Unlocking Liquidity at Scale: CFOs and Continuation Vehicles Coming Together to Open the Door to New Investors

Unlocking Liquidity at Scale: CFOs and Continuation Vehicles Coming Together to Open the Door to New Investors

In this episode of Absolute Credit, Kirkland partners Lindsay Trapp [https://response.kirkland.com/e/1081193/ampaign-blog-utm-content-video/74tyvt/2291097114/h/h8GR3xOt94X_G2A3eV3fIjsfusvI-mHJXnEZAUo4Rso], Jared Axelrod [https://response.kirkland.com/e/1081193/ampaign-blog-utm-content-video/74tyvx/2291097114/h/h8GR3xOt94X_G2A3eV3fIjsfusvI-mHJXnEZAUo4Rso], Mark Boyagi [https://response.kirkland.com/e/1081193/ampaign-blog-utm-content-video/74tyw1/2291097114/h/h8GR3xOt94X_G2A3eV3fIjsfusvI-mHJXnEZAUo4Rso] and Sean Hill [https://response.kirkland.com/e/1081193/ampaign-blog-utm-content-video/74tyw4/2291097114/h/h8GR3xOt94X_G2A3eV3fIjsfusvI-mHJXnEZAUo4Rso] 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 structures (including the aptly named “CVFO”), and the growing role of rated structures in funding increasingly large and complex deals.

Private Credit Has Grown Up — Moody's on What Comes Next

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 increasing convergence between fund finance andstructured finance. The conversation also covers evolving rating methodologies, the importance of transparency and information sharing, considerations for rated feeders and multi-asset structures, and how greater retail investor participation is influencing product development and regulatory focus.

Regulatory Relief & Tax Alpha: Why Insurance-Dedicated Funds Are Gaining Ground

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 regulatory capital benefits using these structures, and other considerations like investor eligibility, investor controllimitations and diversification requirements.

Risk Retention Roundup

In episode five of the Absolute Credit series, partners Lindsay Trapp [https://www.kirkland.com/lawyers/t/trapp-lindsay], Jared Axelrod [https://www.kirkland.com/lawyers/a/axelrod-jared] and Michael Urschel [https://www.kirkland.com/lawyers/u/urschel-michael] 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 the application of risk retention to rated funds, CFOs and hybrid structures, with an emphasis on practical considerations, look-through analyses and evolving market practices.

CFO 2.0 How Collateralized Fund Obligations Became the Hottest Ticket in Town

In episode four of the Absolute Credit video series, partners Lindsay Trapp [https://www.kirkland.com/lawyers/t/trapp-lindsay] and Jared Axelrod [https://www.kirkland.com/lawyers/a/axelrod-jared] 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 tools among GP-led structures, including in fundraising and liquidity solutions.