知情：基金融资市场更新

By Ian Roebuck and Jasmine Cheung of Baker McKenzie’s Singapore and Hong Kong offices. Fund FinanceMarket Update Overview 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 fundmanagers are increasingly demanding a wider range offund finance solutions in order to manage liquidity,optimize portfolio performance and navigate achallenging exit environment. The fund finance markethas developed a range of products - most notably netasset value (NAV) facilities, hybrid facilities and generalpartner (GP) and management fee facilities - to meetthis demand and the wider liquidity needs of GPs andinvestment fund managers. 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,investment funds and advisors for a day of paneldiscussions, presentations and networking, with a themeof “In the Pursuit of Growth”. Baker McKenzie was a 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 NAVfacilities remains a key discussion point betweenlenders and investment funds, with lendersfocusing on the accuracy of these valuations.Additionally, lenders are also particularly attentiveto the integrity of cashflow models and therobustness of stress testing for cashflowsgenerated by investments within NAV facilities. platinum sponsor of the symposium and IanRoebuck, Chair of Baker McKenzie’s fund financepractice in Asia, participated in a paneldiscussion on unlocking growth in country-focused Asia funds. Key takeaways from the Asia PacificFund Finance Symposium NAV facilities 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 nowchanging as market awareness of the productincreases and limited partners become morecomfortable with the use of NAV facilities byinvestment funds. 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 oncapital repatriation. As a result, and despite theincreased competition in the market, the volume,size and terms of NAV facilities in Asia are likelyto remain more conservative relative to Europeand the US. 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, developingand increasing the value of existing investments,and, in some cases, financing distributions.Availability under a NAV facility is typicallylinked to the net asset value of eligible portfolioinvestments and, while security packages vary,the facility is often secured against a pool ofthe fund’s underlying investments, as well asthe distributions and cashflows fromthose investments. Demand for subscription credit facilitiesremains resilient Subscription credit facilities remain the mainstayof the fund finance market. Demand continues tobe resilient, notwithstanding a challenging fundraising environment. Subscription credit facilities are commonly put inplace by investment funds at or around the sametime as their initial fundraising for the purposesof, amongst other things, bridging the timeperiod between the investment fund making 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 tomake capital calls to the investors in the fund andover the bank account into which those capitalcalls are paid. Regional strategies, strong growthin Japan and India and the rise ofprivate credit 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 Te