Subscription and net asset value (NAV) facilities have become linchpins of the private funds industry. Sponsors have used them to generate liquidity, smoothen administrative practices, bolster their performance and realize other benefits. Much like the PE industry as a whole, however, the fund finance sector has been heavily impacted by the recent string of regional bank problems and the Federal Reserve’s steady interest rate hikes. Those circumstances shape lender interest in offering the products, impacting their availability for sponsors and the terms they receive. To present the current landscape of the fund finance market and where it stands in this tumultuous period, the Private Equity Law Report interviewed Proskauer partners Ron D. Franklin and Matthew K. Kerfoot. This article summarizes their observations and experience with recent evolutions in fund financing and how lenders and borrowers are navigating the environment, particularly regarding liquidity opportunities from subscription facilities, NAV facilities, collateralized fund obligations and rated feeders. See “PE Tools in a Slow Economy: Taking Advantage of Leverage and Finding New Capital Sources (Part Two of Two)” (Jun. 29, 2023); and “PE in a Recession: Fortify Existing Funds in Accordance With Fund Terms, Obtain Liquidity and Manage Skittish Investors (Part Two of Three)” (Sep. 27, 2022).