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    Leverage on Leverage: The Hidden Risk in Rated CFO and CLO Structures
    Alternative Investments

    Leverage on Leverage: The Hidden Risk in Rated CFO and CLO Structures

    TL;DR: Rated collateralized fund obligations (CFOs) now let insurers and other buyers hold a AAA-rated slice of a private credit fund that is already borrowing against its own portfolio through

    Jeff Barnes, MBA·Aug 10, 2026·9 min read
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