The Financial Security Board's new report examines the rapid growth of the private credit market and the potential vulnerabilities arising from its increasing interconnectedness with banks, insurers and private equity firms. Estimated to be between USD 1.5 trillion and USD 2 trillion globally, private credit has expanded beyond its traditional focus on mid-sized companies and institutional investors, and is now playing a larger role in financing bigger corporates and reaching a wider investor base.

The report maps the private credit ecosystem and highlights areas of potential risk, noting that the sector has yet to be tested by a severe economic downturn. It also considers data gaps that complicate effective monitoring, alongside vulnerabilities linked to leverage, liquidity mismatches, cross‑border activity and concentration.

The Institutional Limited Partners Association (ILPA) has issued a new Continuation Fund Disclosure Template, designed to standardise and clarify the key information LPs typically receive during continuation fund transactions. It builds on ILPA’s 2023 Continuation Fund Guidance and aims to strengthen transparency, reduce potential conflicts of interest, and support a more streamlined roll/sell evaluation process.

The template is intended to complement, rather than replace, materials prepared by GPs and advisers, while directing LPs to relevant supporting documents.  It is intended to promote clearer communication and a more efficient assessment of continuation fund opportunities for LPs.

In this webinar our speakers – representing lender, sponsor and adviser perspectives – provide an Introduction to ABLs in Europe.

Europe’s asset-based lending (ABL) market is growing, driven by the continuing growth in private credit and demand from LPs for levered strategies.  In this webinar, Sabih Hussain (Head of Capital Markets at Corinthia Global Management), Dan Marcus (Partner at King & Spalding) and Chin Lim (Managing Director at Citi Global Credit Financing) discuss:

• Use cases for, and structuring of, ABLs
• Growth and development of ABLs in Europe vs the US
• How asset security works in ABLs
• Different types of ABLs and comparison to subscription facilities
• Future of ABLs

This webinar is available on-demand and is the fourth in a series of LMA educational webinars on structuring and documentation of fund finance transactions.