We advised on 119 structured credit transactions in the first three quarters of 2025

Davis Polk’s structured private credit practice advised on over $44 billion of structured credit finance transactions in the first three quarters of 2025, across 119 transactions for a broad range of borrower and lender counterparties, including leading private equity and private credit investors and financial institutions.

Transactions from Q3 2025 include:

  1. Primary and secondaries NAV facilities: over $2.5 billion across 12 transactions
  2. Capital call / subscription line facilities: over $2.2 billion across 10 transactions
  3. Backleverage facilities: over $800 million across two transactions
  4. Credit ABL financings: over $3.5 billion across nine transactions

Cumulative transactions for 2025 (Q1-Q3) include:

  1. Primary and secondaries NAV facilities: over $11.8 billion across 51 transactions
  2. Capital call / subscription line facilities: over $7 billion across 27 transactions
  3. Backleverage facilities: over $5.2 billion across 14 transactions
  4. Securitizations and credit ABL financings: over $10.3 billion across 22 transactions

Davis Polk’s structured private credit practice includes finance partners Meyer C. Dworkin, David J. Kennedy, Aaron Ferner and Ryan D. McNaughton, counsel Bryan Gager, Kwesi Larbi-Siaw, Jimmy Moustakis and Anthony Pitruzzello and associates Shen Mei Bolton, Joshua Bunn, Zach Strother and Jason Levine. Members of the Davis Polk team are based in the New York and London offices.

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