NAV & Preferred Equity

Banks hitting concentration limits and syndicating deals, insurance companies coming in as both buyers and lenders, and even rising interest rates all point to a bigger slice of market for non-banks.

Near overflowing attendance at the Fund Finance Association’s European Symposium in London, where attendees debated some important new developments in the market

Claire Hedley most recently led GSAM’s ESG client strategy group in London and was responsible for the asset manager’s client facing and commercial ESG efforts across EMEA.

Three managing directors in London were made partners during a growth period in the NAV financing market.

The firm, which has raised €2.6bn for its debut lending fund, estimates the size of this market could grow to $700bn by the end of this decade.

The proliferation of NAV-based lending makes it possible for closed-end funds to transition away from bank credit lines for their currency hedging needs. Mark Battistoni of HedgeNAV LLC explains.

The firm’s first credit fund comfortably beat its €1.5bn target to lend to private equity managers seeking growth or LP liquidity.

Veterans of Q1 valuations look at what happened in the quarter and prognosticate on Q2 (including polls and tips from a Duff & Phelps webcast).

Update on the NAV lending market in our June cover story; Fees and Expenses survey deadline extended; Proskauer’s full GP-led liquidity guide.