NAV Lending

The investor is also moving into other new areas of illiquid credit, including infrastructure and real estate financing, says founder and CEO Antoine Prudent.

Continuation vehicles present an interesting opportunity for fund finance, but concentration risk and a reluctant investor base pose a challenge.

Liquidity is not a great problem for established funds, but Corpay’s latest Lender Book Report finds emerging managers struggling to get what they require.

Developments including the evolution of use cases and a wider universe of lenders are creating a more flexible yet complex ecosystem.

A run on redemptions in the private credit world has highlighted the importance of diligencing gating mechanisms in fund finance facilities.

The growth of securitised products is attracting more investors into the space.

Private equity chief financial officers are getting to grips with the power of NAV financing and GP solutions, says Peter Hutton, head of NAV financing at Arcmont Asset Management.

Fund finance’s liquidity toolkit is broader than ever – and the market is only getting more creative, say Adam Summers, co-head of fund finance, and Jons Lehmann, head of European finance, at Fried Frank.

Hark Capital founder and managing partner Doug Cruikshank explains why understanding valuation resilience, sponsor incentives and the risks beneath headline numbers are critical to protecting credit value