While rising interest rates and other market data lead us to believe there will be a slowdown in fundraising, this challenging market could make opportunities in the secondary market more attractive. To cope with today's market volatility, lenders are capitalizing on smaller facilities with more flexibility to react to the different borrower profile they're seeing. Borrowers, on the other hand, are taking a more proactive approach by looking at other creative solutions, such as bespoke sub lines, hybrids and NAV lines, and even continuing step-profile fundraising to get new vehicles off the ground. Read more of what RBS believes 2023 might hold in store here.