Demand for general partner (GP) level liquidity is growing, although access to financing is expanding unevenly, leaving those with the greatest need with a reduced set of options, according to new data.

The latest Lender Book Report published by Corpay Private Markets, which draws on Alpha Match, Corpay’s lending intelligence platform, found that the number of GP facility lenders it tracks has more than doubled since 2024, from 51 to 125.

However, lender appetite remains concentrated around established managers “with scale, diversified platforms, and predictable management fee income”.

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Corpay Private Markets said this means that the managers most acutely in need of GP financing, such as emerging managers, spin-outs, and smaller platforms navigating longer fundraising cycles and rising GP commitment requirements, “face the narrowest lender universe”.

The analysis of the fund finance lending market found that, while 71 per cent of lenders are willing to consider GP facilities for first-time funds, this falls to 46 per cent when filtered to lenders operating in the £1m to £5m ticket range, which is where emerging managers most commonly sit.

Corpay Private Markets said that, where fee coverage is strong, “transactions progress relatively smoothly”, but where coverage is “thin”, typically the case with earlier-stage managers, the facilities require “more structuring, attract tighter covenants, or fail to clear credit thresholds altogether”.

Lender appetite was found to be concentrated in North America (80 per cent), followed by Europe (75 per cent), and the UK and Ireland (69 per cent), with lower appetite in less mature markets, such as APAC (17 per cent).

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“What our data shows is that the supply side has genuinely grown, but where that capital is being deployed tells a different story,” said Edward Beecham, head of origination at Alpha Fund Finance, which is part of Corpay Private Markets. “Access remains closely tied to scale and track record, which creates real challenges for the managers who need this liquidity the most.”

Megan Livingstone, senior structurer at Corpay Private Markets, explained there is a “gap” between what managers expect their collateral to get them in terms of facility size, and what lenders are willing to underwrite. 

“Managers often anchor on the headline value of GP interests or projected carry distributions. Lenders, however, remain focused on the predictability and durability of free cash flows. Bridging that perception gap is often central to getting a facility across the line,” she added.

The Alpha Match platform tracks the lending appetite of more than 400 active fund finance lenders across subscription lines, net asset value facilities, GP financing, and other fund finance products.

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