Episode 387: NAV Finance: From Niche to Mainstream

Aryeh “Ari” Landsberg, Managing Director at 17Capital, joins the InsuranceAUM.com Podcast to explore how NAV finance has evolved from a specialized private markets solution into an increasingly mainstream portfolio management tool. He explains the fundamentals of NAV financing, including how lenders provide capital against diversified portfolios of mature private equity investments rather than relying on the performance of a single company.   The conversation examines the forces driving greater adoption of NAV finance, from changing liquidity conditions and longer private equity holding periods to the need for flexible capital that can support additional investment in existing portfolio companies. Ari also walks through 17Capital’s underwriting approach, including diversification, seniority, low loan-to-value ratios, fundamental company analysis, and ongoing monitoring of portfolio performance and risk.   Ari also discusses where he sees the NAV finance market heading as private credit continues to expand and sponsors hold investments for longer periods. He explains how NAV financing can support add-on acquisitions, talent investment, refinancing, and other strategies intended to maximize portfolio company value, while sharing his perspective on the importance of discipline, collaboration, intellectual curiosity, and adaptability as the market continues to mature.