2024 Fund Finance Transactions Report – Cayman & US deals

2024 provided a welcome reset for the fund finance industry following well publicised disruption we experienced in 2023. The market navigated the gradual easing in central bank rates, a major US general election and various crosscurrents in private equity fund raising.

We have put together a report with a high-level analysis of the transactions that we worked on. The report includes key themes that we saw, the types of facilities that were most prevalent, the collateral structures, and the types of borrower strategies that were most common.

Key findings include:

• 2024 saw a larger share of new originations when compared to amendments and other transactions.
• Bilateral deals made up a majority of facilities we worked on, and overall commitment size trended slightly smaller.
• In terms of borrower fund strategy, credit funds have drawn much closer to equalling traditional private equity investment funds.
• Real estate and secondary strategies also featured heavily, as many sponsors seek to diversify offerings to their investors.
• In terms of jurisdictions involved, the historically popular combination of Cayman Islands and Delaware remained dominant.

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