Insights on the NAV Financing Market - Full Year 2025

In the third iteration of our "net asset value" (NAV) financing market survey, we engaged traditional banks, non-bank lenders and borrowers across North America, Europe, Asia-Pacific and Latin America to capture key trends and activity in 2025, as well as perspectives on what to expect in 2026. As the secondaries market differs in several key respects from the primary NAV financing market, this report presents results for each respective market separately.

Overall, the survey results reflect continued growth and maturation of the NAV financing market, with respondents reporting increased activity. NAV facilities continue to be used as a flexible liquidity and portfolio management tool across a range of fund strategies and sizes, while secondaries facilities are characterized by larger facility sizes, more robust collateral packages and higher leverage at origination relative to primary facilities.At the same time, the data indicates that structuring across the