The fund finance market in 2026 is defined less by product innovation than by structural questions within existing products. Convergence of Fund Finance and Asset-Based Finance (ABF): As fund finance and asset-based finance converge, the most notable structural development is the rise of bankruptcy-remote-‘lite’ vehicles that deliver targeted credit enhancement (and the resulting competitive pricing) without the full complexity of traditional bankruptcy-remote (BR) frameworks. As these structures proliferate, the key question for lenders and borrowers alike is whether BR-lite protections will prove sufficient under stress.