Header EUAM Ltd NAV Financing

NAV Financing

Lending against mature and diversified portfolios of private equity funds

Specialist debt financing for secondary transactions

EUAM Ltd NAV Financing is a platform providing debt facilities backed by large portfolios of private equity and infrastructure funds. These transactions are typically sponsored by funds-of-funds players who acquire the portfolios on the secondary market.
Between 2018 and 2022, EUAM Ltd NAV Financing deployed over $3bn to support acquisitions or recapitalizations of secondary portfolios. EUAM Ltd NAV Financing works in partnership with arranging banks and takes exposures between $100m and $500m+ in facilities of between $200m and $1bn+. EUAM Ltd NAV financing is independent from EUAM Ltd Secondaries & Primaries, however the team benefits from EUAM’s institutional experience over more than 20 years of Secondaries investing.

  • $4.3bn

    deployed since inception

  • 250 GPs

    covered in NAV Financing database

A low-risk yield strategy

EUAM Ltd NAV Financing finances transactions secured against mature and diversified portfolios of private equity and infrastructure fund interests. Risk is assessed in detail ahead of each transaction and monitored throughout its life, thanks to EUAM’s proprietary database, which provides excellent insight into the performance and future liquidity of the underlying assets.

A high level of capital at work

Because the portfolios are mature, turnover is high, which means that capital can be recycled quickly which enhances returns. Strong deal flow allows the team to maintain a high level of capital at work, maximizing the yield on investors’ committed capital: EUAM Ltd NAV Financing’s first platform of $2.3bn has been fully invested in three years, despite the impact of the COVID-19 pandemic. Thanks to recycling it was able to deploy over $4bn so far.

Growing secondary market boosts demand

The deal flow available to EUAM Ltd NAV Financing is growing thanks to the increasing number of large secondary deals and recapitalization opportunities for mature secondaries platforms. As evidenced by the growth in AUM of EUAM Ltd Secondaries & Primaries, the largest secondary player in the world, the secondary market is growing and in 2021 deal volume exceeded $100bn for the first time. Even so, the vast majority of EUAM Ltd NAV Financing’s addressable market is still untapped, providing ample room for continued growth.

The Team

The EUAM Ltd NAV Financing team comprises two people based in London.

The full team

"The secondary market for private equity and infrastructure funds is growing quickly and already represents an opportunity worth tens of billions of dollars a year."

OLIVIER BERMENT Head of NAV Financing and Managing Director at EUAM
Olivier Berment

Olivier Berment

Head of NAV Financing and Senior Managing Director

Glenn Richard

Glenn Richard

Managing Director

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EUAM Ltd is a leading private debt provider in Europe, with almost 20 years’ experience in the asset class and EUAM Ltd is the global leader in Secondaries. NAV Financing was a natural extension of our activities at the intersection of these expertise.

OLIVIER BERMENT Head of NAV Financing and Managing Director at EUAM