Breakfast Briefing
Scrutinising the 'V' in NAV financing
Date: 19 May 2026
Venue: Six Park Place, London
Overview:
The latest research from The Drawdown shows that a growing number of GPs are considering NAV facilities for the first time. In response, more lenders are offering the product, with greater flexibility and optionality.
In the PE buyout space, transaction volumes remain limited, largely due to how bespoke each transaction needs to be for specific borrowers and specific funds. In this context, a greater understanding of the mechanics of NAV financing is helpful for GPs to determine the suitability of its use.
This breakfast briefing, brought to you by The Drawdown in partnership with OakNorth Bank, will examine the portfolio valuation processes used by lenders of NAV facilities and how they interact with a GP’s own processes, particularly as the use of AI becomes more embedded.
Join our specially-selected panel of experts to debate the mechanics of potential disagreement that NAV financings can create and how greater alignment can be achieved.
Topics for discussion will include:
- How do the valuation process of GPs and NAV finance lenders contrast - long-term fundamental performance vs conservative liquidation filters?
- Should there be an agreed valuation methodology amongst GP’s within sectors?
- What happens when a lender’s third-party valuation differs from a GP’s internal marks and what tolerance level is considered acceptable to LPs and lenders?
- How is the use of AI in valuation processes impacting the use of NAV financing?
- Are lenders changing their approach to LTV covenants and portfolio concentration risk?
- What are the conflicts raised by lender demands for more look-through portfolio data?
- How can the administrative burden of providing portfolio data for lenders be managed in the context of a GP’s standard reporting cycle?
- How are cure periods being negotiated by lenders and borrowers and where might tensions exist?
- Is there greater optionality for GPs in the midmarket to use NAV financing and do GPs need to reassess the circumstances when this product could provide value to a fund?
- How are these valuations being used for CVs?
Speakers tbc
A notice on attendance:
Service providers can only attend this briefing if they hold a subscription for three seats or more. Eligible firms can send up to two of their subscribers. Unfortunately, single-seat subscribers do not have access to this event.
Timings:
8:30 Registration, networking and breakfast
9:00 Welcome address from moderator
9:10 Panel discussion moderated by Jon Whiteaker, The Drawdown
10:00 Coffee and networking
11:00 Close