NAV Lender News

The demand for fund financing solutions is growing as private market sponsors manage increasingly complex, multi-asset class portfolios. Lloyds Bank Corporate & Institutional has been coordinating billions in new financing to meet these needs, including a €7 billion SLL facility for CVC's Fund IX. Jill Wilson, Edward Fry and Varun Sarda | Lloyds Banking Group #FundFinance #FundFinancing #FundFinancer

An article delves into a hypothetical default scenario for a NAV loan, addressing common criticisms of the debt. This comprehensive analysis sheds light on the intricacies of NAV lending and potential pitfalls. Jon Whiteaker | The Drawdown https://lnkd.in/epcPZAXR #NAVLending #NAVLoans #FundFinance #PrivateDebt

The landscape of private equity (PE) financing is evolving, with firms relying more on NAV loans due to increased debt costs. Blackstone, Apollo Global Management, Inc., and insurers like Pacific Life and Allianz are spearheading this trend. Dom Sorbara and Fatima Kawar | Bennett Jones https://lnkd.in/eC3HYmEE #NAVLending #NAVLoans #FundFinance #PrivateDebt

King & Spalding explores the pivotal role of institutional capital in the evolving fund finance space. In the context of subscription finance and NAV facilities, experts discuss how alternative capital providers have become essential for supporting GP growth. Michael Hubbard, Samantha Hutchinson and Mathan Navaratnam | King & Spalding #FundFinance #FundFinancing #FundFinancer

KBRA has released updated research on the resilience of NAV loans in the private equity sector. The report highlights key trends, including rating outcomes and portfolio performance amidst changing interest rates and exit conditions since 2018. KBRA https://lnkd.in/eTeZcYFw #NAVLending #NAVLoans #FundFinance #PrivateDebt

Why are banks cautious about NAV loans while private credit funds thrive in this space? NAV loans pose less risk in terms of collateral but significant risk regarding timely repayment compared to subscription lines. Private credit lenders like 17Capital, Crestline Investors, Inc., and Velocity Capital Advisors are thriving in this market, being more adaptable than traditional banks like OakNorth, Axos Bank, and EverBank. Steven Starr https://lnkd.in/ekeVe6cp #NAVLending #NAVLoans #FundFinance #PrivateDebt

BlackRock is reportedly in advanced talks to acquire HPS Investment Partners, LLC, a key player in the NAV lending market, marking a strategic move into private credit. If successful, this deal could position BlackRock to compete with firms like Ares Management Corporation, Apollo Global Management, Inc., and 17Capital in both the US and UK markets. Dinesh Nair, Swetha Gopinath, Aaron Kirchfeld, and Silla Brush | Bloomberg https://lnkd.in/eNmvKk-S #NAVLending #NAVLoans #FundFinance #PrivateDebt

NAV loans have become a hot topic among private equity investors, with increasing concerns about how these facilities are being used by fund managers. Discussions emphasize the importance of transparency between fund sponsors and investors, particularly around borrowing limits, leverage, and performance reporting. Cooley LLP https://lnkd.in/dMwmED4P #NAVLending #NAVLoans #FundFinance #PrivateDebt

An interesting discussion on NAV loans and how they are being used in the private equity world. Institutional Limited Partners Association (ILPA)'s publication highlights concerns around governance and transparency in the use of NAV loans in GP-LP relationships. Katten Muchin Rosenman LLP https://lnkd.in/eUwZFbBw #NAVLending #NAVLoans #FundFinance #PrivateDebt

Appreciate Bloomberg and Fund Financer News covering this first of its kind transaction. This innovation was the result of our incredibly hardworking and creative Fund Finance team at GS. Special thanks to our clients and partners who participated in the product launch and execution. We believe the development of a securization product for the capital call space has the potential to be transformational for this segment of the market and a catalyst for future growth.