KBRA Releases Research—Private Credit: Feeder Fund Rated Notes—Squaring the Circle

NEW YORK--(BUSINESS WIRE)-- KBRA releases research highlighting key legal considerations for feeder fund rated notes.

In a typical rated note structure, a feeder fund relies on debt and equity commitments provided by its investors to meet its obligations as a limited partner in a master fund. This KBRA report focuses on the tension that arises between the standards and documentation that apply to the rated debt issued by the feeder fund and the provisions that govern its limited partnership interest in the master fund.

The tension can be resolved with careful analysis. Consistent with the sustained development of the rated note market, KBRA observes a growing consensus on how that resolution is achieved.

Click here to view the report.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1006487

View source version on businesswire.com: https://www.businesswire.com/news/home/20241022324039/en/

John Hogan, Co-Head of Europe, Ratings General
+353 1 588 1191
[email protected]

Thomas Speller, Managing Director, Head of European Funds
+44 20 8148 1025
[email protected]

Katherine Quirke, Senior Director
+353 1 588 1185
[email protected]

Media Contact

Adam Tempkin, Director of Communications
+1 646-731-1347
[email protected]

Business Development Contact

Constantine Schidlovsky, Senior Director
+1 646-731-1338
[email protected]

Source: Kroll Bond Rating Agency, LLC

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