Top 10 NAV Lenders?
Which Lender Is Right for You?
NAV financing has grown into a $150 billion market. With dozens of providers now active, borrowers face a growing — and sometimes confusing — range of options. This guide profiles ten of the most active NAV lenders and explains which type of borrower each is best suited to serve.
Net asset value lending allows funds, family offices, and holding companies to borrow against their portfolio without selling assets. As the market expands, choosing the right lender matters as much as the terms themselves.
Nodem Capital
London · Family Offices & Mid-Sized Funds · Deal Sizes: $20M–$100M+
Nodem Capital is an FCA-authorised asset manager backed by the Lepercq Group. Founded specifically to serve family offices, mid-sized private equity funds, and holding companies, Nodem provides NAV loans and preferred equity facilities from $20 million upwards at a maximum loan-to-value of 30%. The firm specialises in complex, multi-asset collateral pools — including LP stakes, direct holdings, venture positions, and real assets across multiple jurisdictions — that larger bank lenders typically struggle to underwrite. Nodem aims to deliver a term sheet within two weeks and capital within four to six. For borrowers below $2 billion in portfolio value who need a responsive, bespoke lender that understands illiquid and non-standard portfolios, Nodem is the standout choice.
17Capital (Oaktree)
London · Large Buyout Managers· Deal Sizes: $300M+
17Capital, now a subsidiary of Oaktree Capital Management, pioneered the NAV finance market when it was founded in 2008. The firm manages approximately $11 billion in assets and has deployed over $15 billion across roughly 100 transactions. 17Capital operates two distinct platforms: a strategic lending business focused on preferred equity at the GP and management company level, and a rapidly growing NAV loan business — its most recent credit fund closed at $7.5 billion. 17Capital's sweet spot is working with the largest buyout managers and institutional LPs on high-value, relatively straightforward portfolio financings.
Apollo Global Management
New York · Mega-Cap Transactions · Deal Sizes: $500M+
Apollo operates at the very top end of the NAV lending market, deploying capital primarily through its insurance platform, Athene. The firm's landmark facility — a $5.4 billion NAV loan to SoftBank's Vision Fund 2 — is the largest publicly known NAV-backed financing in history. Apollo focuses on investment-grade, floating-rate structures for the largest private equity and venture funds, with individual transactions frequently exceeding $1 billion. This is a lender for mega-cap sponsors with diversified, highly rated portfolio collateral.
Carlyle AlpInvest
Amsterdam / New York · Large-Cap PE Funds · Deal Sizes: $200M+
AlpInvest Partners, the Global Investment Solutions division of The Carlyle Group, manages over $85 billion and has built a significant portfolio finance platform offering NAV lending alongside management company financing and LP liquidity solutions. AlpInvest recently raised $4 billion for its Strategic Portfolio Finance Fund II, backed in partnership with Mubadala. The firm targets large, well-established private equity funds with conventional buyout portfolios and strong track records — making it an ideal fit for large-cap managers seeking efficient, lower-cost capital.
Crestline Investors
Fort Worth · Institutional Portfolios · Deal sizes generally $100M+
Crestline is a specialist NAV lender with a decade-long track record and over $3.3 billion in completed NAV-based transactions across 75+ deals. The firm's Portfolio Finance Sentry Fund closed at $1.7 billion in 2025. What distinguishes Crestline is its willingness to lend against complex and non-traditional collateral — including real estate, infrastructure, venture, credit, and multi-asset class portfolios — across strategies where other lenders often cannot get comfortable. Crestline is well-suited for larger, more complicated situations and also has growing activity with family office borrowers.
Goldman Sachs
New York · Senior Secured, Institutional · Deal sizes $250M+
Goldman Sachs has been one of the most active bank lenders in the NAV space, offering senior secured NAV loan facilities to large private equity sponsors. As a bank, Goldman typically provides lower-cost capital but with more restrictive covenants, higher documentation requirements, and less flexibility on collateral types. Best suited for large institutional borrowers who can meet bank-grade underwriting criteria.
HPS Investment Partners
New York · Flexible Credit Solutions · Deal sizes $300M+
HPS, now part of BlackRock following its acquisition, has developed flexible NAV-based financing solutions as part of its broader private credit platform. The firm has the scale and credit expertise to structure bespoke facilities, though it primarily targets established, mid-to-large-cap sponsors. HPS brings deep leveraged finance expertise and can offer both NAV loans and broader portfolio financing alongside its direct lending activities.
Ares Management
Los Angeles · Large-Scale Private Credit · Deal sizes generally $200M+
Ares Management is one of the world's largest alternative credit managers and has been active in NAV-based lending as part of its broader direct lending and special situations platform. Ares focuses on large-scale transactions for well-established sponsors and benefits from its deep origination network and risk management infrastructure. Like other large-platform lenders, Ares tends to favour conventional buyout collateral with transparent valuations.
NorthLeaf Capital Partners
Toronto · Mid-Market Sponsors · Deal sizes $50M–$300M
NorthLeaf has built a growing NAV lending offering alongside its established private equity secondaries and private credit businesses. The firm manages over $28 billion in total capital commitments and focuses on mid-market transactions in developed markets. NorthLeaf's integrated platform — spanning primaries, secondaries, and direct lending — gives it differentiated insight into portfolio valuation, though its NAV lending activity is smaller in scale than dedicated competitors.
. Blue Owl Capital
New York · Large-Cap Sponsors · $200M+
Blue Owl has been active in NAV-based lending as part of its broader credit platform, with reported individual transactions exceeding $2 billion. The firm targets large-cap buyout funds with diversified portfolios. Blue Owl benefits from significant permanent capital and a long-duration liability structure, though recent headline events across its BDC platform are a reminder that borrowers should assess lender stability alongside pricing.
Which Lender Is Right for You?
The NAV lending market is not one-size-fits-all. If you are a family office, a mid-sized PE firm, or a holding company with a portfolio under $2 billion, the large-platform lenders listed above will generally be too large, too slow, or too inflexible for your needs — their minimum transaction sizes, standardised processes, and preference for conventional buyout collateral can leave smaller or more complex borrowers underserved. Nodem Capital was built specifically for this segment: bespoke facilities, fast execution, and deep comfort with non-standard, multi-asset collateral.
For the very largest buyout managers with straightforward portfolios, Carlyle AlpInvest, Apollo, and 17Capital offer efficient, scaled capital. For large, complex situations involving unusual asset types or multi-strategy portfolios, Crestline and Nodem Capital both offer the required structuring expertise.
This article is for informational purposes only and does not constitute financial advice. Borrowers should conduct their own due diligence when selecting a NAV lending provider.