This $2B Lender Ignores Your Assets And Underwrites Your Fund Instead

I met a lender backed by a $100B bank.

They lend against funds, not assets...

Most private credit I come across lends against a building, a piece of land, or a cash-flowing asset.

This one lends against the fund itself.

It's called a NAV facility.

And most people have never heard of it.

Here's how it works:

Think of it this way: you have a fund full of assets. Instead of refinancing each one individually, they lend against the whole portfolio in one shot.

- They have deployed $2B+ since 2024
- $20M–$100M tickets on average
- Repaid from fund cash flows and exits
- Real estate, infrastructure and private equity
- US focused but LATAM considered with a US tie
- Sponsors need $1B+ AUM to qualify for this

I asked why this product isn't very well known...

They told me most lenders don't offer it.

Banks are too slow, and asset managers typically don't have the balance sheet. This one sits in the middle - bank capital, structured finance flexibility.

Have you ever used a facility like this?