We’d like to extend our congratulations to the five newly appointed members of the FFA Board, named yesterday.
We see several implications for fund finance stemming from a steeper yield curve in 2026. Borrowing at the short end of the curve—particularly via subscription facilities and asset‑backed revolving capacity—has become significantly more compelling for sponsors.
As a result, selective substitution away from longer‑tenor debt should lead to subscription amendment activity skewing toward reserving or increasing borrowing capacity, and facility utilization should increase at the margin. Sponsors looking to maximize short-end borrowing capacity may now have more reason to explore umbrella and master facilities as a way to consolidate borrowing availability across funds.
Cadwalader Partner Patrick Calves and Manager of Professional Development Michael Tenenhaus will participate in the Careers in Finance Law program at the New York City Bar Association on Tuesday, June 9, from 6:00 p.m. to 8:00 p.m.
The agenda for the inaugural Fund Finance Forum, taking place in New York City on October 15, 2026, is now available here.
Cadwalader Fund Finance Partner George Pelling will be a panelist at the 10th Annual European Fund Finance Symposium, taking place in London on Wednesday, June 24.
Efficiency, flexibility and speed are core features of subscription credit facilities.
The first round of U.S. quarterly bank call reports for 2026 provided several notable datapoints for fund finance lenders:
- C&I bank may be entering a durable uptrend as banks regain share from private credit and regulatory capital revisions line up to add support.
- We read increased momentum in C&I as a positive signal for overall commercial lending appetite and as an indicator of support for the sponsor ecosystem.
- NDFI lending data appears to have moved through the reclassification noise of prior quarters, and growth in the segment continues.
- Within this category, lending to business credit intermediaries ticked materially higher during the quarter, likely pointing to liquidity demand at private credit borrowers translating to revolver draws.
Members of our London Fund Finance team attended the Loan Market Association’s (LMA) inaugural Fund Finance Conference on 13 May 2026.