LMA Fund Finance Intelligence Survey Q4 2025

LMA Fund Finance Intelligence Survey
The LMA and The Drawdown are pleased to launch the second Fund Finance Intelligence Survey. 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.

Why your input matters:
- It fosters greater transparency around the size, structures, and emerging characteristics of the EMEA fund finance market.
- It strengthens our dialogue with regulators and helps shape best practices for the industry.
- It informs an annual report uncovering trends, challenges and opportunities, that will serve as a critical resource for stakeholders.
All responses are confidential, anonymised and will only be reported on in aggregate form.

Take part and help shape a resilient future for fund finance. Every response matters – make your voice heard. The deadline for submissions is 28th February.

Note: this form does not save automatically. If you wish to resume the process at a later date, please select the "Save" option at the end of the form before closing your browser tab/window.
About you

Please enter your email to get started - this will allow us to record your answers, and you will also be able to save & resume your form at any time. Knowing the type of organisation you work for will also help us tailor the questionnaire to make it more relevant to your role.
Email*
What best describes your organisation in the context of fund finance?*

Lender (Bank)Lender (Non-bank – Private credit)Lender (Non-bank – Other, e.g. insurance company, pension fund, asset manager)Adviser (Law firm)Adviser (Debt adviser)Borrower
In which of the following regions do you advise / borrow / lend in the context of fund finance? Please select all regions for which you are providing survey responses

EuropeMiddle EastAfrica

LENDERS
1. What volume of fund finance transactions did you commit to in total in 2025 (new money)?

0 - EUR100mEUR101m - 250mEUR251m - 500mEUR501m - 750mEUR751m - 1bnEUR1bn - 2bnEUR2bn - 3bnEUR3bn - 4bnEUR4bn - 5bnEUR5bn+
If you selected EUR5bn+, please provide an approximate total in excess of this number, if applicable:
2. What volume of fund finance transactions did you commit to in total in 2025 (renewals)?

0 - EUR100mEUR101m - 250mEUR251m - 500mEUR501m - 1bnEUR1bn - 2bnEUR2bn - 3bnEUR3bn - 5bnEUR5bn - 10bnEUR10bn - 15bnEUR15bn - 20bnEUR20bn - 25bnEUR25bn - 30bnEUR30bn+
If you selected EUR30bn+, please provide an approximate total in excess of this number, if applicable:

If you selected "Other", please specify:
5. If you provided any subscription facilities in 2025, please indicate the primary purpose(s) for which those facilities were used (multiple options may be selected)

Improve liquidity management / reduce administrative burdenBridge timing gaps in investment activityCover fund-related fees and expenses, including management feesImprove IRR or other performance metrics through timing optimisationTo finance add-on acquisitionsEnable early distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)

7. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)

To finance add-on acquisitionsTo accelerate distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)
8. If you provided any subscription or hybrid facilities in 2024, what percentage of these were provided to continuation vehicles?

0-20%21-50%51-75%76%+
9. What was the typical tenor of your subscription facilities (excluding any extension options)?

1 year2 years3 years
10. What was the typical utilisation of your subscription facilities in 2025?

0-20%21-50%51-75%76%+

13. What was the typical utilisation of your NAV facilities in 2025?

0-20%21-50%51-75%76%+

If you selected "Other", please specify:

If you selected "Other", please specify:
17. What do you think are the most significant challenges for lenders in the fund finance market in 2026? Please select your top three:

Macroeconomic factorsRegulatory changesSupply/demand imbalanceTechnology integrationCompetitionReduced deal pipelineTalent and staffingLP sentiment on fund-level leverageExit environmentFundraising challengesOther (please specify)
18. Where do you think the LMA could be most useful in the fund finance industry in 2026?
BORROWERS
1. What volume of fund finance transactions did you use in total in 2025 (new money)?

0 - EUR100mEUR101 - 250mEUR251m - 500mEUR501m - 750mEUR751m - 1bnEUR1bn - 2bnEUR2bn - 3bnEUR3bn - 4bnEUR4bn - 5bnEUR5bn+
If you selected EUR5bn+, please provide an approximate total in excess of this number, if applicable:
2. Did you also use fund finance products in 2024?

YesNo
3. What was the 2025 volume for renewals?

0 - EUR100mEUR101 - 250mEUR251m - 500mEUR501m - 1bnEUR1bn - 2bnEUR2bn - 5bnEUR5bn - 10bnEUR10bn - 15bnEUR15bn - 20bnEUR20bn+
If you selected EUR20bn+, please provide an approximate total in excess of this number, if applicable:

If you selected "Other", please specify:
5. If you used any subscription facilities in 2025, please indicate the primary purpose(s) for which those facilities were used (multiple options may be selected)

Improve liquidity management / reduce administrative burdenBridge timing gaps in investment activityCover fund-related fees and expenses, including management feesImprove IRR or other performance metrics through timing optimisationTo finance add-on acquisitionsEnable early distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)

7. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)

To finance add-on acquisitionsTo accelerate distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)
8. If you used any subscription or hybrid facilities in 2025, what percentage of these were provided to continuation vehicles?

0 - 20%21 - 50%51 - 75%76%+
9. What was the typical tenor of your subscription facilities in 2025 (excluding any extension options)?

1 year2 years3 years
10. What was the typical utilisation of your subscription facilities in 2025?

0 - 25%26 - 50%51 - 75%76%+

13. What was the typical utilisation of your NAV facilities in 2025?

0 - 20%21 - 50%51 - 75%76%+

If you selected "Other", please specify:

If you selected "Other", please specify:
17. What do you think are the most significant challenges for borrowers in the fund finance market in 2026? Please select your top three:

Macroeconomic factorsRegulatory changesSupply/demand imbalanceTechnology integrationCompetitionReduced deal pipelineTalent and staffingLP sentiment on fund-level leverageExit environmentFundraising challengesOther (please specify)
18. Where do you think the LMA could be most useful in the fund finance industry in 2026?
ADVISERS
1. What types of clients do you advise when it comes to fund finance? Select all options that are applicable

Lender (Bank)Lender (Non-bank – Private credit)Lender (Non-bank – Other)Borrower

If you selected 51%+, please provide an approximate number, if applicable:

If you selected 51%+, please provide an approximate number, if applicable:

If you selected 51%+, please provide an approximate number, if applicable:

If you selected 51%+, please provide an approximate number, if applicable:

If you selected "Other", please specify:
7. If you advised on any subscription facilities in 2025, please indicate the primary purpose(s) for which those facilities were used (multiple options may be selected)

Improve liquidity management / reduce administrative burdenBridge timing gaps in investment activityCover fund-related fees and expenses, including management feesImprove IRR or other performance metrics through timing optimisationTo finance add-on acquisitionsEnable early distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)

9. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)

To finance add-on acquisitionsTo accelerate distributions to LPsTo support balance sheets of portfolio companiesRefinancing existing debtOther (please specify)
10. If you advised on any subscription or hybrid facilities in 2025, what percentage of these were provided to continuation vehicles?

0-20%21-50%51-75%76%+

12. What was the typical tenor of the subscription facilities you advised on in 2025 (excluding any extension options)?

1 year2 years3 years

If you selected "Other", please specify:

If you selected "Other", please specify:
18. What do you think are the most significant challenges for advisers in the fund finance market in 2026? Please select your top three:

Macroeconomic factorsRegulatory changesSupply/demand imbalanceTechnology integrationCompetitionReduced deal pipelineTalent and staffingLP sentiment on fund-level leverageExit environmentFundraising challengesOther (please specify)
19. Where do you think the LMA could be most useful in the fund finance industry in 2026?
Are you happy to be contacted by the LMA and the Drawdown to provide further anonymous commentary on the fund finance market for this report?*

YesNo
Should be Empty:

	0-10%	11-25%	26-50%	51%+
New money
Renewals

	0-20%	21-40%	41-60%	61-80%	81-100%
Subscription finance
NAV financing/ABL
Hybrid financing (ie, any facility which involves a measurement of debt to both uncalled commitments and investment value, whether or not secured)
GP/manager financing (including facilities to individual executives)
Preferred equity
Securitisation / Synthetic Risk Transfer (SRT) / Credit Risk Transfer (CRT)
Other

	0-20%	21-40%	41-60%	61-80%	81-100%
Buyout
Secondary
Credit
Real Estate
Infrastructure
Venture

	1-2 years	3 years	4 years	5 years	6 years	7+ years
Buyout
Secondary
Credit
Real Estate
Infrastructure
Venture

	0-5%	6-10%	11-15%	16-20%	21%-25%	26%+
Buyout
Venture

	Increase	Decrease	Stay the same	Don't know
Subscription finance
NAV financing/ABL
Hybrid financing
GP/manager financing (including facilities to individual executives)
Preferred equity
Securitisation/SRT/CRT
Other

	0-20%	21-30%	31-45%	46-60%	61-70%	71%+
Secondary
Credit

	0-20%	21-30%	31-40%	41-50%	51-60%	61%+
Real estate
Infrastructure

	0-20%	21-30%	31-45%	46-60%	61-70%	71%+
Secondary
Credit

	0-20%	21-30%	31-40%	41-50%	51-60%	61%+
Real estate
Infrastructure

LMA Fund Finance Intelligence Survey

About you

LENDERS

BORROWERS

ADVISERS