NAV finance: Going mainstream or already there?

NAV finance: Going mainstream or already there?

12 Mar 2024|SuperReturn
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Stephen QuinnStephen QuinnSenior Managing Director at 17Capital

SStephen is Co-Head of 17Capital’s credit offering and a member of the Investment Committee at 17Capital, the go-to global source of strategic finance for investors in private equity. Stephen joined the firm in 2019 from Lloyds Banking Group, where he was the Global Head of Financial Sponsors with responsibility for one of the largest fund finance businesses globally. Stephen has worked with private equity managers for almost 20 years and co-authored 17Capital’s report on NAV Lending and the emerging opportunity for private debt investors.

17Capital bio: 17Capital is the go-to global source of strategic finance for investors in private equity. It specializes in providing non-dilutive capital to high-quality private equity management companies, funds, and institutional investors as part of their toolkit for value creation and portfolio management.

17Capital offers portfolio finance across the capital structure, providing a broad range of financing options. Investments are structured to support clients’ objectives, while keeping the interests of GPs and LPs aligned.

Since inception, 17Capital has raised $11 billion and has deployed over $9 billion across over 90 investments. In March 2022, 17Capital announced a strategic partnership with Oaktree in which Oaktree will acquire a majority stake in 17Capital. The partnership will give 17Capital access to Oaktree’s deep global network. Following the closing of the transaction, 17Capital, will continue to operate as an independent business, with its own product offerings and investment, marketing, and support teams

Francesc Martínez BailacFrancesc Martínez BailacAlternative Investments Director at Orilla Asset Management

Francesc Martínez is currently the Alternative Investments Director at Orilla Asset Management. Previously, He was a Director in Telefonica Group and member of fonditel management committee. He was the Alternative Investments Director at fonditel. A Board of Directors member at Lazora and a member of many supervisory-Investment committees. Francesc holds 28 years asset management experience, in private equity, venture capital, private debt, infrastructures, real estate and in traditional assets (equity, fixed income, ETFs and funds). The financial derivatives industry is also part of his background.

Developing his previous professional activity in La Caixa and Caixa Catalunya groups too. From the ESG perspective, He was Spainsif Vice-president. He has been professor at IE's international MBA and Bachelor in Economics. Degree in Economics and Business at the University of Barcelona. Diploma in Banking Management from EADA. Options and Futures Operator License, Type III issued by MEFF.PFD from IEF. Diploma in Credit Management from EADA. Graduate Corporate Finance from UIC. Graduate Industrial Economics. CEU.C.D.E.S.

Award for the Best Team in Spain in Alternative Investments 2017. Peer-To-Peer Awards from the Institute for Alternative Investments.

He has been awarded one of the IE Prizes for Teaching Excellence for the 2022-23 academic year.

Vjerana BurleighVjerana BurleighManaging Director on the Secondary and Portfolio Finance team at AlpInvest Partners

Vjerana Burleigh is a Managing Director on the Secondary and Portfolio Finance team at AlpInvest responsible for managing the Portfolio Finance strategy in Europe. AlpInvest’s Secondary & Portfolio Finance team manages $21bn across equity and credit funds. Vjerana rejoined AlpInvest in 2019 from 17Capital, a London-based credit manager, where she was a Director.

She first joined the AlpInvest team in 2012 as an Investment Analyst pursuing a broad range of secondary investments in Europe and globally. Vjerana received a BSc in Economics summa cum laude from the University of Zagreb, an MSc in International Finance from the Amsterdam Business School and an executive diploma from the Said Business School.

David de VilliersDavid de VilliersManaging Director at Wilshire

David is an investment advisor with Wilshire, based in Amsterdam, the Netherlands, and serves on Wilshire’s global Private Markets Investment Committee. As member of the private markets investment team he is responsible for advising on and managing private market investments (private equity, VC and private credit, including primaries, co-investment and secondaries) on behalf of institutional clients. Prior to joining Wilshire, he worked at Shell Asset Management Company, where he was a private equity portfolio manager focused on the North American market. He spent his early career as attorney/solicitor and legal counsel specializing in international corporate, M&A, private markets and (South African) human rights law. He is a CFA Charterholder and holds a Master of Laws (LL.M.) from the University of Cape Town. David is a citizen of The Netherlands and South Africa. In his spare time, he volunteers as part-time board member of the Orchestra of the Eighteenth Century and is a food and wine enthusiast. In an attempt to compensate for the latter, he is an avid open water swimmer and tries to catch the sunrise as often as possible from a lake, sea or ocean nearby.

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Description

Why has NAV finance seen continued growth among private credit investors, and will this continue? With the industry facing its fair share of challenges over recent years, how has the application for NAV finance changed over this period? Valuations have long been an area of industry debate and that is certainly the case today - how do NAV providers get themselves (and their investors) comfortable? As the awareness and growth of NAV finance continues, this will undoubtedly lead to increased scrutiny - what constitutes ‘best practice’ in the current environment? How will NAV finance continue to evolve, develop and mature?

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