Private fund managers have an ever-increasing set of options for raising capital and financing their existing fund portfolios. Rated note feeders and collateralized fund obligations (CFOs) are structured finance vehicles that enable sponsors to raise capital by issuing investment-grade rated debt, which can be particularly appealing for insurance companies. The market for rated note feeders and CFOs has evolved, however, which has supported a parallel outgrowth in the variety of structures, terms and features of these vehicles over time. A BARBRI program featuring Fried Frank attorneys Adam D. Summers, Ariel Zell and J.S. Park examined the origin, growth and market terms for rated note feeders and CFOs. Among other topics, the panelists touched on legal structures of rated noted feeders, CFOs and variations thereof; using sponsor holding companies for subordinated notes; the difference between stapled and unstapled offerings; the mechanics of distribution waterfalls and loan to value tests for protecting junior lenders; the utility of liquidity facilities for improving cashflow modeling; and issues with subscription facilities for underlying private funds. See our two-part series: “How PE Collateralized Fund Obligations Operate and Why Insurance Companies Increasingly Structure and Purchase Them” (Mar. 1, 2022); and “NAIC Regulations Shape the Current Adoption and Future Growth of PE Collateralized Fund Obligations by Insurance Companies” (Mar. 8, 2022).