Stuart Fross and Leslie Pinney Contribute Chapter to Private Credit Handbook

Foley & Lardner LLP partner Stuart Fross and senior counsel Leslie Pinney contributed a chapter on private credit funding to Global Legal Insights Private Credit 2026.

In “Forming private credit funds: portfolio company demand meets global supply,” Fross and Pinney address opportunities for private credit funds, key tax considerations for sponsors, the role of investment managers, and investor categories.

The authors detail regulations of private credit fund managers, approaches to marketing private credit funds domestically and abroad, and the role of EU passporting in facilitating capital formation, as well as outline future developments in loan origination funds and trends in marketing private credit funds in the United States.

“While it remains to be seen if regulatory room will be cleared for private credit funds in U.S. employee directed retirement plans, it is clear that democratization is afoot,” the authors conclude. “This will mean a focus on affording investors with permanent vehicles that are more nearly open-ended with periodic and predictable liquidity. Therefore, while fund builders have had to adapt to tax considerations and marketing rules, we will now
need to overlay evergreen and open-end features to accommodate the democratization trend.”