知情：基金融资市场更新

Fund FinanceMarket Update The global fund finance market is growing rapidly, withrecent estimates suggesting that the market will growto over USD 2.5 trillion by 2030, from a base of USD 1.2trillion in 2024. This expanding market is providinginvestment funds with a range of fund financingsolutions, some of which may be complementary andrelevant to the leveraged finance market. Historically,the fund finance market has been dominated bysubscription credit facilities, a product designed tobridge capital calls by investment funds. However fund Against this backdrop, the Fund Finance Association heldits 7th Annual Asia Pacific Fund Finance Symposium inHong Kong on 6 November 2025. The symposiumbrought together leading financial institutions, The growth in the NAV facility market is drawingincreased attention from lenders, with moreparticipants entering the market in Asia. This hasled to pricing pressure, as well as deal terms,particularly loan-to-value thresholds, becomingmore favorable to borrowers. Despite this trend,the valuation of investments included in NAV platinum sponsor of the symposium and IanRoebuck, Chair of Baker McKenzie’s fund financepractice in Asia, participated in a panel Key takeaways from the Asia Pacific facilities remains a key discussion point between The use of NAV facilities in the US and Europeanfund finance markets has increased rapidly overthe last two to four years. However, until thisyear, the use of NAV facilities in the Asia markethad been comparatively low. That is now Notwithstanding the increased use of NAVfacilities in Asia in 2025, some features of the Asiamarket make NAV facilities more challenging toimplement compared to Europe and the US.These features include the fragmented nature ofthe market in Asia and potential limitations on By way of background, fund managers typicallyuse NAV facilities toward the second half of afund’s life cycle, once the capital commitmentsfrom investors in the fund have been drawn tomake investments. These facilities are used forliquidity and other purposes, for example, thefinancing of follow-on acquisitions, developing Demand for subscription credit facilitiesremains resilient Subscription credit facilities remain the mainstayof the fund finance market. Demand continues to Subscription credit facilities are commonly put inplace by investment funds at or around the sametime as their initial fundraising for the purposes Regional strategies, strong growthin Japan and India and the rise of capital calls to investors and the funding ofinvestments. The facility will typically be sized byreference to a borrowing base of includedinvestors, with security granted over the right to The fund finance landscape in Asia is evolvingfrom a market primarily focused on the keyfund management centers of Hong Kong andSingapore to a more regional market, withnew fund centers such as Gujarat InternationalFinance Tec-City (“GIFT City”) in India becoming One notable trend in 2025 was the demand fornew subscription credit facilities to separatelymanaged account (SMA) funds, reflecting ageneral uptick in the formation of SMA funds inAsia to cater for the specific needs of particular Japan has witnessed a surge in M&A activity overthe last 12-24 months, with Japanese companiesbecoming increasingly open to private equityinvestment. Fund raising has been strong andcapital has been reallocated to Japan from otherparts of Asia that have not experiencedcomparable growth. Historically, the use of fundfinance products by Japanese funds has beenlimited due to restrictions on borrowings in fund Asia remains a more tightly priced market forsubscription credit facilities compared to the USand European markets. This difference in pricingcontinues to be attractive to investment funds Fund raising and changing investor base While fund raising in Asia remained subdued in2025, and deal activity and exits remained below2021 highs, market participants are cautiouslyoptimistic, with an expectation that fund raisingwill gain momentum in 2026 and furtherimprove between 2027 and 2029, particularly forAsia home-grown funds. In addition, there are The Indian economy is one of the fastest-growingin Asia and continues to attract significantinterest from investors from international andregional funds. While the fund finance market in In terms of fund strategies, private credit forms asignificant part of current and anticipated futurefund raising, with investors expecting the robustincrease in private credit activity in Asia Pacific in2025 to continue. In addition, private equity and Outside of Japan and India, there are signs of arebound in activity and renewed confidence inChina, with a more buoyant IPO marketenhancing exit opportunities for existing One notable trend is a broadening of theinvestor base, with fund managers increasinglytargeting more family offices and high-net-worth individuals when fund raising and the Fitch, KBRA, Moody’s and S&P have all nowpublished