Demand for GP Financing Is Rising, but the Managers Who Need It Most Are Finding It Hardest to Access

Corpay Private Markets, formerly Alpha Private Markets, today publishes the fourth edition of its Lender Book Report, focusing on GP financing across private markets. While demand for GP-level liquidity is rising – driven by longer fundraising cycles, slower exit activity, and increasing GP commitment requirements – access to financing is not expanding evenly.

That is the central finding of the latest Lender Book Report. Unlike most research in the fund finance sector, which draws on surveys and reflects market sentiment, the Lender Book Report series is built on proprietary data. This edition combines insights from Alpha Match, Corpay Private Markets' lending intelligence platform tracking 500+ active lenders, with anonymised data from recent GP financing transactions.

The data reveals a structural gap. Although the number of GP facility lenders tracked has more than doubled since 2024, lender appetite remains concentrated around established managers with scale and predictable management fee income. Emerging managers and smaller platforms – those with the greatest need for liquidity – face a materially narrower set of options. Headline willingness to lend to first-time funds stands at 71%, but drops to 46% among lenders operating in the £1m-£5m ticket range, where genuinely emerging managers most commonly sit.

Facilities are underwritten primarily against free cash flow. Where fee coverage is strong, transactions progress smoothly. Where it is thin, deals require more structuring, attract tighter covenants, or fail to clear credit thresholds altogether.

"The supply side has genuinely grown, but where that capital is being deployed tells a different story. Access remains closely tied to scale and track record, which creates real challenges for the managers who need this liquidity the most."
- Edward Beecham, Head of Origination | Fund Finance, Corpay Private Markets

This Lender Book Report is the first edition of the series published under the Corpay Private Markets name, following the acquisition of Alpha Group by Corpay. The full report is available at: https://cb.corpay.com/lender-book-report-h1-2026.

Notes to editors

About the Lender Book Report:

The Lender Book Report is published twice yearly by Corpay Private Markets. It is one of the only reports in the fund finance market based on proprietary transaction data and live lender appetite, rather than survey-based sentiment research. This latest report is the fourth edition in the series.

About Corpay Private Markets:

Corpay Private Markets (formerly Alpha Private Markets), provides a powerful alternative to traditional banking – one that is designed specifically to handle the complexity of private market companies. Combining dedicated teams with purpose-built technologies, we offer a suite of cash and risk management solutions, all seamlessly managed in one place. This includes bank accounts, debt-sourcing, deposit solutions, and multi-bank connectivity, alongside expert advice on managing financial market risks. Corpay Private Markets is part of Corpay, Inc.

Alpha Fund Finance is our specialist fund finance advisory and digital brokerage. Its Alpha Match platform tracks the lending appetite of 500+ active fund finance lenders across subscription lines, NAV facilities, GP financing, and other fund finance products, enabling managers and advisers to efficiently identify the right capital partner for their requirements.

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