Fund managers in the private credit space typically select from a range of familiar options when it comes to structuring their respective funds, including leveraged blockers, “season and sell” structures and the treaty-based approach. Depending on the nature of the underlying assets, however, certain comparatively rare structures can still provide meaningful tax benefits to investors – particularly foreign investors wary of effectively connected income. K&L Gates recently hosted a webinar focused on the topic, which highlighted two vehicles in particular: real estate investment trusts (REITs) and insurance dedicated funds (IDFs). Moderated by K&L Gates partner Edward Dartley, the webinar included fellow partner Adam J. Tejeda, along with Alison Kurth, in-house tax counsel at Principal Financial Group. This first article in a two-part series analyzes various issues and considerations with using REITs, and the second article will evaluate the merits of IDFs. For additional commentary from K&L Gates partners, see our two-part series on global fundraising for fund managers: “The E.U. and the Middle East” (Jun. 7, 2018); and “The Asia-Pacific Region” (Jun. 28, 2018).