In this inaugural episode of our Absolute Credit series, Kirkland partners Lindsay Trapp and Kate Luarasi dive into the evolving world of rated fund structures, exploring the key differences between vertical and horizontal structures, the rise of new investor types, and the challenges that come with the attendant complexity, including MFNs and funding mismatches. They share insights on how these innovations target risk-based capital, draw other capital inflows, and give fund managers practical considerations and a look at where the market is headed.