Cayman Islands Fund Finance Report 2025

Our 2025 annual update reflects another active year across the Cayman and US fund finance markets, with strong deal flow and continued diversification in both facility types and borrower strategies. New origination remained a major driver of activity, while pricing trends, deal sizes and structural preferences point to a competitive and evolving market landscape.

Our latest report provides a high level analysis of the transactions we advised on over the year. It highlights the themes, common facility types, favoured collateral structures and prominent borrower strategies.

Key findings

• New origination continued to dominate 2025 fund finance activity across Cayman and US markets, extending the growth trend identified mid year.
• Spreads on US originated subscription credit facilities fell through the final two quarters of 2025, reflecting competitive pricing conditions.
• Q3 2025 was the busiest quarter for fund finance transaction closings, highlighting strong sustained demand.
• Subscription credit facilities remained the leading product, while hybrid and NAV facilities saw growing interest across US transactions.
• Cayman, Delaware and Luxembourg fund structures continued to feature prominently, with most facilities sized between 10 and 100 million US dollars.