APAC fund finance intelligence – 2026 half year update

Having passed the mid-way point of 2026, we take stock of trends across fund finance transactions between January and July 2026 which originated in the Asia-Pacific (APAC) market.

Executive summary 

APAC fund finance remained active in the first half of 2026, but the pattern of activity reflects a private capital market that is increasingly selective, liquidity-conscious and concentrated around established managers.

Our data shows subscription finance continuing to anchor the market, alongside sustained demand for GP, NAV and hybrid solutions as managers seek flexibility across the fund lifecycle.

Key highlights 

• Fund finance activity remained resilient despite subdued private capital conditions
• New lending and portfolio maintenance were equally important
• Subscription finance remains the foundation of the APAC market
• The market is broadening beyond traditional subscription lines
• Liquidity remains the defining theme
• Capital is available, but it is selective
• The market is overwhelmingly led by regional sponsors
• Private equity remains the principal borrower strategy, but the opportunity is diverse

Cayman Islands fund finance intelligence – 2026 half year update

Here, we have prepared a separate report on US market transactions which looks at fund finance trends our Cayman team observed in the first half of the year.