VRC’s Adrian Lowery, CFA, Parag Patel, and Daniel Turi, CFA, have partnered with Dechert LLP on a three-part series exploring how regulation shaped private credit fund structures on both sides of the Atlantic. Learn what these structural differences mean for valuation governance, reporting cadence, and cross‑border operations. The first article explores:

• Why the U.S. scaled private credit more rapidly through structures such as BDCs and evergreen vehicles.
• How Europe followed a different path, with AIFMD, ELTIF 2.0, and LTAF driving gradual harmonization.
• What these structural differences mean for valuation governance, reporting cadence, and cross‑border operations.

The second article will compare the legal and regulatory frameworks, while the final installment will focus on the convergence of global valuation standards.

For U.S. firms evaluating or acquiring EU managers and for European managers scaling globally, these distinctions directly affect how funds operate, report, and withstand regulatory scrutiny.

Read the first article HERE.