Nodem Completes $28m NAV Loan to a Venture-Focused Family Office
A family office used a NAV facility to fund a direct co-investment in a high-growth company, leveraging an existing VC portfolio as collateral without disrupting its long-term venture strategy.
Transaction Overview
Nodem Capital completed a $28m NAV loan to a single-family office with a portfolio concentrated in venture capital and growth equity fund interests. The borrower holds LP positions across 15 VC and growth funds with exposure to more than 200 underlying companies, including several late-stage businesses approaching exit.
A co-investment opportunity emerged alongside one of the family’s existing GPs, requiring capital within three weeks. The family’s liquid reserves were already committed, and selling VC secondary positions would have taken months and required discounts of 30 to 40% on assets the family expected to appreciate significantly.
Why This Structure
Venture portfolios are among the hardest asset classes for banks to lend against. Most private banks will not accept VC fund interests as collateral. Nodem underwrote the facility based on a diversified assessment of the underlying portfolio, weighting assets by stage, sector concentration, and proximity to expected liquidity events. The NAV facility gave the family the speed and certainty to participate in a time-sensitive opportunity that would otherwise have been missed.
Facility Details
Facility size: $28m
Borrower: Venture-focused single-family office
Collateral: 15 VC and growth equity fund LP interests (200+ underlying companies)
LTV: Below 20%
Interest: PIK
Duration: 3 years
Use of proceeds: Direct co-investment in high-growth portfolio company
Time to funding: Under 3 weeks
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.