The latest edition of the LMA's Fund Finance Insights series explores the growing use of Rated Note Feeders (RNFs) as a means for institutional investors to access private credit, infrastructure debt, asset-based finance and other private market strategies. 

The paper examines how RNFs operate in practice and highlights key structuring, rating and financing considerations, including the interaction between RNFs and subscription facilities, creditor protections and recent market developments. 

This webinar forms part of the LMA's educational series on fund finance, exploring the use of NAV facilities in secondaries strategies from lender, sponsor and adviser perspectives.

NAV facilities are inherently bespoke and vary by transaction context. In secondaries, they introduce distinct structural and commercial considerations, while sponsors have long used NAV financing within leveraged fund strategies.

Tom Smith (Debevoise & Plimpton), Brad Mitchell (Pantheon) and Robin Mackenzie (Lloyds Bank) discuss:

• The role of NAV financing in secondaries strategies and how it differs from PE NAV
• Key structuring considerations, including security, recourse and complexity
• Core commercial terms
• Security and enforcement dynamics
• Current market trends

Produced in partnership with King & Spalding, the LMA's inaugural Fund Finance Conference Report highlights the key themes shaping fund finance and the direction of the market.

Key insights include:

• Structural drivers behind disciplined market growth
• The shift in conversation around fund-level leverage and how it is used
• An evolving, more diverse and engaged LP base
• The embedded role of NAV financing and liquidity solutions
• Growing influence of technology across origination, execution and reporting

Fund finance is no longer a niche market. It is a core part of the private markets ecosystem. Read the full report.