Research
NAV Lending is a massive market still running on bespoke legal agreements, manual monitoring, and slow enforcement. We research how the process works today, where the cost sits, and how technology can make it cheaper and faster without weakening the structural protections lenders require.
On chain lending needs a market for its credit risk
On chain lending holds tens of billions and takes real credit losses, yet the risk has no open price. TradFi built that market with the credit default swap and kept it closed. On chain, the loans, rates, and losses are public, so it can be built in the open.
On chain capital meets off chain credit
NAV lending runs on long duration assets funded by short duration capital. Figure proves the architecture that solves it, and the DeFi credit graveyard proves the architectures that do not.
The private asset liquidity gap
$3.7T of unsold companies, three years of distributions at half historical pace, and 53% of LPs blocked from new commitments. The data behind the secular demand for NAV finance.
LP NAV Lending: How It Works Today
How lenders extend credit to investors against their LP interests today, where the cost and friction sit, and how LP NAV Lending becomes cheaper and faster.