Nodem Completes €25m NAV Loan to a Swiss Family Office for Generational Transition
A euro-denominated NAV facility enabled a Swiss family office to manage succession-related liquidity needs without disrupting a well-performing PE portfolio.
Transaction Overview
Nodem Capital completed a €25m NAV loan to a Swiss single-family office undergoing a generational transition. The facility is secured against a portfolio of European mid-market buyout fund interests and co-investments, with a combined NAV exceeding €150m.
The family required liquidity to settle tax obligations, fund estate restructuring costs, and provide personal capital to the next generation, all without selling fund positions that are approaching their highest-value exit windows over the next 18 to 24 months.
Why This Structure
Generational transitions often create sudden, large liquidity needs at the worst possible time for portfolio owners. Selling growing PE positions to fund succession costs locks in discounts and permanently sacrifices upside. The NAV facility provided immediate capital while keeping the portfolio intact through its highest-value period. The PIK structure meant no cash servicing burden during the transition.
Facility Details
Facility size: €25m
Borrower: Swiss single-family office
Collateral: European mid-market buyout fund interests and co-investments
LTV: Below 20%
Interest: PIK
Currency: Euro-denominated
Duration: 2.5 years
Use of proceeds: Generational transition: tax, estate restructuring, next-generation capital
About Nodem Capital
Nodem Capital is a specialist NAV lender providing portfolio-backed credit facilities, typically $10m to $100m and above, to family offices, GPs, and private funds. Nodem is authorised and regulated by the Financial Conduct Authority. For enquiries, contact abranton@nodem.com or visit nodem.com.
For definitions of the terms used in this case study, see the NAV lending glossary.