Private fund managers, particularly private equity and real estate fund managers, desire enhanced fund liquidity for various reasons, notably including the ability to act on attractive investments that require immediate action.  However, the time lag involved in having to wait for investors to fund capital calls can potentially close the door on a prospective investment opportunity.  See “Can a Capital On Call Funding Structure Fit the Hedge Fund Business Model?,” Hedge Fund Law Report, Vol. 2, No. 44 (Nov. 5, 2009).  To plug such funding gaps, some lenders offer subscription credit facilities, which provide revolving lines of credit – which are typically secured by investors’ capital commitments – to fund a private fund’s investment activities.  To help private fund managers understand the subscription credit facility landscape, law firms Mayer Brown LLP and Appleby recently hosted the Third Annual Subscription Credit Facilities Symposium.  Participants at the Symposium discussed the mechanics of subscription credit facilities; why subscription credit facilities are attractive; the market for terms of subscription credit facilities; and what documentation is required for a subscription credit facility.  This article highlights the salient takeaways from the Symposium.