Key Takeaways from the 7th Annual Asia-Pacific Fund Finance Symposium 2025

Introduction

The 7th Annual Asia-Pacific Fund Finance Symposium, held on 6 November in Hong Kong, brought together leaders from across the fund finance ecosystem for timely, forward-looking discussions. The insights shared continue to shape the region’s trajectory.

Across five panels, speakers underscored the resilience of the Asia-Pacific (“APAC”) market, the increasing sophistication of financing solutions, and the region’s distinctive regulatory and cultural dynamics. While fundraising and exits remain below historic peaks, momentum is building in India, Japan and Australia.

Looking to 2026, participants expect consolidation, net asset value (“NAV”) and hybrid structures, and private credit to be central growth drivers, with continued localisation of Western models to suit Asian market realities.

The Maples Group was proud to be a Bronze Sponsor of this year’’s symposium. Our Global Finance team has prepared this summary of the key takeaways, highlighting the opportunities and challenges ahead for the APAC region in 2025 and beyond.

PANEL: 2025 Review: Growth Drivers and Challenges in APAC Fund Finance

A wide-ranging discussion on APAC funds set the tone: activity has not fully rebounded to prior peaks, but the market is steadily regaining its footing. India, Japan and Australia were consistently cited as bright spots, with sponsors and lenders aligning around more sophisticated financing tools. GP financing is on the rise, with NAV facilities increasingly deployed to manage liquidity amid slower deployment and delayed exits. Continuation and evergreen funds—together with single-asset structures—are gaining traction as sponsors’ extend ownership horizons, optimise capital and respond to evolving investor preferences.

The panel noted ongoing consolidation among APAC GPs, mirroring global trends toward scale, capacity and consistency of execution. Global managers expanding in Asia are prioritising local servicing capabilities and operational depth. Sovereign wealth funds, separately managed accounts and family offices are more active and often require bespoke legal and financing solutions, pushing the market toward greater complexity and customisation.

Challenges remain. Talent availability in APAC fund finance lags the US and Europe, complicating execution and market education. Adapting Western models to Asian contexts requires careful alignment with local regulatory regimes, market practices and investor expectations. Compliance requirements vary substantially by jurisdiction, adding complexity to structuring, reporting and onboarding. Macroeconomic factors—higher rates, currency volatility and global uncertainty—continue to pressure pricing and profitability. Competition among local banks and global institutions has intensified, contributing to margin compression, while consolidation may narrow pathways for smaller players. Deal pipelines are robust but closings are taking longer, with timelines increasingly extending into 2026.

Singapore and Hong Kong remain focal points for family offices and high‑net‑worth (“HNW”) investors. Both markets are pivoting toward investment quality as much as capital volume, with policymakers and market participants emphasising governance, transparency and alignment. Overall, the outlook is positive: innovation is accelerating, liquidity solutions are diversifying and market depth is improving. By 2026, consolidation, NAV/hybrid structures and private credit—drawing on US/UK experience but tailored for APAC—are expected to be the primary engines of growth.

PANEL: Scaling New Heights with NAV Financing and Hybrid Solutions

NAV financing has become central tool to liquidity management, capital recycling and portfolio optimisation. While adoption in Asia trails the US and Europe—owing in part to LP familiarity and a preference for conservative structuring—demand is rising as sponsors seek optionality across fund lifecycles. NAV facilities are increasingly being used to fund distributions, bridge asset acquisitions and support working capital, with heightened emphasis on structural protections and governance standards.

Regional contrasts are pronounced. US and European NAV facilities tend to incorporate more aggressive features, including unsecured tranches and broader syndication. By contrast, APAC transactions are comparatively conservative, reflecting investor education needs and prevailing risk appetites. Lenders and sponsors in Asia place particular weight on valuation rigour—accuracy, transparency and governance—leveraging in‑house methodologies , proven track records and independent third‑party valuations. Credit acceptance often hinges on a manager’s valuation discipline and lender confidence built over time.

The discussion also signalled strong potential for hybrid facilities that align interests among lenders, GPs and LPs, by integrating subscription line and NAV features to calibrate risk, pricing and flexibility. As syndication channels deepen and credit intermediation matures across APAC, NAV and hybrid solutions should become cheaper, more flexible and more scalable.

PANEL: Empowering GPs and LPs with Financing Solutions

The GP/LP financing landscape in APAC is evolving along paths that differ from the US and Europe. In Asia, GP financing is closely tied to liquidity planning and the demands of private credit strategies, shaped by regional portfolio structures and the scale and timing of sponsor capital commitments. Alignment, personal capital contributions and relationship‑driven decision-making play a vital role in underwriting and structuring.

LP financing dynamics vary by investor profile. Institutional LPs often pursue single asset leverage solutions, whereas HNW investors have shown greater appetite for portfolio-level trades.

Alternative lenders—especially private credit funds—are gaining traction. However, market fragmentation, regulatory divergences and competition from banks willing to book assets at attractive rates pose challenges.

Across structures, cost, flexibility and covenant frameworks must be balanced carefully to maintain resilience and optionality, tailored to investor sophistication and market depth.

PANEL: Bridging Capital Markets and Fund Finance

An increasingly prominent theme is the intersection of fund finance and capital markets. Emerging trends include risk transfer through securitisation of fund finance portfolios, the use of rated note feeders to tap institutional demand, and the growing role of non‑bank capital sources such as insurers and asset managers. Private capital markets have grown substantially over the past decade. While Asia’s adoption curve has been slower due to regulatory variability and differing stages of market maturity, jurisdictions such as Australia are showing clear progress in NAV financing and structured solutions.

In Europe, banks, credit funds and insurers frequently coexist and collaborate; a similar model may emerge in APAC as regulatory frameworks evolve and sponsors seek to diversify liquidity channels. Practical pathways for market development include creating more term loan structures in subscription facilities suited to securitisation, exploring regulatory capital relief for loan portfolio securitisation, addressing challenges related to securitising only funded portions of subscription lines, and developing robust eligibility and replenishment criteria to preserve credit quality. Engagement with global and regional sponsors will be critical to gauge appetite for securitisation‑based solutions and to tailor structures to local market constraints.

PANEL: Aligning Strategies for Growth: GP and LP Views

Geopolitical developments are reshaping fundraising and investment strategies in Asia. The panel emphasised cautious underwriting, the importance of domestic demand, growing intra‑Asian trade and the rise of homegrown LPs and sovereign wealth funds.

Relationship banking remains fundamental, while lenders value transparency, financing processes invariably involve sensitive information, requiring trust and disciplined information sharing.

Fund finance solutions such as continuation vehicles, NAV financing and related solutions are increasingly being used to provide liquidity, facilitate portfolio rebalancing and bridge timing gaps in exits.

Credit ratings may play a larger role over time, supporting consistency and comparability across regions and asset classes, and enabling more standardised investor communication.

Outlook for 2026: Consolidation, Innovation and Depth

The APAC fund finance market is poised for continued growth and innovation. Sponsors are leaning into NAV and hybrid facilities to manage liquidity, optimise capital structures and extend ownership where warranted. Consolidation among managers and lenders is likely to continue, with scale bringing operational advantages but also compressing margins and narrowing opportunities for smaller players. Private credit will remain central— both as borrower and lender—with structures calibrated to APAC’s regulatory and market heterogeneity.

Jurisdictions across the region will progress at different speeds, but the trajectory is clear: increasing product sophistication, deeper pools of bank and non‑bank capital, and improved alignment among GPs, LPs and financing providers. With focused execution—on valuations, governance, regulatory compliance and investor education—APAC is set to bridge global practices with local realities, building a resilient, flexible and scalable fund finance ecosystem into 2026 and beyond.