The House of Lords Financial Services Regulation Committee has published its landmark report, “Private markets: Unknown unknowns,” highlighting the rapid growth and increasing complexity of global private markets, particularly private credit and equity. The report underscores both the opportunities and risks for the UK as a leading financial centre, calling for proactive regulatory oversight and enhanced data transparency. The Loan Market Association (LMA) welcomes the Committee’s recommendations and reaffirms its commitment to supporting market integrity, innovation, and financial stability.

To speak with us about this report, please contact Leyla.ghaffar-zadeh@lma.eu.com.

The survey is designed to be the industry's "golden source" of fund finance data—driving greater efficiency, liquidity, transparency, and sustainability across the fund finance market.

This year's survey builds on the strong foundation of our first edition, going deeper to deliver robust, data‑driven analysis of transaction volumes, lending practices, and emerging trends in this often misunderstood market. By bridging the knowledge gap, this survey of GPs, lenders, and advisers serves to educate stakeholders, support sustainable market evolution, and provide the clarity needed to effectively navigate the fund finance ecosystem.

Your input fosters greater transparency, strengthens our dialogue with regulators, and helps shape best practices for the industry.

All responses are confidential, anonymised, and will only be reported in aggregate form.

The deadline for submissions is 28 February.

On 21 November 2025, we submitted a high-level response to the FCA’s consultation on progressing fund tokenisation.

We believe tokenisation presents a significant opportunity for both funds and loan markets.

To utilise these benefits, we have urged for continued dialogue and collaboration between regulators and industry participants to ensure regulatory frameworks keep pace with technological innovation.