehicle selection 32 Focus on ECI 34 Fee structures and aligning interests 36About 38Acknowledgements 39Contents45ForewordThe Alternative Credit Council and Dechert LLP are pleased to share the findings of our latest research explor

3、ing current fund structuring and product design trends in private credit.This builds on the findings of our initial 2023 paper,providing a time series of data on product design trends as well as new insights on investor preferences.Private credit has become one of the most dynamic and influential se

4、gments of global capital markets.As the industry matures,so too does the need for clear insights into how funds are structured,governed and accessed by investors.This report provides timely and practical analysis that will benefit investors,asset managers and policymakers alike.For investors,the fin

5、dings offer a unique window into how managers are responding to their evolving demands.Our research highlights how the needs of investors are reshaping fund structuring across multiple dimensions liquidity,leverage,customisation,retail participation and the specific needs of insurers,as well as the

6、need for tax neutrality and fee structures which align interests.These insights will enable investors to better evaluate fund offerings,assess alignment of interests and make informed decisions that match their portfolio objectives.For asset managers,the report highlights the tools and structuring s

word格式文档无特别注明外均可编辑修改,预览文件经过压缩,下载原文更清晰!
三个皮匠报告文库所有资源均是客户上传分享,仅供网友学习交流,未经上传用户书面授权,请勿作商用。
1. **流动性需求上升**:64%受访者称投资者对流动性需求增加(2023年为49%),66%基金提供定期赎回,工具包括赎回窗口、慢付条款等。 2. **定制化与杠杆**:92%投资者要求联合投资(2023年为70%),SMA门槛提高(仅40%接受低于5000万美元);72%使用杠杆,基金级杠杆占比稳定(1.0-1.5倍NAV)。 3. **零售化趋势**:57%基金有零售客户,64%计划拓展零售资本,主要通过 feeder 基金和财富平台合作,需“零售级”基础设施。 4. **保险客户需求**:63%考虑为美国保险公司设置评级票据 feeder,35%考虑欧洲/亚洲;欧洲投资者关注 Solvency II 资本处理。 5. **基金设立与费用**:卢森堡、开曼群岛等仍是主要注册地;66%采用阶梯式管理费,投资者关注费用透明度。
私募信贷流动性如何? 零售投资者如何参与? 保险资金有何需求?
客服
商务合作
小程序
服务号
折叠