NAV facility
A loan to a fund secured against the net asset value of its portfolio rather than against investors' unfunded commitments, typically used later in a fund's life to fund follow-ons, return capital early or bridge to exits.
In practice
NAV facilities differ from subscription lines, which are secured by unfunded commitments and used early in a fund's life. Because they add leverage at the portfolio level, LPs increasingly ask GPs to disclose their use and their effect on distributions and performance.
In FUN/D
FUN/D tracks fund-level facilities — draws, repayments, interest and covenants — and can present performance and distributions with and without the facility's effect.
Related: Subscription line of credit · NAV · DPI · full glossary
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