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Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) overturned the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014) (the “Risk Retention Rule”), as it applies to the collateral managers of open-market collateralized loan obligation transactions, or CLOs. Under the Risk Retention Rule, CLO collateral managers are currently required to purchase notes representing at least 5% of the credit risk associated with each CLO that they structure.

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Credit Funds Report – The Road Ahead: Driving Success in 2020


Time to Read: 1 minutes Practices: Credit Funds

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The Road Ahead

The private credit industry grew by leaps and bounds over the past decade: AUM jumped to $769 billion as of June 2018, from $275 billion in 2009.

In this thought leadership report, Ropes & Gray collected five articles from members of the firm’s credit funds team that highlight key issues in the formation and operation of credit funds. These articles touch on the conflicts inherent in managing both credit and PE funds, the prevalence of key person terms, the intricacies of BDC regulation and value-based payment arrangements in the health care industry, and the potential changing landscape of foreign credit support.

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