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Simple subscription lines in Europe do not typically come with an intercreditor agreement (an ICA). Keeping the fund at the top of the structure “clean” with very restricted permitted financial indebtedness undertakings and a robust negative pledge preventing the creation of any security, should prevent competing creditors and security.
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As February comes to a close and we have all had a chance to digest Miami, our 2025 year-end and our prospects for 2026, it’s a good time to evaluate the state of our market. At Cadwalader, we have historically taken the lead on being the central data source for measuring the market, it’s size, growth, trends and challenges. Despite an ever-evolving macro-environment, the fund finance market has maintained a strong upward trajectory across several key dimensions, underscoring both the resilience of the sector and the intensifying growth and competition among lenders.
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Mason Haynes & Curran has released Part 5 of their annual Irish Fund Finance in Five series.
Now in its second year, FFA University 1.0 returns to London! Join the Fund Finance Association for this comprehensive two-day fund finance training program, offering a comprehensive look at the fund finance market through expert-led sessions on core products, legal and documentation considerations, market dynamics and key industry developments.
Private market fundraising continues to be one of the most watched indicators in the fund finance market, with the assumption that it drives origination volume. Over the past five years, fundraising has moved from the upper left of the chart to the lower right, while fund finance lender commitments traveled in the opposite direction. This leads to the conclusion that fund finance market growth also relies on bank engagement, defined as capacity and willingness to originate in the sector. These indicators point to room for material growth in fund finance originations in 2026.
Exit activity continues to gain momentum, based on data from S&P Capital IQ. The number of transactions in which the seller is a PE or VC sponsor reached 148 in January, the highest monthly total in the data series going back to 2023
Mason Haynes & Curran has released Part 4 of their annual Irish Fund Finance in Five series.
Now in its second year, FFA University 1.0 returns to London! Join the Fund Finance Association for this comprehensive two-day fund finance training program, offering a comprehensive look at the fund finance market through expert-led sessions on core products, legal and documentation considerations, market dynamics and key industry developments.