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Haynes Boone Fund Finance Annual Report

Published April 27, 2026

Haynes Boone Fund Finance Report Reveals Estimates Market Size at $1.25–$1.75 Trillion as Industry Continues Rapid Expansion

Haynes Boone has released its 2026 Fund Finance Annual Report, offering new insight into the size of the fund finance market, with more than half of respondents estimating it at between $1.25-$1.75 trillion and an additional 16 percent placing it even higher. The findings highlight the continued growth of an industry that remains the subject of ongoing debate regarding its overall scale.

The in-depth report delivers data-driven insights, covering key trends in fund finance including pricing dynamics, evolving subscription line and NAV structures, shifting capital sources, and market sentiment around fundraising, competition, and growth expectations for 2026.

Authors:

Deborah Low

Partner Haynes Boone

Deborah Low is a partner in the Finance Practice Group in the New York office of Haynes and Boone. Her background is in representing foreign and domestic institutional lenders in various forms of secured and unsecured finance transactions including subscription finance, syndicated lending, corporate finance, leveraged finance, commodities and energy finance and project finance. In connection with subscription-secured credit facilities, Deborah also regularly advises clients on additional leverage solutions for private equity funds including NAV and hybrid facilities, management fee lines, GP and employee coinvest lines and letters of credit.

Partner Haynes Boone

Brent Shultz

Partner Haynes Boone

Having negotiated and closed billions of dollars of complex debt financings, Brent Shultz helps companies in the banking, private equity, and energy industries serve their customers and employees, and thrive in any business environment.

Clients seek Brent’s representation in connection with fund finance, including capital commitment-secured facilities; energy finance, including reserve-based lending and credit facilities to midstream companies; cash-flow facilities, including investment-grade and other corporate finance transactions; and asset-based facilities, including asset-based lending, leveraged finance, acquisition finance, and project finance. Brent also handles restructuring, bankruptcy, and workout matters.

Brent’s problem-solving approach to financing transactions is informed by his prior work as a financial analyst and strategic planner at a major airline, where he advised senior management on major strategic initiatives. Clients trust Brent to listen closely to them, to understand their goals, and to execute their most important transactions in a smooth, practical, and business minded manner. In recognition of his professional excellence, Brent was named “One to Watch” in banking and finance by the 2020-2021 Best Lawyers, Woodward/White, Inc.,directory.

Brent serves on our pro bono committee, representing clients in veterans’ matters and acting as counsel for The H.E.A.R.T. Program, a Houston nonprofit that helps adults with intellectual/developmental differences to achieve their potential. He also takes an active role in his community, holding leadership roles with his local church and volunteering with charitable organizations. He is the proud father of two daughters.

Partner Haynes Boone

Albert Tan

Partner and Co-Head of Fund Finance Haynes Boone

Albert Tan is a Partner and Co-Head of the Fund Finance Group with Haynes Boone, LLP. He also serves on Haynes Boone’s Executive Committee, Board of Directors and Partners Compensation Committee.

Over the course of his 30 years legal career, Albert has represented investment and commercial banks, as agents and arrangers in more than 600 subscription secured credit facilities with total value of over $200 billion to Asia, US, Europe, Latin America and global real estate, infrastructure, debt, buyout and energy private capital funds, including structuring and documenting some of the first subscription financing to real estate private equity funds in Japan, Greater China, Singapore and Korea. During the global financial crises of 2007-2008, Albert was one of few fund finance attorneys who represented lenders in the successful enforcement of subscription financing defaults.

The National Law Journal selected Albert to its inaugural list of Finance, Banking and Capital Markets Trailblazers in 2019; Euromoney Expert Guides, Euromoney Institutional Investor listed him as a “Leading Practitioner” in its Guide to Leading Practitioners: International Private Equity, U.S.; and the Minority Corporate Counsel Association recognized Albert as a 2021 MCCA Rainmaker for his outstanding leadership, business acumen, passion and dedication to proactive client development.

Albert is a member of the US Advisory Committee and Asia Pacific Advisory Committee of the Fund Finance Association.

Albert received his BA from San Diego State University and his JD and LLM from Southern Methodist University and Georgetown University; and speaks Chinese (Mandarin).

Partner and Co-Head of Fund Finance Haynes Boone