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What is NAV lending?

NAV lending is a loan to a private fund secured by the net asset value of its whole portfolio rather than by one company, used by sponsors to fund follow-on investments or distributions late in a fund's life. It sits alongside subscription lines (secured by LP commitments) as fund finance. This site covers company- and project-level debt and does not tag NAV lenders as a separate facet.

Figures from the researched book · updated Oct 27, 2026 · rendered Oct 31, 2026

Full guide: PE portfolio debt →