Private Credit: FFA 2025 Global Fund Finance Symposium Recap
The Fund Finance Association’s (FFA) 14th Annual Global Fund Finance Symposium was held at the Fontainebleau in Miami Beach on February 24-27. The event was well attended with over 2,500 registrants, attracting market participants including investors, fund managers, bankers, lawyers, and credit rating agencies (CRA). KBRA was a platinum sponsor of the event. Below is a summary of our key takeaways from the symposium’s panels.
Fund Finance Market Update
Panelists discussed key market trends that shaped 2024, including:
Growing acceptance of net asset value (NAV) loans. The Institutional Limited Partners Association (ILPA) issued guidance in July that supported the usage of NAV loans as a financing tool but confirmed the need for borrowers to offer limited partners (LP) sufficient transparency and disclosures. The new guidance provided certainty that helped NAV loans gain wider acceptance.
Pricing compression for both subscription facilities and NAV loans. This trend has…
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