Helping Investors Unlock Captive Portfolio Value through NAV Financings
Crestline's Fund Liquidity Solutions Group provides bespoke NAV loans to private equity funds and other asset vehicles seeking flexible capital to support underlying portfolio companies, pursue accretive acquisitions, provide liquidity to investors and address opportunistic portfolio management needs.
Portfolio Financing Solutions
We partner with managers to provide flexible, non-dilutive Net Asset Value (NAV) based financings that can be utilized for a wide range of growth focused and defensive purposes. As market leaders, we have closed over 75 NAV loans with Private Equity, Growth, Venture, Real Estate, Credit, Infrastructure managers, and multi-asset class portfolios, as well as Family Offices, Holding Companies and Private Investment Companies. We are active across a broad range of industries and geographies.
We take a collaborative approach with managers, structuring creative facilities that help borrowers achieve their goals while understanding that the underlying collateral and use of proceeds are unique in every loan.
Investment Parameters
- 1 – 5 Years
- Flexible Interest: PIK or Cash
- Fully drawn or delayed draw
- Loan to Fund
- Preferred Equity
- Loan to a portfolio company with fund guaranty
- Loan to General Partner and Management Company
- Two or more remaining investments
- Minority or majority shareholding
- Debt or equity positions
- Buyout, Growth Equity, Real Estate, Infrastructure, Venture Capital, and Credit Funds
- Traditional fund structures, evergreen vehicles, trust companies, family offices, holding companies, and private investment companies
Use of Proceeds
Accretive Follow-Ons
Complete new platform acquisitions, provide growth capital, participate in pre-IPO rounds, finance accretive acquisitions, buy out co-investors.
Protective Follow-Ons
Participate in punitive pay-to-play rounds, avoid or cure covenant breaches, balance sheet clean-up or refinance, weather business cycles.
Secondary Transactions
Bridge to a continuation vehicle, support leave behind assets, improve IRR, bridge continuation vehicle fund closing.
Provide Liquidity to LPs
Provide partial liquidity to all LPs, enhance DPI/TVPI, provide full liquidity to a subset of LPs.
Special Situations
Debt for credit-challenged portfolio companies, build control positions, warehouse co-investment opportunities, bridge between fundraises.
Management Company
Seed new strategy, fund GP commitments, fund succession planning.