The House of Lords Financial Services Regulation Committee has published its landmark report, “Private markets: Unknown unknowns,” highlighting the rapid growth and increasing complexity of global private markets, particularly private credit and equity. The report underscores both the opportunities and risks for the UK as a leading financial centre, calling for proactive regulatory oversight and enhanced data transparency. The Loan Market Association (LMA) welcomes the Committee’s recommendations and reaffirms its commitment to supporting market integrity, innovation, and financial stability.

To speak with us about this report, please contact [email protected].

The Loan Market Association (LMA) and The Drawdown have launched the second Fund Finance Intelligence Survey. The survey is designed to be the industry's "golden source" of fund finance data-driving greater efficiency, liquidity, transparency, and sustainability across the fund finance market.

This year's survey builds on the strong foundation of our first edition, going deeper to deliver robust, data‑driven analysis of transaction volumes, lending practices, and emerging trends in this often misunderstood market. By bridging the knowledge gap, this survey of GPs, lenders, and advisers serves to educate stakeholders, support sustainable market evolution, and provide the clarity needed to effectively navigate the fund finance ecosystem.

Your input fosters greater transparency, strengthens our dialogue with regulators, and helps shape best practices for the industry.

All responses are confidential, anonymised, and will only be reported in aggregate form.

The deadline for submissions is 28 February.

The LMA has published a Due Diligence Checklist and User Guide on fund structure and fund documentation underlying Subscription Facilities.

These documents were created by a dedicated Task Force and Working Party comprising lenders, GPs, and law firms acting for lenders, GPs and LPs. Rating agencies were also consulted. The objective was to ensure a balanced approach across all counterparties.

The documents are avaliable on the LMA Documentation Hub

A webinar has also been published discussing the development of the DD checklist featuring Samantha Hutchinson (Partner at King & Spalding), Alan Macdonald (Head of Legal for Fund Solutions at Investec), Aditi Mittal (Global Fund Finance & Legal Director at ICG), and Ed Saunders (Partner at Goodwin Procter).

Join host Kam Hessling, Managing Director at the LMA in conversation with Tara Walsh, Former Managing Legal Counsel – Investments at Pension Protection Fund, and Kathryn Robinson, Family Office Investor at Genera Capital.

Together they explore key trends shaping GP/LP dynamics, including:

• Fund finance  – Essential GP tool or still misunderstood?
• Liquidity Solutions – Continuation vehicles, NAV facilities, and CFOs: which routes align best?
• Transparency – Are we closing the gap or scratching the surface?
• Retail capital and evergreen funds – How do new structures impact alignment?

Tune in for insights on how LPs are navigating complexity and what the market can do to drive efficiency, liquidity, and transparency.

Following the publication of the LMA Day One ZARONIA Agreement and the update of the South African Rate Switch Agreement to recommended form, the LMA has updated its existing South African Rate Switch Commentary to cover both the Day One ZARONIA Agreement and the unsecured and secured Rate Switch Agreements.  

The LMA welcomes market feedback on the Day One ZARONIA Agreement by 30 January 2026.  Stay tuned for an LMA webinar in January 2026 which covers the latest developments as well as the publication of the Day One ZARONIA Agreement. 

To further support the market’s transition from JIBAR to ZARONIA, the LMA is pleased to have published three key documents: 

• Exposure draft day one ZARONIA facility agreement (with comments due by 30 January 2026)
• Recommended form SA rate switch agreement (unsecured)
• Recommended form SA rate switch agreement (secured)

An updated commentary on the interest rate provisions in these documents will be made available shortly. 

The South African Reserve Bank (SARB) has announced that the Johannesburg Interbank Average Rate (JIBAR) will be permanently discontinued after its final publication on 31 December 2026. ZARONIA is the designated preferred successor rate. 

Market participants are urged to accelerate transition efforts, update contracts, reduce reliance on JIBAR and ensure operational readiness for ZARONIA. 

The LMA continues to support the market in the transition and will shortly be publishing a day one ZARONIA facility agreement. 

For full details, please read the SARB Announcement