Simpson Thacher Attorneys Author Chapter in International Comparative Legal Guide - Securitisation 2026 on Private Credit Back Leverage
Simpson Thacher Partner Rick Hanson, Counsel Daniel Bhalla and Associates Julius Rogenhofer and Eileen Tjhia authored a chapter titled, “The “Securitisation-isation” of Private Credit: Back Leverage and the Funding Architecture of Private Credit Platforms - Securitisation Laws and Regulations 2026,” published by International Comparative Legal Guides (ICLG). The article examines the growth of back leverage reflects a deeper structural development that can be described as the “securitisation-isation” of private credit. It also examines the structural drivers behind this evolution and the implications for market participants, regulators and investors, arguing that private credit platforms are increasingly converging with the architecture of structured finance markets and that back leverage is the principal mechanism through which this convergence is occurring.
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