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NAV loans and lender financing for private funds

Whether you're a buyout, growth, secondary or credit fund, we have solutions for you.

Use these funds to:

Access additional capital for further investments (follow-ons or new investments)

Manage fund liquidity and working capital needs

Enhance returns with flexible NAV financing structures

All solutions offer:

$50M+ facility size

Multi-year fund loans

(~ 3-5 years)

Pricing varies by portfolio

Select the fund type that best describes your need to learn more:

Primary NAV financing

NAV loans service designed for closed-end credit funds and investment vehicles holding corporate loan assets. This fund-level financing solution supports portfolio company support financing and GP liquidity options.

Loan-to-value

Up to 20%

Borrowers

Buyout, growth or venture fund

Collateral

Control or minority equity holdings in operating companies

Typical structure

Secondaries Flow diagram

Secondaries NAV financing

NAV lending solutions provided to closed-end private equity secondaries funds, designed to assist in LP- or GP-led transactions. Our fund-level financing supports continuation fund financing and tail-end fund liquidity needs.

Loan-to-value

Up to 65%

Borrowers

Secondaries fund, fund of funds or institutional investors

Collateral

Portfolio of LP interests in commingled funds, SMAs, Co-Investments, and/or continuation vehicles.

Typical structure

Secondaries Flow diagram 2

Lender financing

NAV loans for closed-end credit funds or investment vehicles holding corporate loan assets. Our NAV lending solutions for credit funds offer cross-collateralized fund debt structures with competitive terms.

Loan-to-value

Up to 75%

Borrowers

Private credit fund

Collateral

Corporate loan investments

Typical structure

Secondaries Flow diagram 3
Dirk Engelbert

Work with our specialized NAV team

Dirk Engelbert - Head of Structured Fund Solutions, First Citizens Fund Banking

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Our insights for private funds CFOs

BLOG | PRIVATE FUNDS CFO INSIGHTS

Maximizing flexibility with NAV loans

NAV loans can give fund managers the liquidity to support existing portfolio companies or take advantage of new investment opportunities in the later stages of a fund's life cycle. 

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BLOG | FX ADVISORY

Foreign exchange hedging for global exits

Short-dated FX forwards can be used to help mitigate the FX rate uncertainty that arises between the time a portfolio company is sold and the funds are repatriated back.

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BLOG | FX ADVISORY

Exit hedging: NAV-based FX hedging

This short paper outlines solutions to help investors at exit stabilize their projected NAV or cost, mitigate the impact of currency fluctuations, and potentially earn additional FX carry trade returns. 

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NAV Loans FAQs

$50 MM and up

3-5 years for primary and secondary NAV financing; 4-6 years for lender financing.

Pricing varies by portfolio.

You can use loan funds to:

  • Access additional capital for further investments (follow-ons or new investments)
  • Manage working capital
  • Enhance returns

This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation, or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax, or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant, or guarantee that it is accurate or complete.

All credit products and loans provided by First-Citizens Bank & Trust Company are subject to underwriting, credit, and collateral approval. Financing availability may vary by state. Restrictions may apply. All information contained herein is for informational purposes only and no guarantee is expressed or implied. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not a commitment to lend. Terms and conditions apply. NMLSR ID 503941
Bank deposit products are offered by First-Citizens Bank & Trust Company. Member FDIC and an Equal Housing Lender.

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