GP financing involves financing at the fund sponsor level, as opposed to fund-level subscription lines of credit or net asset value facilities, explained Proskauer partner Philip A. Kaminski at a Practicising Law Institute (PLI) program on fund finance. The GP finance market has evolved significantly over the past decade. “Lenders have realized that GP cashflows can be modeled and underwritten like any other asset,” he observed. They are building lending strategies tied to those fee streams. The PLI program covered the fundamentals of GP financing, including deal structures and terms; lender due diligence; default triggers and remedies; and how GP financing differs from other fund finance options. Moderated by Proskauer partner Matthew K. Kerfoot, the discussion also featured Ropes & Gray partner Adam Dobson and Kirland & Ellis partner Jocelyn A. Hirsch, P.C. This article synthesizes their insights. See “Alternative Financing Facilities: How GP and Co‑Investment Facilities Increase Sponsors’ ‘Skin in the Game’” (Feb. 11, 2020).