Welcome to our new Spotlight series, where we highlight members of our expanded team—and the regions they serve—in EMEA and APAC. In this newsletter, we'd like to introduce you to Eric Tan, a partner in our Singapore office. Eric has extensive experience advising financial institutions, private credit funds, multinational corporates and private equity sponsors on complex cross-border financing transactions. He works closely with colleagues across the firm's Asian offices, including Hong Kong and Tokyo, as well as with its teams in other key fund finance centers such as Luxembourg and France. 

Let's get to know Eric, his practice, and his region.

What first attracted you to fund finance, and how has your career evolved during your time at the firm?

I am relatively new to the firm, but I have focused on fund finance for the past decade across several international law firms. My career began in real estate finance in Singapore and Hong Kong before I transitioned into leveraged finance in the Greater Asia Pacific region. These experiences provided a strong foundation for the work I do today. It also helps that I am qualified in three of the key jurisdictions which are fundamental to fund finance in Asia – Singapore, Hong Kong, and England and Wales.  

What ultimately attracted me to fund finance was its complexity and its position at the intersection of multiple disciplines within the financial markets. Unlike more traditional banking and lending work, fund finance requires a deep understanding not only of financing structures, but also of how investment funds are organized, how capital is raised and deployed, and how the various stakeholders within the fund ecosystem interact. I enjoy the intellectual challenge of understanding the full lifecycle of a fund—from investor commitments and fund structuring through to capital deployment and portfolio investments. That broader perspective is what continues to make fund finance such a dynamic and rewarding practice area for me.

How would you characterize the current state of the fund finance market in your primary practice area, and what notable trends are you observing?

The fund finance market in Asia is maturing and evolving from traditional subscription lines to more sophisticated liquidity solutions. This shift is being driven by challenging exit conditions and a subdued fundraising environment, prompting fund managers to explore innovative financing structures to unlock liquidity. Singapore sits at the center of this evolution, with assets under management continuing to grow significantly, reaching US $6.7 trillion at the end of 2025. The city-state is now widely recognized as one of the world’s leading financial hubs, according to a number of international rankings and studies.

Where do you see the most potential for growth in fund finance over the next few years, and what forces will drive that growth?

We expect to see increased appetite among both bank and non-bank lenders for innovative liquidity solutions beyond traditional subscription lines. Five factors are likely to drive this growth:

1. The prolonged slowdown in private equity exits continues to create demand for alternative sources of liquidity.
2. Singapore’s continued development as a stable and attractive fund domicile is supporting growth in the funds industry.
3. The rapid expansion of the private credit market across Asia is creating new financing opportunities.
4. Both investors and fund managers are becoming increasingly receptive to liquidity management strategies. 
5. Singapore’s continued growth as a regional financial center, particularly its success in attracting assets under management, will further support the development of a deeper and more sophisticated fund finance ecosystem.

How has the focus of your practice shifted over the past year?

While subscription lines continue to account for the majority of the work we see in Singapore, there has been growing interest in other fund finance products, particularly net asset value (NAV) and hybrid financing structures.

What can you tell us about the state of fund finance in your region?

I am based in Singapore and qualified in Singapore, Hong Kong, and England and Wales. We expect to see continued growth in demand for net asset value (NAV) and hybrid financing structures, as well as increased participation by non-bank financial institutions in these transactions. We are also seeing a growing number of single-asset and separately managed account (SMA) fund structures being established, which in turn is creating opportunities for tailored financing solutions designed around these structures.

What can you share about the firm's capabilities in the region?

We have a broad-based finance practice across the Asian region. While fund finance forms a significant part of our work in Asia, the Singapore team also advises on cross border leveraged finance, share-backed finance and general banking transactions across a wide range of industry sectors.

What's a noteworthy deal you’ve been involved with over the past year?

We recently advised on a bespoke hybrid financing transaction for a regional private credit manager involving an SMA structure. The underlying assets consisted of private equity investments in several unicorn companies that are expected to pursue initial public offerings across various Asian markets. The financing structure was highly tailored and incorporated both traditional upstream capital call support and downstream equity investment collateral.

As the downstream equity investments are illiquid, a lot of effort went into structuring around shareholder restrictions on collateral-taking and disposals and much time was spent on dealing with other lead private equity investors in the target companies negotiating side letters on enforcement scenarios. The transaction reflected the need to balance longer-than-expected exit timelines experienced by fund investors with the broader uncertainty affecting capital markets, as many companies continue to delay public listings in pursuit of more favorable market conditions and valuations.

Let's wrap up with a personal question. What book, movie, or TV show would you most recommend to others?

King of Capital by David Carey and John E. Morris. The book chronicles the rise of one of the most influential private equity firms in the world and provides fascinating insights into the evolution of the private equity industry. I've always enjoyed stories of entrepreneurial success, and this is one of the most compelling examples.