Street CRED: highlights from SFVegas 2026. April 09, 2026 Dechert's private credit and asset-backed finance (ABF) team returned to Las Vegas from February 23-26 for SFVegas 2026, the structured finance industry's annual cannot-miss event. Although what happens in Vegas is supposed to stay in Vegas, here are a few highlights fit for print: Private credit in the public eye (again). If there was any doubt, SFVegas 2026 confirmed that private credit is no longer "emerging" - it is firmly embedded in the market. What was once a hot topic has become a dominant theme across panels. Panels on bespoke financing solutions were packed. A standout was "Collateralized Funding Obligations in Focus," moderated by Dechert's John Timperio. Just a few years ago, CFOs were niche; this year, they were front and center, reflecting how quickly the market has scaled. Meanwhile, private credit investment in ABF remains a hot topic, with numerous asset managers looking to either enter the ABF space for the first time or increase their investment in ABF in terms of both volume and variety of asset classes. Insurance capital continues to fuel this growth, with insurers increasingly leaning into structured products to generate yield and diversify portfolios. With that influx comes greater structural creativity - and, unsurprisingly, more complexity. Market participants appear comfortable with the tradeoff, as innovation continues to outpace standardization. The consensus view was clear: private credit's role in structured finance is only getting bigger. AI mania (with real use cases and fewer buzzwords). Artificial intelligence was everywhere - this time with fewer buzzwords and more practical applications. Panels and hallway conversations focused on how participants are deploying AI, not just theorizing about it. From analyzing loan tapes in seconds to accelerating document review and flagging risk patterns, firms are embedding AI into their workflows. The result: faster diligence, better structuring and more efficient management of increasingly complex transactions. That said, legal and regulatory questions are still catching up. Issues around model governance, data integrity and liability remain in play, ensuring that while AI may streamline execution, it will not replace lawyers any time soon. A quick reality check. The conference glow was set against a more sober backdrop. In the weeks leading up to SFVegas, attention was on rising default risk, particularly among leveraged and rate-sensitive borrowers. In the software space, where private credit exposure is significant, concerns around disruptions have driven redemption pressure across private credit vehicles, while in the consumer finance space, consumer financial health was a topic of conversation given rising delinquency rates in certain asset classes where subprime borrowers are particularly sensitive to rising living costs. Against that backdrop, the constructive tone in Las Vegas was measured. Optimism remains, but with a sharper focus on credit quality, liquidity, downside protection, diversification and reserves. Closing thoughts. SFVegas 2026 delivered what it always does: a concentrated burst of dealmaking, trendspotting and industry convergence. The mood remained constructive, pipelines appeared active and attendees returned home with lighter wallets, heavier inboxes and a renewed sense that the structured finance machine is very much up and running. Of course, the world has not stood still since participants left Las Vegas. The outbreak and escalation of the Iran conflict introduced a new layer of uncertainty. Rising oil prices, market volatility and geopolitical risk are already weighing on market sentiment, with investors reassessing near-term risk. Whether the momentum from SFVegas continues may depend less on what happened in Vegas - and more on what happens next in the world. Key contacts. Related services. Dechert & private credit. Dechert has advised private credit clients for over 30 years, helping them to innovate and thrive as the industry has grown into a complex and diverse US$3 trillion market. Dechert create value on the full spectrum of strategies and sub-strategies, including asset-based, distressed debt, permanent capital, direct lending, subordinated debt, specialty financing, special situations and venture debt. With more than 80% of Private Debt Investor's top 100 private credit firms as clients, Dechert offer market-leading fund formation, financing, regulatory, M&A and tax expertise across the U.S., Europe, the Middle East and Asia. Related professionals. Search By: Select Location

Dechert has appointed Shannon Reaves as partner and co-chair of its national security practice group, based in Washington, D.C. Reaves brings nearly two decades of experience in CFIUS cross-border transaction reviews and Foreign Ownership, Control or Influence mitigation with the Defence Counterintelligence and Security Agency. Reaves has extensive experience advising clients across all phases of the CFIUS process, including transaction analysis, due diligence and filing preparation. He regularly counsels clients in aerospace, defence, energy and financial services sectors, including sovereign wealth funds on deals valued in the tens of billions of dollars. Recognised by Chambers USA for International Trade: CFIUS Experts since 2020, Reaves is amongst over 30 lateral partners Dechert has welcomed this year.

Dechert adds CFIUS and industrial security partner Shannon Reaves as co-chair of national security practice. PR Newswire Today at 7:45am PDT WASHINGTON, March 31, 2026 /PRNewswire/ - Dechert LLP announced today the addition of Shannon Reaves as a partner and co-chair of its national security practice group. Mr. Reaves brings almost two decades of experience in cross-border transaction reviews before the Committee on Foreign Investment in the United States (CFIUS) and Foreign Ownership, Control or Influence (FOCI) mitigation with the Defense Counterintelligence and Security Agency (DCSA). He joins Hrishikesh Hari as co-chair and will be based in the firm's Washington, D.C. office. "As the national security regulatory landscape grows increasingly complex, our clients are facing greater demand for sophisticated CFIUS and industrial security counsel than ever before, and Shannon's arrival could not be better timed to meet that need," said Mark Thierfelder, co-chair of Dechert. "His depth of experience advising clients on some of the most complex and high-stakes CFIUS transactions in the market, including deals valued in the tens of billions of dollars, speaks for itself. We are thrilled to welcome him to the firm." "Shannon is exactly the kind of practitioner who elevates a practice group," said Hrishi Hari, co-chair of Dechert's national security group. "His practice focuses on transactional, compliance and investigations matters in the national security space and his track record representing clients, including sovereign wealth funds, across aerospace, defense, energy, financial services and beyond makes him an exceptional addition. I look forward to continuing to build the practice together." Mr. Reaves has extensive experience advising clients on all phases of the CFIUS process, including advance transaction analysis, due diligence to identify potential national security concerns and guidance through CFIUS review and investigation processes. He regularly assists clients in assessing whether specific transaction structures fall under CFIUS jurisdiction, negotiating deal terms with government entities and preparing all necessary filings. Mr. Reaves also provides comprehensive counsel on FOCI mitigation and compliance matters before the U.S. Departments of Defense and Energy, with particular depth in negotiating mitigation agreements, including special security agreements, proxy agreements, security control agreements and FOCI board resolutions. Mr. Reaves has been consistently recognized by Chambers USA for International Trade: CFIUS Experts since 2020. Before joining Dechert, he practiced law at an international firm where he likewise focused on national security, CFIUS and compliance matters. "I am excited to join Dechert and to work alongside Hrishi to grow the national security practice," said Mr. Reaves. "The firm's commitment to this space and its strong client base present a tremendous opportunity, and I look forward to continuing to counsel clients through the increasingly complex national security regulatory landscape." Mr. Reaves is among more than 30 lateral partners Dechert has welcomed this year. Each has strengthened capabilities in the firm's steeples of excellence in litigation, investment management, finance and restructuring, capital markets and securitization, and mergers and acquisitions. The 2026 laterals have significantly expanded the firm's litigation platform, from the addition of a new accounting defense practice to strengthening its labor and employment, cyber, privacy, and AI and intellectual property teams. Complementing these strategic hires, Dechert promoted 17 lawyers to partnership at the beginning of the year and has opened offices in Chicago, Dallas and Houston. Major companies, governments and state-owned entities, private equity firms, investment funds and financial institutions turn to Dechert for transactional, compliance and investigations advice on rapidly evolving national security regulations. The practice has represented clients in hundreds of CFIUS reviews and FOCI mitigation negotiations across industries ranging from aerospace and defense to energy, telecommunications and financial services. With a diverse, multilingual team of lawyers, including former public officials, compliance officers and enforcement agents across the United States, Europe and Asia, the firm advises clients before CFIUS, DCSA, OFAC, BIS, DDTC, the DOJ, the UK Investment Security Unit and other enforcement authorities worldwide. About Dechert Dechert is the law firm that helps business leaders lead. For more than 150 years, Hermiston Herald has advised clients on critical issues - from high-stakes litigation to first-in-market transaction structures and complex regulatory matters. Its lawyers in commercial centers worldwide are immersed in the key sectors Hermiston Herald serve - financial services, private capital, real estate, life sciences and technology. Dechert delivers unwavering partnership so its clients can achieve unprecedented results. Contact Lauren Salvatore Senior Coordinator, Public Relations Dechert LLP +1 212 649 8747 [email protected] SOURCE Dechert LLP This is a paid placement. For further inquiries, please contact PR Newswire directly.