FFA News

Demystifying GP Finance

Published November 11, 2025

The FFA is pleased to announce the launch of its new Spotlight series, which will spotlight innovation, market trends and hot topics across the fund finance industry.

This roundtable discussion with explores the nuances of GP finance, its structures, market evolution, and the strategic role it plays in fund manager development, succession planning, and competitive positioning.

Authors:

Helen Griffiths

Head of Structuring, Fund Solutions Investec Bank plc

Helen has over 18 years of experience in the fund finance lending market and adds significant experience across the full spectrum of debt solutions offered to private capital funds and fund managers.

Her role within the Bank focuses on structuring solutions across subscription finance, NAV and pref, GP/co-Invesment and hybrid. She is also responsible for building and originating relationships with existing clients and new to Bank clients.
Helen also sits on the Executive Committee of the FFA for EMEA and is the Chairwoman of the FFA Advisory Council for EMEA. Within the Bank, Helen leads the BID (belonging, inclusion and diversity) initiative within Fund Solutions and is part of the leadership team that facilitates One Investec College – a networking and education programme that develops cross selling within difference business units.

Head of Structuring, Fund Solutions Investec Bank plc

Anthony Lombardi

Partner Dechert LLP

Anthony Lombardi is a partner in Dechert’s corporate practice, focusing on a diverse range of fund finance and structured finance transactions. Mr. Lombardi has extensive experience acting on NAV-based facilities, collateralized fund obligations, hybrid asset-backed facilities for funds, GP facilities, Co-invest/partner financing facilities, LP NAV facilities, capital call/subscription lines and other secured lending facilities backed by a variety of asset classes and financial products in both European jurisdictions and the U.S.

Mr. Lombardi regularly acts for private equity funds, hedge funds, real estate funds, infrastructure funds, private debt, secondary funds, private banks, family offices and ultra-high-net-worth individuals. He also has extensive experience advising on the purchase and sale of European, U.S. and emerging markets distressed assets, including bank debt and claims, plus swaps, derivatives and repurchase agreements. In addition, he advises on secured-lending facilities utilizing total return swaps and repurchase agreements.

Recommended by The Legal 500 UK, 2024 for fund finance, clients describe Mr. Lombardi as “a diligent financing lawyer” noted for his strong “technical knowledge” and remarking that “he has the incredible ability to structure transactions in the best interests of his clients, and he really knows the deal inside out. He is involved in every detail and is a real champion. He is someone you want on your side of the table.” He is also recognized as someone who “goes above and beyond for his clients…is exceptionally commercial...with deep-seated knowledge, understanding and innovation,” while providing “pragmatic and commercial advice.”

Partner Dechert LLP

Gianluca Lorenzon

Head of Fund Finance Advisory Validus

Gianluca is a seasoned financial services professional with over 25 years of experience.At Validus Risk Management he advises private market managers on all aspects of fund, ManCo and GP financings. In his most recent prior role as head of European origination for Hark Capital, the pioneering New York-based concentrated NAV lender (formerly owned by abrdn), he led the origination efforts for the European market.

Gianluca began his career at JPMorgan and later worked at KPMG Corporate Finance, specializing in mid-market M&A transactions for financial sponsors and corporates, both public and private, for approximately a decade. He then joined the Bank of Ireland's Leveraged Acquisition Finance team in late 2007, where he supported mid-market and upper mid-market European buyouts in both club and underwritten deals for sponsors such as HgCapital, PAI, Investcorp, Montagu, Equistone, and Providence.

Having then joined Standard Life Investments, the precursor company to the current abrdn he worked in direct lending, high yield and multi asset private credit before joining Hark Capital. At Hark Capital, Gianluca worked with several asset classes, ranging form Buyouts to Real Estate, from tech VC technology to structured credit.

Gianluca holds a BSc (Econ) Analytical and Descriptive from the London School of Economics and Political Sciences and an MSc Economics & Finance from University of Bristol.

Head of Fund Finance Advisory Validus

Shelley Morrison

Head of Fund Finance abrdn

Shelley Morrison leads the strategy for fund finance at Aberdeen. She has extensive experience in the origination, structuring and execution of fund level debt facilities across multiple asset classes. She has been with abrdn since 2019. Before joining abrdn, Shelley was a Director in the Fund Finance team at RBS for 6 years where she managed a portfolio of global funds relationships across Private Equity, Private Debt, Infrastructure and Real estate. Prior to that, she worked in structured asset finance at RBS and Lloyds for 10 years, with a focus on commercial ship finance. Shelley holds the both the IMC and CISI certificate in Corporate Finance and is a candidate for the CFA Certificate in ESG Investing. Shelley sits on the Fund Finance Association EMEA Executive Committee. Shelley received a first class MA (honours) degree in Geography and an MSc in Social and Political Theory, both from the University of Edinburgh.

Head of Fund Finance abrdn

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