Dechert LLP

Congratulations to Dechert’s CLO team, which has again been ranked among the top CLO counsel for the first half of 2026 in the U.S. for both issuers and managers. The team was ranked the #1 issuer counsel for U.S. collateralized loan obligations (CLOs) in the first half of 2026 by Asset-Backed Alert, as well as topping Creditflux’s H1 U.S. CLO and private credit CLO league tables for manager counsel.

Background CFTC regulations governing uncleared swaps (the “CFTC Margin Rules”) require covered swap entities (“CSEs”) (i.e., swap dealers and major swap participants not subject to prudential regulator margin rules) to exchange collateral as IM and VM with certain counterparties for uncleared swaps.1 Following the initial adoption of the CFTC Margin Rules in 2016,2 various challenges were identified and considered by market participants, including the disparate treatment among certain...

Dechert advised Spire Partners (Spire) on its acquisition by Macquarie Asset Management (MAM). The acquisition will see Spire become MAM's European collateralized loan obligation (CLO) platform within its Credit & Insurance division. The transaction aligns with MAM's strategic priority to scale its key capabilities across the Credit & Insurance division, with CLOs being a core pillar of that strategy.

Credit risk transfer (CRT) transactions (also known as significant risk transfer (SRT) transactions outside the United States) are structures that market participants in the U.S., U.K., the E.U. and (increasingly) Asia use both as a form of credit risk management as well as a form of investment. For banks, government-sponsored enterprises (GSEs), regulated institutions, and other lenders, CRTs optimize regulatory capital usage, manage concentration limits and offload credit risk.

Dechert advised Churchill Asset Management, the U.S. asset management company of Nuveen Private Capital, on the closing of an approximately US$400 million Collateralized Fund Obligation (CFO). Structured in partnership with Seviora Holdings Pte. Ltd., Temasek's main asset management platform, the CFO provides institutional investors with diversified exposure across sponsors, investment strategies and geographies.

Dechert has been ranked #3 internationally and #7 in U.S. in The American Lawyer’s annual Pro Bono Scorecard. Each year, the Pro Bono Scorecard ranks the 200 largest law firms in the U.S. based on the average number of pro bono hours per lawyer and the percentage of lawyers who performed more than 20 hours of pro bono work. The American Lawyer has ranked Dechert in the top three spots for international work for 11 consecutive years and in the top 10 in the U.S. for nine out of the last 10 years.

Key Points For the largest private markets managers, platformisation is already the operating reality – even though governance and operating models still vary materially across the industry. Platformisation has matured faster than the governance architecture around it.

Profiles in Leadership Journal's Mid-Year 2026 Issue has recognized four Dechert individuals as exceptional leaders across the legal profession and beyond. Megan C. Johnson, a financial services group partner and managing partner of Dechert's Washington, D.C. office, has been named among the journal's "Women Worth Watching in Leadership" for 2026.

Notwithstanding the absence of any distribution by the Qualifying Fund, the investor bears a EUR 59.08 cash debit per unit on January 4, 2027. The ALST functions as a prepayment of tax on unrealized appreciation, which means the ALST is credited against the taxable gain on disposal (Section 19(1), sentence 3 GITA), ensuring that the same appreciation is not taxed twice.

Dechert LLP announced today that Leahana Grimley has joined the firm as a partner in its corporate and securities practice, based in the San Francisco office. Her arrival augments the firm’s private equity and M&A capabilities on the West Coast and adds significant cross-border transactional experience to Dechert’s globally integrated platform. “Leahana is highly regarded in her field, with robust client relationships and a phenomenal track record,” said Mark Thierfelder, co-chair of Dechert.