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.
  • What best describes your organisation in the context of fund finance?*
  • 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

  • LENDERS

  • 1. What volume of fund finance transactions did you commit to in total in 2025 (new money)?
  • 2. What volume of fund finance transactions did you commit to in total in 2025 (renewals)?
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  • 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)
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  • 7. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)
  • 8. If you provided any subscription or hybrid facilities in 2024, what percentage of these were provided to continuation vehicles?
  • 9. What was the typical tenor of your subscription facilities (excluding any extension options)?
  • 10. What was the typical utilisation of your subscription facilities in 2025?
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  • 13. What was the typical utilisation of your NAV facilities in 2025?
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  • 17. What do you think are the most significant challenges for lenders in the fund finance market in 2026? Please select your top three:

  • BORROWERS

  • 1. What volume of fund finance transactions did you use in total in 2025 (new money)?
  • 2. Did you also use fund finance products in 2024?
  • 3. What was the 2025 volume for renewals?
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  • 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)
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  • 7. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)
  • 8. If you used any subscription or hybrid facilities in 2025, what percentage of these were provided to continuation vehicles?
  • 9. What was the typical tenor of your subscription facilities in 2025 (excluding any extension options)?
  • 10. What was the typical utilisation of your subscription facilities in 2025?
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  • 13. What was the typical utilisation of your NAV facilities in 2025?
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  • 17. What do you think are the most significant challenges for borrowers in the fund finance market in 2026? Please select your top three:

  • ADVISERS

  • 1. What types of clients do you advise when it comes to fund finance? Select all options that are applicable
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  • 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)
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  • 9. Of those NAV facilities, please indicate the purpose(s) for which those facilities were used (multiple options may be selected)
  • 10. If you advised on any subscription or hybrid facilities in 2025, what percentage of these were provided to continuation vehicles?
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  • 12. What was the typical tenor of the subscription facilities you advised on in 2025 (excluding any extension options)?
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  • 18. What do you think are the most significant challenges for advisers in the fund finance market in 2026? Please select your top three:
  • 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?*
  • Should be Empty: