Finance Forum Panel Recap – ‘NAV'igating The Secondaries Market'

NAV lending and its progeny garnered great interest at Cadwalader's annual Finance Forum, bringing together industry experts on the cutting age of structuring creative solutions for the ongoing liquidity needs of private fund managers. Joining the panel were Akhil Bansal, Managing Director and Head of Credit Strategic Solutions at Carlyle; Robert Camacho, Senior Managing Director at Blackstone; Phillip Titolo, Head of Direct Private Investments at MassMutual; and Michael Vasseghi, Managing Director and Head of Insurance Solutions at Morgan Stanley. Cadwalader Fund Finance partner Angie Batterson served as moderator.

The so-called net asset value ("NAV") credit facilities took center stage as the theme of the panel, familiarly known as financing that "looks down" from the fund level to the net asset value of the underlying portfolio of investments in determining borrower availability for credit purposes. NAV facilities are particularly useful for mature funds in