Tune in to the latest LMA Talks Loan Markets podcast on the shifting fund finance market and where it is heading. In January 2025, the LMA and The Drawdown launched the Fund Finance Intelligence Survey to improve transparency on market size, structures, and trends. Responses from borrowers, lenders, and advisers offered a snapshot just before the recent macroeconomic upheaval.

This explores: 1) Access to liquidity and structural innovation;  2) Trends in volume and deal flow; 3) NAV and CV market evolution; 4) ESG and its role in the market; 5) What’s next for the market and the Survey.

With insights from:

• Jon Whiteaker, Editor – The Drawdown
• Andrew Husdan, Partner – Kirkland & Ellis
• Shailen Patel, Head of Strategy and Product – NLC Capital Partners LLP
• Brad Mitchell, Principal, Capital Markets – Pantheon

The LMA is pleased to launch the first in its series of educational webinars on fund finance. This Introduction to Fund Finance sees Bronwen Jones (Partner at Cadwalader, Wickersham & Taft LLP) and Ed Reilly (Senior Legal Counsel at Standard Chartered Bank) give an overview of fund finance from both legal and commercial perspectives. They discuss:

• How fund finance differs from investment grade lending and leveraged finance.
• The basic private capital fund structure.
• The evolution of subscription facilities.
• A brief introduction to NAV facilities and how they differ from subscription facilities.

The webinar is available here.

The LMA welcomes the publication of the Financial Stability Board’s report on leverage in Non-Bank Financial Intermediation (NBFI). This is a pivotal moment in the international regulatory agenda on leverage in the non-bank space. We are pleased to see that several of our recommendations have been taken into account. Our press statement on the report is available here.

As implementation discussions unfold, the LMA will continue to engage with members and policymakers to ensure any follow-up measures reflect the actual risk profile of the loan and private credit markets.