Private Credit’s Next Act: Rated Notes and Evolving Structures

At the American College of Investment Counsel’s 2026 Fall Annual Meeting and Education Conference, investment management partner Tiffany Reeves joined a panel titled “Private Credit’s Next Act: Rated Notes and Evolving Structures.”

The session explored an expanding array of investment vehicles, including rated note feeders, collateralized loan obligations, separate accounts, co-investments, and traditional fund structures. The panelists examined how these structures differ, the governance and regulatory considerations they raise, and the forces driving continued innovation in private credit.