Welcome to Kirkland’s Absolute Credit podcast brought to you by the Structured Capital & Insurance Solutions Team. Each episode features discussions between industry leaders and experienced professionals who explore market trends and share insights for investors and fund managers in the structured capital space.
It Takes Three to Tango: Reinsurance Transactions in the Modern Investment Landscape
In this episode of the Absolute Credit series, Kirkland partners Lindsay Trapp, Rajab Abbassi and Jeremy Watson unpack the modern reinsurance market and the increasing integration of insurance and asset management. The conversation breaks down how insurers use reinsurance to transfer risk and manage liabilities, the mechanics of collateral and trust structures, and the role asset managers play in supporting insurance obligations. The episode also highlights considerations associated with reinsurance arrangements involving private fund interests, rated funds and other alternative investment assets.
6 Aug 2026
Beyond Borders: Structuring Rated Funds and CFOs for Non-U.S. Investors
In this episode of the Absolute Credit series, Kirkland partners Lindsay Trapp, Kate Luarasi and Meredith Levy explore key tax considerations for non-U.S. investors participating in rated fund and CFO structures. The conversation examines how effectively connected income, withholding tax and instrument characterization can affect investor returns, as well as the structural and regulatory challenges of accommodating non-U.S. investors while balancing rating, tax and capital treatment considerations.
29 Jun 2026
How Fitch is Rethinking Risk in a Changing Fund Landscape
In this episode of Absolute Credit, Kirkland partners Lindsay Trapp and Kate Luarasi are joined by Fitch Ratings Global Head of Fund & Asset Management Greg Fayvilevich to address the growing role of ratings across the rapidly evolving fund finance market. The conversation covers Fitch’s recent updates to its CFO rating methodology, including enhancements to better assess GP-led structures, portfolio concentration and manager quality, as well as how increasing institutional investor participation is driving a more institutionalized market with tighter standards.
15 Jun 2026
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.
6 May 2026
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.
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.
19 Feb 2026
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.
10 Feb 2026
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.
29 Dec 2025
Rated Funds & CFOs 2025 Update
In episode three of the Absolute Credit video series, partner Lindsay Trapp (https://www.kirkland.com/lawyers/t/trapp-lindsay) is joined by KBRA Chief Rating Officer Bill Cox to discuss key developments in the rated funds, feeder note and CFO markets. They explore the rapid growth and increasing complexity of rated fund and CFO structures, expanding asset classes and geographies, the rise of evergreen and perpetual vehicles, and how KBRA evaluates collateral, managers and structures as investor demand for private credit exposure continues to evolve.
Read KBRA’s presentation. (https://www.kbra.com/publications/jYvwmfzW/kirkland-ellis-kbra-rnf-and-cfo-trends-and-observations?format=file)
2 Dec 2025
Trends in CLO Equity
In episode two of the Absolute Credit video series, Kirkland partners Lindsay Trapp (https://www.kirkland.com/lawyers/t/trapp-lindsay) and Jared Axelrod (https://www.kirkland.com/lawyers/a/axelrod-jared) break down current dynamics in the CLO equity market, noting increased third-party equity activity at the warehouse stage, continued reliance on joint venture and multi-deal capital arrangements, and the growing importance of manager-originator structures amid evolving EU risk-retention rules. They highlight how regulatory shifts regarding the EU risk retention sole purpose test and seasoning requirements are shaping deal structures, as well as why EU compliance remains valuable for accessing global investors.
21 Nov 2025
Recent Trends in Rated Note Funds
In this inaugural episode of our Absolute Credit series, Kirkland partners Lindsay Trapp (https://www.kirkland.com/lawyers/t/trapp-lindsay) and Kate Luarasi (https://www.kirkland.com/lawyers/l/luarasi-kate) dive into the evolving world of rated fund structures, exploring the key differences between vertical and horizontal structures, the rise of new investor types, and the challenges that come with the attendant complexity, including MFNs and funding mismatches. They share insights on how these innovations target risk-based capital, draw other capital inflows, and give fund managers practical considerations and a look at where the market is headed.
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