Perhaps more than ever before, the omnipresent desire among PE sponsors for liquidity is dovetailing with a suite of techniques for sponsors to attain that result. At a transactional level, this accounts for the recent growth in GP minority stake transactions, among others​​​​. In the fund-financing realm, that helps explain the rising popularity of management company facilities that provide short-term working capital for sponsors in exchange for pledges of the management fees paid to their GPs by their underlying PE funds. To better understand the value, function and future of management company facilities, the Private Equity Law Report recently interviewed Simpson Thacher partners Mary B. Touchstone and Julia Kohen. This article summarizes the features and uses of those facilities; explains the driving forces behind them; describes key negotiation points with lenders; and highlights issues PE sponsors should consider when deciding whether to put a management company facility in place. For more on alternative financing facilities, see “Streamlined Borrowings and Longer Loan Durations With Hybrid Facilities” (Mar. 3, 2020); and “How GP and Co‑Investment Facilities Increase Sponsors’ ‘Skin in the Game’” (Feb. 11, 2020).