Fund financing continues to grow despite various headwinds in recent years. To help industry participants understand the current landscape and recent trends, Haynes Boone recently published a report (Report) detailing trends in different terms, structures and considerations in the fund financing industry, as well as the rapid rise of non-bank lenders as a source of financing for subscription facilities and, more prominently, net asset value facilities. The Report draws on internal data from hundreds of fund finance facilities the firm has worked on; survey results from the attendees of NAVember in November 2024; and the results of an industry-wide survey administered by Haynes Boone in January 2025, which received more than 170 responses from over 100 different sponsors, lenders and service providers. This article summarizes key takeaways from the Report, as well as additional market insights from the co-authors of the Report, Haynes Boone partners Aleksandra Kopec and Brent Schultz. For additional insights from Haynes Boone, see “Structuring Margin Loans for PE Funds and Addressing Key Facility Terms With Lenders” (Nov. 1, 2022); and “Alternative Financing Facilities: Streamlined Borrowings and Longer Loan Durations With Hybrid Facilities” (Mar. 3, 2020).