US Market Review
The fund finance market has continued to evolve over the last 12
months, with existing trends persisting and, in some cases,
accelerating. These trends and the market's response to them
are indicative of a resilient and increasingly dynamic fund finance
ecosystem, and the continued growth and innovation in the market is
a cause for genuine optimism.
Subscription Lines
The subscription line market continues to be shaped by
constraints on banks' lending capacity, higher interest rates,
and a more cautious approach to utilisation by fund managers.
Despite these challenges, deal flow was consistent, albeit with
extended timelines, that align with the general fundraising
climate. On a positive note, higher interest rates do not appear to
be dampening overall demand for subscription lines. Extensions of
existing deals are common and often accompanied by an increase in
margin. The use of hybrid facilities, which are proving
particularly useful for
