Quinbrook Infrastructure Partners Borrows Against Net Zero Fund's Management Fees
Morgan Stanley Expansion Capital gets subscription line for its latest North Haven equity fund
This week’s lead fund finance deal is technically not for a fund. Rather, it’s a loan taken out by Quinbrook Infrastructure Partners, the energy transition specialist cofounded by David Scaysbrook and Rory Quinlan. That’s followed by a writeup on a Morgan Stanley subscription credit line and burgeoning inflows at a Bayview Asset Management opportunity fund. And as always (or at least most of the time), we wrap things up with a table on other recent sub lines.
Fund Finance
Quinbrook Infrastructure Partners
Lender: Royal Bank of Scotland International Ltd.
Borrower: Quinbrook Infrastructure Partners (Jersey) Limited
Loan Type: Manager/General Partner line of credit
Collateral: Management fees
Quinbrook Infrastructure Partners entered into a financing agreement dated June 5, 2026, with Royal Bank of Scotland as the security agent. The financing is primarily backed by management fees that Quinbrook receives from its Net Zero Power Fund and Valley of Fire Continuation Fund.
Quinbrook made headlines in August 2024 when the firm announced that it had raised $3 billion of new commitments for the Net Zero Power Fund from a mix of institutional investors, including pension and sovereign wealth funds, insurers, endowments and family offices. The Net Zero Power Fund is pursuing an array of energy projects, including renewable fuels production, contracted battery storage, and sustainable power for hyperscale data centers.
The management company initially took out a management fee facility from Metro Bank Plc of the UK back in June 2025. The Metro Bank facility was terminated earlier this month when Quinbrook entered into a similar arrangement with Royal Bank of Scotland.
The Metro Bank credit line was secured by fees from seven Net Zero funds and co-investment vehicles -- including five incorporated in Delaware and two in Luxembourg – along with those generated by the Valley of Fire continuation fund. The Royal Bank of Scotland loan doesn’t include the fees from the Luxembourg funds.
Quinbrook, which focuses solely on infrastructure for transition to clean energy, has a New York-based unit that employed 25 people and oversaw almost $9 billion in regulatory assets at the end of last year.
While credit lines backed by management fees are considered a type of fund finance, this categorization can be a bit of a misnomer. Here, the management company itself is taking out the loan, relying on its cash flow from operations to repay the debt. In general, most types of fund financing, such as subscription credit lines and net asset value loans, sit at the fund level.
A Quinbrook spokesperson declined immediate comment.
Photo by American Public Power Association on Unsplash
Morgan Stanley Expansion Capital
Lender: PNC Bank NA
Borrower: North Haven Expansion Equity X LP
Loan Type: Subscription credit line
Collateral: Investor capital commitments and contributions
North Haven Expansion Equity X LP and MSEE X Employees LP entered a subscription credit line with PNC Bank on June 9, 2026, according to a regulatory filing. The North Haven fund’s general partner secured the credit line with capital commitments that investors made under an April limited partnership agreement.
Morgan Stanley Expansion Capital primarily invests in later-stage private companies with established products and services that need capital to expand. The advisory unit, part of Morgan Stanley Investment Management, announced in December 2023 that it had raised a combined $1.2 billion for North Haven Expansion Equity IX and North Haven Expansion Credit II.
For the next vintage of this strategy, Expansion Fund X filed with the Securities and Exchange Commission to raise money through Rule 506(b), an exemption to SEC registration requirements. Fund X had yet to complete its initial capital raise at that time, according to the notice.
Pittsburgh-based PNC is serving as the administrative agent for the lending group, as well as the letter of credit issuer. PNC Capital Markets LLC is the structuring agent for the credit line.
Capital Raises and Inflows
Bayview Asset Management
Fund: Bayview Opportunity Master Fund VII
Type of Funding: Annual increase in capital
Offering Exemption: Rule 506(b)
Bayview Opportunity Master Fund VII disclosed that the amount of capital raised from investors through a US private placement exemption more than doubled during the past year.
Opportunity Fund VII began taking in money from investors in September 2022. Its primary onshore and offshore feeder funds had collected a combined $1.49 billion by mid-May of 2025, according to regulatory filings.
Their total jumped to $3.1 billion this year, updated documents show. The offshore fund, for US tax-exempt and foreign investors, accounted for the bulk of the increase. Its cumulative fundraising rose to $2.1 billion as of May 15 from $871.4 million a year earlier.
A Bayview spokesperson declined to comment.
Bayview Opportunity VII raised the money through Regulation D, an exemption to federal registration requirements for private funds and companies as long as their investors meet certain income or net worth thresholds. Bayview employed Rule 506(b) of Regulation D, which funds primarily rely on when marketing their shares to investors with whom they have an existing relationship.
Under Regulation D, open-end funds – those that continuously take in capital – must annually update the total amount of money they have raised. Unlike net assets, this figure doesn’t reflect investment gains or losses or shareholder redemptions.
Bayview Opportunity Master Fund VII also reported earlier this month that it had entered into a financing agreement with Toronto Dominion Bank. The fund pledged its stake in an affiliate called Wolf 2 Holdings LLC as collateral.
Bayview Asset Management, based in Coral Gables, Florida, had almost $39 billion of net assets under management at the end of last year. The firm invests in residential, commercial, and consumer credit, including whole loans and asset-backed securities. It also owns Lakeview Loan Servicing, one of the nation’s largest owners of mortgage servicing rights.
Subscription Credit Lines
