One of the defining factors that leads to success among fund managers is their ability to obtain and digest information about different companies and industries. Although fund managers always need to be mindful to not improperly divulge or act upon material nonpublic information (MNPI), that risk increases significantly where a manager has both PE and private credit funds investing in the same business or industry. As the unfettered spread of MNPI can stifle business opportunities and introduce regulatory risks, it is critical for fund managers to diligently implement safeguards where possible. To help fund managers simultaneously operating PE and private credit funds, the Private Equity Law Report interviewed several experts about risks to avoid when managing those funds in parallel. This first article in a two-part series identifies several measures that can curb the internal spread of MNPI, with particular emphasis on whether and how information barriers (i.e., walls) can be used by managers. The second article will set forth considerations for properly allocating investment opportunities, expenses and employees’ time between parallel PE and private credit funds. See our two-part series on forming private credit funds: “Key Differences in Fund Lifecycle and the Use of Subscription Facilities Versus PE Funds” (May 12, 2020); and “How Material Variations in Fee Structures and Recycled Proceeds Compare to PE Funds” (May 19, 2020).