June 11, 2026
Willkie partners Samuel Weber and John M. Knapke co-authored a two-part article examining private credit asset classes and waterfall structures in Private Equity Law Report.
Part I, titled "Core Asset Descriptions and Related Return Drivers of Various Private Credit Asset Classes," reviews the core asset types, features, complications, and return profiles across private credit asset classes, including infrastructure debt and dislocation funds. Part II, titled "Variations in Distribution Waterfall Structures Across Private Credit Fund Strategies," outlines several types of waterfall structures and their relevant variations, and how they align with the risk, reward, and return profiles of each asset class.
Samuel is a partner in the Asset Management Department, advising fund sponsors on a wide range of strategic and operational matters, including the formation, marketing, and management of private investment funds, portfolio investment activities, fund regulatory and compliance matters, and firm ownership and operational issues.
John is a partner in the Asset Management Department, focusing on private investment funds and assisting sponsors with the formation of closed-end domestic and international funds, including funds focused on growth equity, distressed debt, energy, mezzanine, and real estate investments.
Read Part I of the article here; and Part II here (subscription required).
Part I, titled "Core Asset Descriptions and Related Return Drivers of Various Private Credit Asset Classes," reviews the core asset types, features, complications, and return profiles across private credit asset classes, including infrastructure debt and dislocation funds. Part II, titled "Variations in Distribution Waterfall Structures Across Private Credit Fund Strategies," outlines several types of waterfall structures and their relevant variations, and how they align with the risk, reward, and return profiles of each asset class.
Samuel is a partner in the Asset Management Department, advising fund sponsors on a wide range of strategic and operational matters, including the formation, marketing, and management of private investment funds, portfolio investment activities, fund regulatory and compliance matters, and firm ownership and operational issues.
John is a partner in the Asset Management Department, focusing on private investment funds and assisting sponsors with the formation of closed-end domestic and international funds, including funds focused on growth equity, distressed debt, energy, mezzanine, and real estate investments.
Read Part I of the article here; and Part II here (subscription required).
