Legal Services | Macfarlanes Private Capital Solutions

October 2025

Attracting and retaining investors in private funds

In this article, we explore how private fund sponsors are navigating a highly competitive fundraising market, from refining their investment theses to offering economic, ownership and non-economic inducements to attract and retain investors.

October 2025

Evergreen credit funds for institutional investors: redemption models

In this note, we examine how evergreen credit fund sponsors design redemption models and run-off mechanisms to balance investor liquidity with portfolio stability, following our earlier analysis of subscription models under the commitment/drawdown approach.

September 2025

Evergreen credit funds for institutional investors: drawdown subscription models

This note considers some of the principal subscriptions models used by sponsors who adopt a “commitment/drawdown” approach.

July 2025

Key issues to consider when private credit is given the keys to a borrower

In this note, we examine the primary issues for private credit fund lenders in a typical unitranche/super senior structure when they are considering taking the keys to a borrower.

July 2025

Investing in investors: fund manager M&A from GP stakes to strategic acquisitions

This note explores two common types of transaction at opposite ends of the spectrum: GP stakes deals, where investors deploy LP capital to acquire minority interests in managers; and strategic acquisitions, where buyers typically take a majority stake with a path to full ownership over time.

June 2025

Navigating single asset continuation funds: Part 2

In part 2 of our series on single-asset continuation funds, we focus on some of the technical and commercial developments in this space, as the SACF becomes a fourth exit for private capital managers of all shapes and sizes.

May 2025

Private credit continuation funds: a developing frontier for secondary transactions?

In this article, the authors consider the use of continuation funds in private credit by comparing and contrasting their adoption with increasingly popular private equity continuation fund transactions.

April 2025

Credit funds – transfers between related funds and accounts, equalisation and ramping

In this article, we explore how private fund concepts are evolving to support the growing range of strategies, products and SMAs in the private credit market.

March 2025

Navigating single asset continuation funds: Part 1

In part 1 of this series on navigating single-asset continuation funds, we explore the characteristics that make a portfolio company well-suited for a SACF and the drivers that have led to the growth of this type of transaction.

February 2025

Evergreen funds – comparative analysis

This note summarises some of the key features of the three different models of evergreen funds that we most commonly see in the market.

January 2025

Private capital investment into professional services firms

This note explores the recent surge of private capital investment in professional services.

November 2024

The evolution of direct lending fund fee structures

As competition within the private credit market intensifies, there is increasing fluidity in fee structures. This is being driven by both investor demand and manager innovation. In this article we analyse how different bases for calculating manager remuneration and different combinations thereof create optionality for managers and their investors.

September 2024

NAV facilities to private equity and private credit borrowers

In this article, we examine the common ground and potential differences between NAV financings for private equity fund borrowers (PE NAV) and those for private credit fund borrowers (PC NAV).

September 2024

Credit fund currency sleeves

This note explores how European private credit managers are structuring funds to offer multiple currency options for investors and the strategies they use to hedge foreign exchange risks, both at the portfolio and currency sleeve levels, to mitigate FX volatility.

June 2024

Family offices and private capital

This note explores the trend in family offices increasing allocations to private capital funds, what is driving this trend and how GPs can best position themselves to benefit from the increased activity of family offices.

June 2024

Tax distributions and carry clawback

Questions around tax distributions and carry clawback provisions in LPAs have come up in practice more often in recent months. We have written this Private Capital Solutions briefing to explore these topics in more detail.

April 2024

Asset financing for credit funds

This article explains the evolution of banks looking to offer creative financing solutions for specific assets within credit funds’ loan portfolios.

April 2024

Continuation fund structuring and terms

This article sets out the range of continuation fund structures that exist in the market, the latest terms, and how we see the market continuing to evolve.

March 2024

Evergreen credit funds

This article shares some of our observations on this developing area of the private capital market.

March 2024

Acquisition of investment management businesses

This article sets out an overview of the key considerations on the sale of investment management businesses.

November 2023

Private debt – strong performance in the face of uncertain times

Pitchbook published their Global Private Debt Report on H1 2023 activity in the private capital markets.

House advisory

Structure, governance, reward and founder arrangements

Internal and external investigations

Investment manager M&A and stake sales

Fundraising

Fund formation

Retailisation

Carried interest and co-investment structuring

Fund and portfolio advice

Continuation funds and GP-led secondaries

Fund finance

Portfolio company advice and restructurings

Deployment

Equity

Credit

Real assets

Featured insights

Attracting and retaining investors in private funds

Evergreen credit funds for institutional investors: redemption models

Evergreen credit funds for institutional investors: drawdown subscription models

Key issues to consider when private credit is given the keys to a borrower

Investing in investors: fund manager M&A from GP stakes to strategic acquisitions

Navigating single asset continuation funds: Part 2

Private credit continuation funds: a developing frontier for secondary transactions?

Credit funds – transfers between related funds and accounts, equalisation and ramping

Navigating single asset continuation funds: Part 1

Evergreen funds – comparative analysis

Private capital investment into professional services firms

The evolution of direct lending fund fee structures

NAV facilities to private equity and private credit borrowers

Credit fund currency sleeves

Family offices and private capital

Tax distributions and carry clawback

Asset financing for credit funds

Continuation fund structuring and terms

Evergreen credit funds

Acquisition of investment management businesses

Private debt – strong performance in the face of uncertain times

Legal Services events

Upcoming events

Fund leverage: current trends and techniques

Previous events

Attracting and retaining investors in private funds

Crisis and incident management for private capital managers

Key issues to consider when private credit is given the keys to a borrower

Investing in investors: fund manager M&A, from GP stakes to strategic acquisitions

Navigating single asset continuation fund transactions

Developments in credit fund terms and fee structures

Investing private capital into professional services firms

Employment issues for private capital managers

Key takeaways from the recent UK Budget

UK pension reform and opportunities for private capital

Multi-currency commitments in fund structures

Developments in credit fund terms and structures

Attracting family office investors into private funds

NAV finance and related fund liquidity tools

Continuation fund structuring and terms

Acquisition of investment management businesses

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