Private Credit Fund Structuring Survey 2025

The ACC has published a survey to inform the second edition of our research, In Partnership: Trends in Private Credit Fund Structuring, in collaboration with Dechert LLP. To share your perspective, please complete the survey below. All data gathered with be anonymised and treated in confidence. Any responses should only relate to your private credit funds.

For the purposes of this survey please consider ‘private credit’ as investments in loans that you have originated or participated in as part of a club, private debt securities and similar instruments, but excluding broadly syndicated loans, publicly traded bonds or more liquid fixed income strategies. Please also consider this definition as encompassing corporate lending (par through to distressed), asset backed lending, real estate debt and infrastructures debt strategies when completing this survey.

1. Please provide a contact email

2. In which markets do you currently invest? (Select all that apply)

Asia

Europe (ex UK)

Middle East / Africa

North America (ex US)

South America

3. In which of the following jurisdictions are your private credit funds domiciled? (Select all that apply.)

Cayman Islands

Channel Islands

Hong Kong

Ireland

Luxembourg

U.S.

Singapore

Other (please specify in Question 3.1)

3.1 Other please specify

4. What proportion of your private credit funds provide some type of liquidity to investors by allowing a right to redemption?

5. Do you expect net investor demand for liquidity in your private credit funds will increase or decrease in 2025?

6. What proportion of your private credit assets are managed within a comingled funds (as opposed to an SMA or fund of one structure)?

7. Do you see demand for co-invests and direct investment in private credit assets increasing or decreasing?

8. At what level are you able to offer managed account structures for single investors?

9. Do you include levered and unlevered sleeves in your private credit funds?

10. At which structural level do you typically deploy leverage as part your private credit investment strategy?

10.1 Other please specify

11. What structures do you use to ensure compliance with the Effectively Connected Income rule when investing in the US? (where appropriate select all that apply)

Blocking structures

Season and sell approach

Double tax treaty approach

Other (please specify)

n/a for our investment strategy

11.1 Other please specify

12. What fund structures do you use to invest in EU based private credit assets? (select all that apply)

ELTIF

Icav (Ireland)

Limited Partnership (English or Scottish)

OFS (France)

RAIFs (Luxembourg)

Other (please specify)

n/a for our investment strategy

12.1 Other please specify

13. Do you currently have retail clients?

14. Do you intend to raise capital from retail clients in upcoming fund offerings?

15. Have you considered setting up rated note feeder structures? (Select all that apply)

Yes, for European insurance companies

Yes, for US insurance companies

Yes, for Asian insurance companies

Yes, for other types of clients (specify)

Undecided but considering

15.1 Other, please specify

16. How do you structure management fees for your private credit funds?

16.1 Other please specify