This webinar forms part of the LMA’s educational series on fund finance. In this session, speakers representing lender, sponsor and adviser perspectives explore the use of NAV facilities in secondaries strategies.

NAV facilities are inherently bespoke, with their application varying by context. In secondaries transactions, they introduce distinct structural and commercial considerations. Secondaries sponsors have long used NAV financing within leveraged fund strategies, and the market continues to evolve.

Tom Smith (Debevoise & Plimpton), Brad Mitchell (Pantheon) and Robin Mackenzie (Lloyds Bank) discuss:

• The role of NAV financing in secondaries strategies and how it differs from PE NAV
• Key structuring considerations, including security, recourse and complexity
• Core commercial terms
• Security and enforcement dynamics
• Current market trends

We are pleased to share the LMA's inaugural Fund Finance Conference Report, produced in partnership with King & Spalding.
Following our first independent Fund Finance conference in London, this report captures the key themes shaping fund finance today — and where the market goes next. Key insights include:

• Structural drivers behind disciplined market growth
• The shift in conversation around fund-level leverage toward how it is used
• An evolving, more diverse and engaged LP base
• The embedded role of NAV financing and liquidity solutions
• Growing influence of technology across origination, execution and reporting

What is clear is that fund finance is no longer a niche market — it is a core part of the private markets ecosystem. Read the full report.

The LMA is pleased to publish the second annual Fund Finance Intelligence Survey Report, in partnership with The Drawdown. 

Based on responses from 91 lenders, borrowers, and advisers across EMEA, the report provides a snapshot of the current market landscape. Developed with industry experts, the survey aims to drive greater transparency on the size, subsets and features of this rapidly evolving, but private market.   

We hope the survey enhances market understanding and contributes to engagement with regulators and wider stakeholders.