April 2, 2026

Navigating Liquidity, March 2026 - Updated Fund Finance Navigator

Chris van Heerden Cadwalader, Wickersham & Taft LLP + Follow Contact LinkedIn Facebook X Send Embed

Since our FFF Navigator was first published in July 2022, the fund finance market has continued to broaden in both product scope and legal complexity. In addition to new pieces on subscription facilities, side letters and core documentation concepts, Fund Finance Friday has published a growing body of topical education articles on NAV lending, evergreen structures, rated feeders and securitization, as well as jurisdiction-specific issues across key offshore fund domiciles. To make these resources easier to use, we have updated the Navigator through recent content, preserved the existing topic-based format and added separate sections for jurisdiction-specific and structured finance topics.

Capital Commitments, LPA Terms, and Related Investor Considerations

Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities
Discusses the borrowing base and coverage ratio approaches in subscription finance facilities.

Hurdling Into the Borrowing Base
Examines how lenders give borrowing base credit to investors that might not otherwise qualify for full inclusion.

Investor Transfers: Lender Considerations in an Everchanging Fund Finance Market
Reviews lender considerations and due diligence issues arising from increased investor transfer activity.

Retail Investors: Challenges and Opportunities in Subscription Finance
Explores the challenges and opportunities presented by retail investor capital in subscription finance facilities.

A Key Person Will Never Walk Alone . . .
Reviews key person provisions and their relevance to fund finance transactions.

Side Letters

A Fresh Look at Side Letters
Revisits the growing importance and complexity of side letters.

Laying the Groundwork on Foreign Sovereign Immunity
Provides an overview of foreign sovereign immunity issues relevant to subscription facilities and investor enforcement analysis.

Credit Agreement Concepts and Documentation Mechanics

Comfort Letters
Explains the role of comfort letters and how these differ from stronger forms of credit support.

Beyond the Boilerplate
Highlights often-overlooked credit agreement provisions that can matter in fund finance negotiations.

Permitted Indebtedness
Analyzes the scope and drafting of permitted indebtedness baskets in fund finance facilities.

Letter of Credit Refresher
Provides a refresher on letters of credit and their use in fund finance transactions.

Syndication Synopsis: Overview and Considerations for Achieving a Successful Syndication
Summarizes the syndication process and the main considerations for a successful launch.

Representing New Entrants in Syndicated Fund Finance Facilities
Discusses practical considerations when advising lenders entering syndicated fund finance facilities for the first time.

Defaults and Remedies: The Interaction Between Security Documents and the UCC
Examines how the UCC and security documents interact when a fund finance facility goes into default.

NAV Facilities

Getting the Balance Right – Lender Controls Over Eligible Investments in NAV Facilities
Reviews how lenders define and police eligible investments in NAV facilities.

Single-Asset Back-Leverage Facilities for Private Credit Loans
Explores the structure and issues presented by facilities secured by a single private credit loan.

Secondaries Outlook: A Market All Grown Up
Discusses how the secondaries market’s development is shaping NAV and hybrid finance demand.

Is Cash King? Deferred Consideration and Specie/in-Kind Transactions in the Context of Private Equity NAV Financings
Examines how deferred consideration and in-kind transactions are treated in NAV financings.

Family Office NAV Facilities
Reviews the structural features and considerations specific to family office NAV facilities.

FoHF Security
Analyzes collateral, control and valuation issues in financings involving funds of hedge funds.

Taking Security in NAV Lending: The SPV Pledge
Discusses SPV pledge structures and their role in NAV lending.

Taking Security in NAV Lending: Delaware LLCs as Holding Vehicles
Reviews perfection and enforcement issues where Delaware LLCs are used as holding vehicles.

NAV Finance Due Diligence: Current Themes From the European Market
Highlights current diligence themes in European NAV finance transactions.

NAV Facility Valuation Challenge Rights
Explains the mechanics and function of lender valuation challenge rights.

Qualified Borrowers and Portfolio Company Loans
Reviews qualified borrower concepts and portfolio company loan flexibility in NAV structures.

Acquisition Financing Techniques in the Fund Finance Context
Discusses how fund finance products are being used to support acquisitions and related transactions.

Payment Direction Letters: Their Role and Usage in NAV Financings
Explains how payment direction letters are used to direct portfolio cashflows in NAV financings.

Spotlight on Evergreen Fund Finance (PDF)
Provides a current overview of evergreen fund finance and the products being used in that segment.

Structured Finance / Rated Feeders / Securitization

A Brief Primer on CFOs and Rated Feeder Funds
Provides a primer on CFOs and rated feeder structures in the fund finance ecosystem.

Subscription Finance Facilities – the Allure to Securitise: A European Perspective
Explores the drivers and structuring considerations behind securitizing subscription facilities in Europe.

Irish SPVs: Rated Note Feeders and Collateral Fund Obligations
Reviews Irish SPV structures used for rated note feeder and collateral fund obligation transactions.

Jurisdiction-Specific and Cross-Border Topics

Getting All Your ‘Lux’ in a Row – a Lender Checklist!
Provides a lender-oriented checklist for transactions involving Luxembourg vehicles.

No Date, No Problem: Cayman Court Affirms Pre-Signed Share Transfer
Reviews a Cayman decision relevant to share-transfer mechanics used in secured fund finance structures.

Cayman Ultimate General Partners In Subscription Facilities: Do They Ultimately Matter?
Examines the role and relevance of Cayman ultimate general partners in subscription facilities.

The Cay-Lux-Jersey Connection – Features of the Most Commonly Seen Offshore Funds
Compares key features of Cayman, Luxembourg and Jersey fund structures.

Intercreditor Issues for Fund Finance Lawyers in Europe
Reviews intercreditor issues that arise in European fund finance transactions.

2026 Irish Fund Finance in Five - Part 1: Overview of Irish Fund Structures and Investment Vehicles
Provides an overview of Irish fund structures and vehicles relevant to fund finance.

2026 Irish Fund Finance in Five - Part 2: Common Irish Legal Issues in Fund Financings
Summarizes common Irish legal issues that arise in fund financings.

2026 Irish Fund Finance in Five - Part 3: Irish Security Considerations
Reviews Irish security considerations in fund finance transactions.

2026 Irish Fund Finance in Five - Part 4: Irish Legal Due Diligence Considerations (PDF)
Discusses key Irish legal due diligence points for lenders and counsel.

2026 Irish Fund Finance in Five - Part 5: Irish Subscription Documents Consideration (PDF)
Examines Irish subscription document issues most relevant to fund finance transactions.

Searching in CayLux - What Can Be Found?
Provides a practical guide to searches and record checks in Cayman and Luxembourg.

Regulatory and Other General Topics

What Fund Finance Lenders Need To Know About CRD VI
Explains the relevance of CRD VI to fund finance lenders.

U.S. Regulatory Capital Proposals: Key Points for Fund Finance
Summarizes the March 2026 U.S. regulatory capital proposals most relevant to fund finance.

Fund Finance x Crypto – The Next Frontier
Introduces the intersection between fund finance and crypto-related structures.

Fund Finance x Crypto – Tokenized Investment Funds
Reviews tokenized fund issues relevant to financing and collateral analysis.

Balancing Lender and Borrower Confidentiality Interests
Discusses confidentiality drafting tensions between borrowers and lenders in fund finance facilities.

Send Print Report

Latest Posts

• Navigating Liquidity, March 2026 - Updated Fund Finance Navigator
• Money Talks, March 2026 - Right of First Refusal Narrowly Construed
• Digital or Else: Proposed Regulations Would Nix Paper Crypto Payee Statements
• IRS Finds Insufficient Basis for Basis-Shifting Reporting Regs
• Money Talks March 2026 - Money, Money, Money, Money... Money: Motion for Summary Judgment in Lieu of Complaint See more »

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
Attorney Advertising.

©
Cadwalader, Wickersham & Taft LLP

Written by:

Cadwalader, Wickersham & Taft LLP Contact + Follow Chris van Heerden + Follow more less

PUBLISH YOUR CONTENT ON JD SUPRA

• ✔ Increased readership
• ✔ Actionable analytics
• ✔ Ongoing writing guidance Join more than 70,000 authors publishing their insights on JD Supra

Start Publishing »

Published In:

Cayman Islands + Follow Financial Services Industry + Follow Fund Managers + Follow Intercreditor Agreements + Follow Investment Funds + Follow Lenders + Follow Loans + Follow Luxembourg + Follow NAV + Follow Private Equity + Follow Private Funds + Follow Securitization + Follow Side Letters + Follow Finance & Banking + Follow International Trade + Follow Securities + Follow more less

Cadwalader, Wickersham & Taft LLP on:

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: Sign Up Log in ** By using the service, you signify your acceptance of JD Supra's Privacy Policy.* - hide - hide