Report|Funds|13 Oct 2026

Funds: Subscription Facility Global Rating Methodology

Executive Summary

This methodology outlines KBRA’s approach to assigning ratings to Subscription Facilities and surveilling those ratings. Subscription Facilities are commonly short-term credit facilities provided to investment funds, secured primarily by the uncalled capital commitments (UCC) of the funds’ limited partners (LPs or investors).

KBRA’s ratings for other categories of debt within the investment fund sector that are typically associated with fund finance, fund investment, collateralised fund interests or sponsor balance sheet transactions continue to be determined by applying KBRA’s Investment Fund Debt Global Rating Methodology.

KBRA employs judgment in the application of all its rating methodologies and may increase or decrease the emphasis on certain factors to address additional or unique risks in a particular transaction. The goal of…

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