Rated Note Feeders (RNFs) are reshaping how GPs access insurance capital. By blending rated debt with equity, RNFs give insurers the capital efficiency of fixed income while preserving the fund’s economics. Yet, with that efficiency comes structural nuance – from horizontal versus vertical designs to lender enforceability under stress.
Our latest white paper unpacks how to make these structures work in practice – and why they’re fast becoming the fund finance innovation to watch.
Read the full paper: Demystifying Rated Note Feeders (GPs only)
Request the full paper from NLC.