Breakfast Briefing

Beyond a Reasonable Debt?

Date: 2 October 2025 

Venue: Six Park Place, London

Overview:

The fund finance market has seen explosive growth recently, with rapidly expanding lending volumes, a surge in market participants, and the emergence of innovative facility types.

The subscription line market alone is now estimated at a staggering $900 billion globally, and the NAV loan market is projected to hit $145 billion by 2030. Lenders are actively developing new structures to attract the institutional capital needed to bridge a looming $300 billion subline funding gap expected by the end of the decade.

While accelerated by current market conditions, this significant volume of lending is becoming a permanent fixture in private markets. But how can GPs accurately determine the optimal level of fund-level leverage for their unique strategies and vehicles?

This exclusive breakfast briefing, brought to you by The Drawdown, will equip GPs with crucial insights into the latest fund finance market trends. We'll explore innovations in structures and products, provide guidance on accurately assessing the risk-reward of fund-level debt, and examine how technology is improving processes for lenders and borrowers.

Topics for discussion will include:

• Is the current pace of growth in fund finance lending sustainable or desirable?

• How can GPs accurately assess the appropriate levels of fund-level leverage for their specific strategies and vehicles?

• In what circumstances are NAV loans now established as an essential part of a GP's toolbox?

• When do less common fund finance products become useful tools: hybrid facilities, GP facilities, CFOs?

Timings:

8:30: Registration, networking and breakfast
9:00:  Welcome address from moderator
9:10: Panel discussion moderated by Jon Whiteaker, The Drawdown
10:00: Coffee and networking
11:00: Close

Speakers:

Aditi Mittal, Global Fund Finance & Legal Director, ICG
Helen Griffiths, Head of Structuring -  Fund Solutions, Investec
Tom Nield, Head of Fund Finance, AnaCap
Cameron Roper, Partner, Paul, Weiss  
Sandeep Giroud, Managing Director, AshGroveCapital

Jon Whiteaker, Editor, The Drawdown- moderator