The use of subscription facilities in traditional PE funds is near ubiquitous, with the adoption of net asset value facilities also rapidly increasing in recent years. As sponsors realize the benefits of those forms of leverage, it is logical that they have turned their attention to applying them to another burgeoning sector of the private funds industry: secondaries funds. Those types of transactions have their own unique structures and considerations, however, which has shaped how financing facilities are used in those contexts and the respective roles of bank and non-bank lenders. Those topics were addressed in a panel at a recent Proskauer conference that featured partners Paul Tannenbaum and Cameron A. Roper, as well as a senior managing director in charge of secondaries at a fund manager, a managing director in charge of fund finance at an alternative lender and a fund solutions specialist at a bank lender. This article summarizes the key takeaways from the discussion. For other insights from Proskauer, see “Current Challenges and Constraints in Accessing Capital for PE Funds and Investments” (May 4, 2023); and “The Continuing Trend – and Potential Ramifications – of Increasing Private Fund Manager Obligations” (Sep. 20, 2022).