A maturing market: Evolving attitudes in the fund finance space

Across the fund finance landscape, both general partners (GPs) and limited partners (LPs) are adapting to new liquidity tools and evolving market structures – and transparency, education, and innovation could be key.

In the 2025 Fund Finance Report, featured in the latest issue of Private Equity International’s Private Funds CFO, Ryan J. Moreno, Co-Head of DLA Piper’s US Leveraged Finance team, and Partner Mei Mei Wong discuss the evolving dynamics of fund finance, including:

• LPs’ growing acceptance – and scrutiny – of net asset value (NAV) facilities


• The strategic use of hybrid structures, preferred equity, and rated instruments


• The rise of insurance-backed private credit and its implications for market pricing


• Increased disclosure and documentation requirements in fund terms


• Emerging trends, such as rated feeder funds, and the potential future roles of retail capital