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Fund Finance Prepares for Lift-Off
Reprinted from: The Drawdown | 12/01/2025Cadwalader partners Bronwen Jones and Doug Murning are featured in the cover story of the latest issue of The Drawdown, “Fund Finance Prepares for Lift-Off,” which examines current lending trends and the evolving dynamics of the fund finance market.
Commenting on lender appetite for NAV deals, Doug noted that “there is still a rarefied atmosphere of lenders who are doing the largest European NAV PE deals, just a handful really,” while observing that a broader group of lenders is now active on smaller, more intensive transactions where the main constraint is execution capacity rather than interest in the product.
Bronwen highlighted the impact of increasing standardization in subscription facilities on the role of debt advisers, explaining that “there used to be more debt advisers for sublines but I think that has dropped off somewhat now,” as remaining structural wrinkles are often resolved by lawyers and larger managers with internal fund finance teams increasingly engage directly with preferred lenders for multiple facilities without routinely involving advisers.
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