2025年私募信贷基金架构设计趋势报告

Contents Foreword5Executive Summary6Research methodology7Chapter 1 – Product design9Liquidity management in private credit10Leverage14Customising access to private credit assets17Chapter 2 – The rise of retail23Chapter 3 – Serving the needs of insurance clients27Chapter 4 – Fund formation and structure31Fund domicile and vehicle selection32Focus on ECI34Fee structures and aligning interests36About38Acknowledgements39 Foreword The Alternative Credit Council and Dechert LLP arepleased to share the findings of our latest researchexploring current fund structuring and product designtrends in private credit. This builds on the findings ofour initial 2023 paper, providing a time series of data We see a similar pattern for firms with insurance clientswho require a specific combination of structuring andtransparency from private credit fund managers. Theexperience of US managers using rated note feeders The paper also provides regulators and policymakerswith data and insights into a sector that is oftenaccused of opacity. The research shares valuableinsights into how private credit funds are tailoredto serve the specific needs of their clients, and howthe sector is successfully overcoming operationalchallenges and building sustainable ways for investors Private credit has become one of the most dynamicand influential segments of global capital markets. Asthe industry matures, so too does the need for clearinsights into how funds are structured, governed and For investors, the findings offer a unique windowinto how managers are responding to their evolvingdemands. Our research highlights how the needsof investors are reshaping fund structuring acrossmultiple dimensions – liquidity, leverage, customisation,retail participation and the specific needs of insurers,as well as the need for tax neutrality and fee structures We would like to thank the firms and individuals whosupported this research and contributed their timeand expertise. We hope that investors, private credit For asset managers, the report highlights the tools andstructuring solutions that their peers are deployingto remain competitive. The research captures boththe opportunities and the operational complexitiesthat managers must navigate when serving theirclients. This is particularly true in the way that firms Jiří KrólGlobal Head of the Alternative Credit Council Executive Summary Structuring and transparency paramount forinsurance investors Increased demand for liquidity, customisationand co-investments 64% of survey respondents report rising investordemand for liquidity, up from 49% two years ago.66% now operate at least one vehicle allowinginvestors periodic redemptions, with private credit While many insurers participate in the market viatraditional funds or simple feeders, rated notefeeders have emerged as a critical structuring toolfor insurance companies investing in private credit LP demand for co-investment has surged from70% to 92% between 2023 and 2025. Investorsare seeking tailored solutions, which is driving Rated feeders can be resource intensive andhave structuring challenges that may not alwaysmake them suitable for investors. Insurers are The prevalence of small bespoke vehicles isdeclining, with far fewer managers (6% in 2025 v.23% in 2023) willing to offer SMAs below US$50 Regulatory capital treatment for private credit assetsremains a key consideration for European investors,with hope that reforms under consideration in the The use of leverage in fund structures remainsmoderate and stable overall. 72% of respondentsemploy leverage in their private credit strategy Certainty and transparency driving fund formation Investors retain a preference for a handful ofestablished fund domiciles. Luxembourg, theCayman Islands, the US, Ireland and the UK remain Retail investors need retail-grade infrastructure US tax considerations are an integral part of fundstructuring discussions for any fund with exposureto US private credit assets. 33% of respondentsnow use double tax treaty-based vehicles and therehas been an uptick in respondents that rely on 57% of surveyed managers have retail clients,with 64% considering targeting retail capital inupcoming funds. The biggest growth is in theHNW and “semi-professional” investor segments Private credit fund managers are growing thisclient base through a mixture of feeder funds,partnerships with wealth management platforms 66% of respondents now use tiered managementfee schedules, often taking in several variables.Investors continue to seek transparency beyondheadline management and performance fee rates Firms are making considerable investments intheir operational infrastructure, as well as their Research Methodology This research paper is based on data from several sources. The Alternative Credit Council (“ACC”) and Dechertconducted a survey that received responses from 50 private credit managers. Respondents collectively managean estimated US$1.5 trillion in p