We launched the LMA Fund Finance Intelligence Survey in collaboration with the Drawdown in January 2025. The results shows that..
Fund finance has grown significantly in recent years – not only in scale but also in sophistication and diversity. Yet, it remains an often misunderstood and mischaracterised segment of the financial markets. Given its increasing importance to the success of private markets, it is essential to address misconceptions and foster greater transparency around the size, structure, and emerging characteristics of the fund finance market.
To support this goal, we have launched the Fund Finance Intelligence Survey, in collaboration with The Drawdown, to promote greater efficiency, liquidity, transparency, and sustainability within the market. The anonymous, aggregated responses from borrowers, lenders and advisers have culminated in a valuable dataset that offers meaningful insights into market dynamics, growth trends and key challenges.
Commenting on the publication:
“Our survey provides a detailed overview of transaction volumes, asset classes, and the most commonly used products, along with typical tenors and lending practices across different participant groups,” explains Scott McMunn, CEO of the LMA. “It also highlights the perceived drivers, challenges and opportunities for 2025.”
"Our survey of major market participants reveals a growing fund finance market which is innovating to adapt to the numerous challenges faced by borrowers. Advisers and lenders are expressing confidence but our respondents are rightly concerned about an uncertain macroeconomic environment. The survey also highlights how LP resistance remains front of mind for borrowers, underlining the importance of the efforts of the LMA to improve the transparency in the fund finance market." Jon Whiteaker, Editor, The Drawdown
Key takeaways from the survey include downward pressure on pricing, an influx of new lenders and advisers, a wave of product innovation, and growing competition for talent.
To read a detailed summary of the report, click here.
A huge thank you to our valued members who took the time to respond to the survey and provide us with such insightful contributions.