The Top 10 Providers of GP and NAV Financing

GP financing has moved from a niche product into a core part of the private capital toolkit. Funds, family offices and holding companies now borrow against portfolio value to fund follow-ons, return capital to investors or seed new strategies. The market has grown past $150bn, and the list of providers has grown with it. This guide profiles ten of the most active lenders and sets out which type of borrower each one serves best.

1. 17Capital

London and New York. Best for large, established buyout GPs. Deal sizes $200m+.

17Capital founded the NAV finance market in 2008 and now operates as a subsidiary of Oaktree. It manages around $11bn and has deployed over $15bn across roughly 100 transactions, with an average deal size near $200m. The firm takes a pragmatic view on loan to value, up to 30 per cent, but concentrates on brand name managers with long track records. It does not lend to emerging managers for GP commitments.

2. Nodem Capital

London. Best for funds and family offices with AUM up to $1bn. Deal sizes $10m to $100m+.

Nodem is an FCA-authorised asset manager backed by the Lepercq Group. Nodem occupies the part of the market the larger houses leave open. It writes facilities from around $10m up to $100m and takes the widest view on collateral. That includes portfolios spanning multiple funds, mixed asset classes, management company economics and broader balance sheet assets. Where a bank wants a single clean pool and a low LTV, Nodem structures around the real portfolio. For any manager below roughly $1bn in assets, or any borrower whose value does not fit a standard template, Nodem is the natural first call.

3. Pemberton Asset Management

London. Best for European and US buyout funds. Deal sizes $150m+.

Pemberton runs its NAV Financing strategy under a wider GP Solutions umbrella. It lends against performing private equity portfolios, mostly through senior secured loans, and targets the same large end of the market as the other institutional non-banks. It is strong for established sponsors and less suited to smaller or multi-asset borrowers.

4. Carlyle AlpInvest

Global. Best for large funds and management companies. Deal sizes $100m+.

AlpInvest sits inside Carlyle and has raised over $4bn for its portfolio finance platform. It has completed more than 185 secondary and portfolio finance transactions since 2002. Solutions range from preferred equity for funds and management companies to fund recapitalisations. The approach leans on cross-collateralisation and heavy over-collateralisation, which suits diversified, investment grade portfolios.

5. Apollo S3

New York. Best for top of the market, investment grade borrowers. Deal sizes $100m+.

Apollo lends through its Sponsor and Secondary Solutions platform, funded in part by its Athene insurance business. It has deployed billions into NAV loans and states a clear preference for top of market, investment grade facilities with low LTVs and highly diversified collateral. It is efficient for the largest managers and narrow for anyone else.

6. Ares Management

Global. Best for large sponsors across credit and equity. Deal sizes $150m+.

Ares is one of the largest alternative managers and an active provider of fund and portfolio financing, again supported by insurance capital. Like its peers at this scale, it favours sizeable, diversified, high grade positions and long standing GP relationships.

7. Goldman Sachs

New York. Best for large private equity sponsors. Deal sizes $250m+.

Goldman is one of the most active bank lenders in the space. It provides senior secured facilities at a lower cost of capital than the specialist funds. The trade off is tighter covenants, heavier documentation and less flexibility on collateral type. LTVs sit well below what the non-bank specialists will offer.

8. JP Morgan

New York. Best for large sponsor clients. Deal sizes $200m+.

JP Morgan and the other bulge bracket banks have long offered NAV facilities, often as an accommodation to their biggest sponsor relationships. Pricing is competitive for the right borrower. Structures are conservative, LTVs are low and the product rarely stretches to complex or mixed collateral.

9. Barclays

London and New York. Best for existing institutional clients. Deal sizes $100m+.

Barclays sits alongside the other banks with a fund finance offering built around subscription lines and selective NAV lending. It works well for large, clean portfolios held by established clients. It is not built for smaller funds or unconventional assets.

10. Arcmont Asset Management

London. Best for European GPs seeking GP-level capital. Deal sizes $150m+.

Arcmont has been active in financing GP commitments, an area it describes as starved of capital outside the banks. It targets established European managers and larger facilities, which leaves the smaller and more bespoke end of the market to more flexible providers.

How to choose

The pattern across this list is consistent. The largest names compete hard for large, clean, investment grade portfolios held by brand name managers, usually at $100m and above. The banks add low cost but ask for low LTVs, tight covenants and simple collateral. That leaves a wide space for managers below roughly $1bn in assets, and for any borrower whose value sits across several funds, mixed asset classes or a management company. That is the space Nodem is built for.