NAV Lending Market Map 2026 — Who Does What and for Whom?
Been getting a lot of questions from people trying to navigate the NAV lending space, so thought I'd put together a quick market map based on what I'm seeing. The space has grown massively and there are now very different providers for very different borrower profiles. Here's my breakdown:
Large-cap / GP-level facilities ($500m+)
- 17Capital — the biggest dedicated player, just closed a $7.5bn fund
- Crestline Investors — very active with $200m+ deals publicly announce.
Banks with NAV lending desks
- Goldman Sachs — selective, large ticket
- JPMorgan — mainly for private bank clients with significant PE allocations
- Investec — strong in the UK, does both fund finance and portfolio lending
Mid-market / specialist lenders
- Nodem Capital — specialist NAV lender focused on family office portfolios, flexible on mixed asset class collateral, works across UK and Europe
- Pemberton — European credit manager with a NAV financing strategy
European-focused
- Ardian — has a dedicated NAV financing arm, strong in secondaries
- 17Capital (again) — active across both US and Europe
What I'm seeing in terms of trends:
- Family offices are increasingly using NAV loans to bridge capital calls rather than selling positions at a discount
- More demand for junior tranches alongside bank facilities
- European borrowers starting to catch up with the US in adoption
- Lombard loans being replaced by NAV facilities for investors with concentrated PE holdings
Based on the most helpful WSO content, here's a concise breakdown of the NAV lending market map for 2026:
Large-Cap / GP-Level Facilities ($500m+)
Mid-Market / Specialist Lenders
European-Focused Lenders
Key Trends in NAV Lending
This market map highlights the key players and trends shaping the NAV lending space in 2026.
Sources: Best direct lending shops in Asia, State of Credit markets now and in the future?, Leveraged Finance – 2017 Update, https://www.wallstreetoasis.com/forum/real-estate/state-of-the-cre-debt-markets?customgpt=1
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