Nodem Completes $45m NAV Loan to a European Family Office for Acquisition Financing
A PIK-based NAV facility secured by a diversified PE and venture portfolio enabled a family office to act on a time-sensitive co-investment without selling existing positions.
Transaction Overview
Nodem Capital completed a $45m net asset value (NAV) loan to a European single-family office. The facility is secured against a diversified portfolio of more than 40 private equity and venture capital fund interests spanning mid-market buyout, growth equity, and early-stage venture across Western Europe and North America.
Proceeds funded the family office’s participation in a co-investment alongside one of its existing GPs, where a compressed timeline made secondary sales or bank financing impractical. The facility was structured with Payment-in-Kind (PIK) interest, removing any cash servicing burden during the investment period.
Why This Structure
The family office had explored a Lombard loan from its private bank, but the bank was unable to lend against the illiquid portion of the portfolio. A secondary sale would have taken three to six months and required a 25 to 35% discount on growing assets. The NAV facility provided capital within four weeks at a loan-to-value ratio below 25%, preserving the family’s full portfolio upside while funding the acquisition.
Facility Details
Facility size: $45m
Borrower: European single-family office
Collateral: 40+ PE and VC fund LP interests
LTV: Below 25%
Interest: PIK (no cash interest payments)
Duration: 3 years, extendable
Use of proceeds: Co-investment acquisition financing
Time to funding: 4 weeks from initial engagement
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 lends against the portfolios that sit between bank appetite and the large-cap NAV lending platforms: diversified, cross-asset-class collateral that requires bespoke underwriting. Nodem is authorised and regulated by the Financial Conduct Authority.
For portfolio review enquiries, contact Alex Branton at abranton@nodem.com or visit nodem.com.
For definitions of the terms used in this case study, see the NAV lending glossary.