2026 Fund Finance Association Symposium: Key insights

Members of DLA Piper’s Global Fund Finance group recently sponsored and attended the 2026 Fund Finance Association Symposium.

A variety of participants in the fund finance market – including institutional banks, private credit lenders, sponsors, investors and ratings agencies, as well as other organizations – came together to reflect on the prior year and look ahead to what’s in store for the market in 2026.

We provide key insights from the event below.

Sponsor-friendly market

The current number of new players in the fund finance market, the increased allocations from existing players throughout the space, and the compressed margin on loans more generally make for a sponsor-friendly market.

As such, lenders are learning to explore new avenues (whether that be general partner (GP) facilities, management company lines, or net asset value (NAV) facilities toward the end of a fund’s life cycle) to provide increased flexibility and value for their clients. Banks with strong fund finance platforms have seen double-digit growth in their portfolios. The market continues to become more sophisticated as deal structures evolve.

This shift has also favored non-bank lenders, who do not face the same regulatory constraints as traditional bank lenders and, therefore, can offer more bespoke structures and terms to sponsors. Traditional bank lenders are quickly becoming more comfortable with NAV facilities, particularly in certain underlying asset classes, as they look to expand their banking relationships with key sponsors.

As the sector continues to grow, sponsors ultimately remain focused on working with lenders who can thread the needle of providing nimble deal structures, while also remaining efficient (both with regard to time and costs) as the parties work towards closing.

Increase in syndications

As financing needs of sponsors continue to grow, there has been an increase in larger facilities and related syndications, as lenders look to diversify their holdings. However, these syndications are often more collaborative than had been the case over recent years.

There has been an uptick in deals with lenders sharing commitments pro rata across the syndicate, rather than one lender holding the bulk of commitments. This has led to a larger focus on “Required Lender” terms, including sacred rights, provisions related to liability management exercise (LME), and confidentiality provisions in credit agreements – a similar trend to what has transpired in the private credit sector for the past several years. In addition, lenders are increasingly utilizing first out/last out structures and different tranches of debt in order to find creative solutions to building the syndicate.

Traditional lender and non-traditional lender synergy

Collaborative bank-non-bank models (e.g., banks providing revolving lines of credit while non-traditional lenders provide term loans under the same facility) have increased as traditional lenders and non-traditional lenders continue to compete for deals. These structures allow lenders to maximize their hold, while also providing sponsors with the most flexibility to leverage their assets and deploy debt as needs arise. These structures can also expedite the documentation process, as each line of credit can have borrowing mechanics tailored to the lending institution’s policies – therefore decreasing the need to coordinate across the syndicate.

CRD VI compliance

Lenders active in cross-border European Union transactions are focusing on the Capital Requirements Directive VI (CRD VI). The directive requires close monitoring to allow structures to be adjusted in due course and ensure compliance as national transpositions develop in 2026. Differences in Member State implementation may, over time, result in some jurisdictions proving more lender-friendly than others, although this will only become clear once local laws are adopted.

Continuation vehicles on the rise

The market has seen a steady increase in the use of continuation vehicles (CV) – some estimates suggest it’s ten-fold – to maximize investment value. Secondary deals are frequently being structured as a CV transaction. Depending on the rationale for structuring the CV, investors are increasingly supportive.

Private equity investments in women’s sports

This year's Fund Finance Association Symposium agenda featured a panel session dedicated to investments in women's sports. The evolution of content and media has made women’s sports more accessible than ever – and the mass appeal of women's basketball, soccer, softball, and volleyball, in particular, has growth potential. There are a number of venture firms in the space and, as private equity assesses the scalability of women's sports, limited partners (LPs) will expect returns commensurate with other investments. This in turn will drive financing – subline and NAV loan providers, as well as LP co-investments, will all be able to take advantage of the growth and sophistication of the sector. With artificial intelligence set to further revolutionize sports, the revenue potential demands an even more sophisticated investor base and financing apparatus.

For more information, please contact the authors.