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The Fund Finance Professional: A Practical Guide to Subscription Lines, NAV Facilities, Hybrid Structures and Private Markets Financing
Paperback
Series: The Private Markets Career Guides
Business GeneralInvesting & Finance
Publisher: Independently Published
Published: Jul 12 2026
Pages: 146
Weight: 0.45
Height: 0.31 Width: 6.00 Depth: 9.00
Language: English
Private markets do not run on perfectly timed cash flows. Investments close before capital is called. Portfolio companies need follow-on funding. Mature funds hold valuable assets after uncalled commitments have declined. The professionals who solve these problems need to understand far more than a headline interest rate.
The Fund Finance Professional is a practical, career-focused guide to the structures, credit analysis, documentation, operations, and judgment behind subscription lines, NAV facilities, hybrid structures, GP facilities, and other private-markets financing solutions.
Written for analysts, associates, lenders, lawyers, fund controllers, treasury teams, investment professionals, and interview candidates, this book explains how to:
- map complex fund structures and trace capital-call and portfolio cash flows;
- build and challenge a subscription borrowing base;
- underwrite investor eligibility, concentration, side letters, and call mechanics;
- understand security packages, covenants, defaults, and closing requirements;
- operate drawings, reporting, account controls, and compliance processes;
- separate the economic value of a facility from its effect on reported IRR;
- analyze NAV facilities using portfolio segmentation, valuation haircuts, LTV, cash-flow coverage, and downside scenarios;
- compare hybrid, GP, management-company, continuation-fund, and preferred-equity solutions;
- prepare lender credit memos and run competitive borrower financing processes;
- manage amendments, stressed credits, and workouts before options disappear.
Two recurring fictional case studies turn the concepts into realistic decisions. The appendices provide a detailed glossary, diligence and closing checklists, model frameworks, interview questions with answers, exercise guidance, professional templates, and a ninety-day development plan.
Whether you are entering fund finance, expanding from private equity or credit, or responsible for a facility inside a fund manager, this book will help you ask better questions, identify the risks that matter, and communicate a defensible recommendation.
Build the technical foundation. Practice the decisions. Become the professional who can connect funds, lenders, assets, investors, and cash flows.
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