The fund finance market continues to expand and evolve, according to Haynes Boone’s “Fund Finance Annual Report: 2026” (Report). “The diversification of the fund finance capital base is the defining theme of the Report,” Haynes Boone partner Brent Shultz told the Private Equity Law Report. “What began as a market dominated by a handful of commercial banks has evolved into a broad ecosystem of traditional lenders, private credit providers, insurance companies and structured capital solutions, layered with securitization, collateralized fund obligations and capital relief trades,” he observed. The Report includes both internal data developed by Haynes Boone and data from an industry-wide survey of more than 100 sponsors, lenders and service providers conducted by the firm in the first quarter of 2026. The Report covers pricing trends in financing facilities; the evolution of the market; key terms and conditions of both subscription line and net asset value facilities; and the near-term outlook for the fund finance market. This article examines the key findings from the Report, with additional commentary from Shultz and fellow Haynes Boone partners Deborah P. Low and Albert C. Tan. See “Current Landscape and Trends in Fund Financing Terms and the Rise of Non‑Bank Lenders” (Apr. 3, 2025).