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Mason Hayes & Curran has released Part 2 of their annual Irish Fund Finance in Five series. This is a five-part legal insight series that explains the Irish law issues, structures and documentation involved in fund finance transactions in a clear, practical way.
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.
Total secondaries market volume rose 48% in 2025, adding to the 45% increase reported for 2024, according to the Jefferies Global Secondary Market Review published earlier this week. Notably, LP volume reached a record $125 billion with 40% of transactions coming from first-time participants.
Another strong appearance by first-time LP sellers reflects not opportunistic rebalancing, but a structural response to prolonged cash-flow uncertainty that has extended private market duration beyond what conventional portfolio tools can absorb.
This note outlines the growing importance of LP-led secondaries in light of the ongoing distribution drought, the historic constraints inherent in the sale of private fund interests, and the outlook for growth. While capital circulation in private markets is likely to improve in 2026, LP-led secondaries are positioned to expand further given the inherent limitations of conventional portfolio duration management tools, structural evolution in transaction design, shifts in LP portfolio management, and the opportunity for fund finance to support liquidity.
Join Scott Aleali, Head of Private Equity Finance at Citizens Bank, and Brendan Coughlin, President of Citizens, for the first Fund Fanatics episode of 2026.
We’re thrilled to share the news that Jordan Ballard has been promoted to special counsel; and that Susan Bumgardner, Fiona Cheng, Kayla Culver, Johan de Wet and Adela Woliansky have been promoted to counsel.
Cadwalader Fund Finance partners have contributed to the 2026 edition of Fund Finance 2026 (also known as the Pink Book), the leading legal treatise for the fund finance industry, published by Global Legal Group. Co-Managing Partner Wes Misson served as Contributing Editor.
Maples recently published the January 2026 edition of FUNDed. This edition focuses on the US, European and Asia markets and draws exclusively on the firm's internal aggregated data from a review of terms across more than 1,000 transactions completed during 2025.
The intersection between fund finance and structured finance was certainly a hot topic in 2025. Two structures in particular that have become increasingly prominent in recent years are rated note feeders (or rated feeder funds) and collateralised fund obligations.
As we approach the 15th Annual Global Fund Finance Symposium in Miami, Mason Hayes & Curran has released Part 1 of their annual Irish Fund Finance in Five series. This is a five-part legal insight series that explains the Irish law issues, structures and documentation involved in fund finance transactions in a clear, practical way.