United Kingdom: Finance and Banking

The Institutional Limited Partners Association has released draft guidance that significantly expands disclosure requirements and governance standards for continuation vehicle transactions in private capital markets.

Private capital is reshaping real estate financing beyond traditional senior debt, with operational real estate at the center of this transformation. As interest rates remain elevated and traditional lenders retreat, alternative capital providers are filling the funding gap with flexible structures and creative solutions. The shift requires lenders to underwrite not just buildings, but the businesses that operate within them, fundamentally changing how distress is managed and value is realized.

The European Banking Authority has introduced comprehensive new guidelines governing third-party risk management for non-ICT services, fundamentally reshaping how financial institutions must structure and manage their vendor relationships. These guidelines mandate specific contractual provisions and impose strict timelines for compliance, with existing arrangements requiring alignment within two years for critical functions. Financial services entities must now navigate a more prescriptive regulatory framew