Dechert LLP

How might Oregon’s new laws restricting private equity in healthcare operations affect regulations in other states, and what should investors and healthcare providers know about them? In the debut edition of Committed Capital’s PE Rx series examining the intersection of PE and healthcare, Dechert partners Markus Bolsinger and Jennifer Hutchens unpack the history and impact of Oregon’s SB 951 and HB 3410, including their practical implications for PE sponsors and management service organizations, the state’s evolving stance on the corporate practice of medicine and much more. Listen to the full episode at the link in the comments. 

Given recent crypto legislative developments, is the U.S. poised to further establish itself as a global regulatory leader in the space? On this episode of Dechert’s Leading on Crypto, partner and host Neel Maitra explores the sea change in U.S. crypto policy with Ji Hun K., CEO of the Crypto Council for Innovation, discussing groundbreaking legislation like the GENIUS Act, the CLARITY Act, broader market structure legislation, the evolving roles for federal and state regulators, the transformative impact of payment stablecoins and much more. Watch the full video at the link in the comments.

Thus far in 2025, a cross-practice Dechert team has advised clients on 12 Rated Note fund closings totaling over US$7 billion as well as 5 CLO Equity funds and Collateralized Fund Obligations (CFOs) totaling over US$1 billion. This achievement highlights strong market momentum and consistent execution across multiple jurisdictions. The Dechert team brings a deep, cross-border bench of 40 partners, counsel and associates, including Jay Alicandri, Chris Duerden, Arina Lekhel, Ross MacConnell, John McGrath, Edward Newlands, Ani Ravi and John Timperio. It spans key European fund domiciles as well as the U.S., the Middle East and Asia and delivers end-to-end solutions from structuring through rating, issuance and distribution. Learn more via the link in the comments below.

Discover the latest trends shaping ETFs at ICI's ETF Conference, September 8-10 in Nashville. Dechert’s David Bartels, Allison Harlow Fumai, Rebecca Lee and Neel Maitra will lead the panel discussion "The Future of ETFs: Crypto Innovations and Tax Considerations," sharing insights on crypto ETPs and ETF tax strategies on September 10. Visit the link in the comments for more details and to register.

Join us at the 9th Annual European Fund Finance Symposium on September 18 in London. Dechert's corporate partner Anthony Lombardi will be speaking on the panel “GP Financing Solutions (Trends and Developments)” in Track C from 9:50am-10:35am BST. Be sure to visit our booth, where you can engage in further conversations with our team, including Karen Stretch, Richard Pugh, Edward Newlands, Eng-Lye Ong, Charlotte P. Thacker, Thomas Tomasic and Rui CHENG. See the comments for registration details.

How are recent changes to the Matching Adjustment regime in the UK impacting rated note structures for insurers? At the Private Credit Summit in London, Dechert partner John McGrath spoke with Ares Management Corporation’s Liya Pozdeeva to get her perspective on how changes to the matching adjustment framework might benefit asset-based finance and CLOs in particular.

The recently enacted GENIUS Act is poised to accelerate the growth of stablecoins and adoption of blockchain technology in the financial services industry by establishing a comprehensive regulatory framework for “payment stablecoins,” a type of stablecoin primarily used for payment or settlement rather than investment purposes. In this OnPoint, our financial services regulatory team explores the key details of this landmark legislation and its potential implications and opportunities for asset managers and other key players in this dynamic space. Read more via the link in the comments.

Check out the latest edition of Dechert Cyber Bits, a bi-weekly roundup of key cybersecurity, privacy and AI developments and practical takeaways by our top-ranked, global team.

Earlier this month, a U.S. executive order was signed to broaden the availability of alternative asset investments for individuals with 401(k) plans. In this Sidecar episode of our Committed Capital podcast, Dechert partners Bill Bielefeld and Steven W. Rabitz dive into the challenges fiduciaries face under ERISA and the regulatory shifts poised to redefine retirement investment strategies moving forward. Listen to the episode via the link in the comments.

Congratulations to our client, Aquestive Therapeutics, on two significant transactions supporting the anticipated launch of Anaphylm Sublingual Film, a polymer matrix-based epinephrine prodrug designed as a rescue treatment for severe allergic reactions, pending FDA approval. The transactions include an US$85 million underwritten offering of 21,250,000 shares of common stock and a US$75 million strategic funding agreement with RTW Investments, LP.   The Dechert team that advised Aquestive in the underwritten common stock offering was led by corporate and life sciences partner David S. Rosenthal, corporate partner Anna Tomczyk and associates Nicholas Chionchio, Rebecca Pan, Sara Allen and Beyond Bi (Yangzhiwei Bi). For the strategic funding transaction, the team was led by David S. Rosenthal alongside global finance partner Scott Zimmerman and counsel Meghan Redding; tax partner Joshua Milgrim; and corporate associate Tom Meriam. Read more at the link in the comments.