Faced with a challenging deal-making environment, volatile geopolitical backdrop and rising cost of capital, dealmakers are increasingly concerned about risks inherent to closing mechanics of complex acquisitions. In acquisition finance there is scrutiny to ensure committed funds arrive on time and utilisation mechanics adapt to facilitate funds flow and not vice versa. In this article Nick O’Grady, Philippe Bernier-Cormier and Gabby White from Baker McKenzie’s leveraged finance team look at developments in pre-funding structures and documentation in both the syndicated and private credit markets.