Rated note structures enable insurance companies to invest in private funds and comply with the stringent regulatory requirements that apply to them. To facilitate access to insurance capital, rated note fund structures are evolving and rating methodologies are responding. To provide insights into the current landscape, innovative fund structures and the latest rating methodologies, Dechert hosted a webinar entitled, “Rated Note Fund Structures: New Trends and Rating Considerations for Insurance Investors and Managers,” which was led by Dechert partner Lindsay Trapp, and featured Dechert counsel Blake Gilson as well as Rory Callagy, associate managing director at Moody’s Ratings. This article summarizes relevant analysis from the webinar. For additional insights from Dechert, see our two-part series on closed-end funds of PE funds: “Relative Merits of Registration Options and an Infinite‑Life Structure” (Jun. 2, 2020); and “Considering Bespoke Valuation, Co‑Investment, Director and Tax Issues” (Jun. 16, 2020).