Ardian | NAV Financing

Specialist credit products for fund financing

Ardian NAV Financing platform addresses a fast-developing area of the private credit market: debt funding for private market sponsors secured against fund portfolios. We focus on two main areas of this market: providing financing to secondary buyers, usually called Secondary NAV Financing, and offering to fund managers, loans secured against the assets held in a single fund, or Primary NAV Financing.

Since 2018, we have deployed over $4.3bn to support acquisitions or recapitalizations of secondary portfolios, working in partnership with arranging banks. Since then, the scope has extended to Primary NAV Financing market. Ardian’s deep market knowledge and GP relationships built over more than 20 years of funds investing, enables us to offer comprehensive financing solutions.

$4.5bn

deployed since inception
250 +

Private Equity and Infrastructure GPs in portfolio
2,500+

underlying companies

Secondary NAV: an attractive yield strategy

Senior secondary NAV financing loans are secured against mature, diversified portfolios of North American and European private equity and infrastructure fund interests. These loans offer steady yields that are enhanced by rapid recycling of funds as portfolios are progressively liquidated.

Primary NAV: a fast-developing niche

The Primary NAV market has experienced significant acceleration over the past years. Fund managers have increasingly utilized NAV loans as a tool to manage their portfolio notably by providing additional funding to existing companies and enhance overall fund performance.

Early days for a promising market

Ardian’s leadership in fund investments provides us with deep insights into the needs of secondary buyers and fund managers. We see huge opportunities to provide financing for secondary and primary NAV transactions as the benefits of these solutions become more widely recognised.

The Team

The Ardian NAV Financing team comprises two people based in London.

The full team

"The secondary market for private equity and infrastructure funds is growing quickly and already represents an opportunity worth tens of billions of dollars a year."

OLIVIER BERMENT Head of NAV Financing and Managing Director at Ardian

Olivier Berment

Head of NAV Financing and Senior Managing Director

Glenn Richard

Managing Director

All news & insights

NAV Financing expands Ardian’s role in the secondary market

Since 2018, Ardian has expanded its range of debt financing activities to include Ardian NAV Financing. This provides debt facilities to help fund...

NAV Financing Market watch

Lifting the lid on the NAV Financing market

NAV Financing Market watch

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Ardian Corporate Brochure

2025

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Ardian 2024 Integrated Report

2025

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Ardian 2023 Integrated Report

2024

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Ardian is a leading private debt provider in Europe, with almost 20 years’ experience in the asset class and Ardian is the global leader in Secondaries. NAV Financing was a natural extension of our activities at the intersection of these expertise.

OLIVIER BERMENT Head of NAV Financing and Managing Director at Ardian