Private markets may not have underpriced asset quality so much as the cost of time. As exits slow and holding periods extend, delayed distributions are changing portfolio economics for LPs and putting greater scrutiny on how GPs create liquidity.

Kasper speaks with Alex Branton, CIO and founding partner of Nodem Capital, about NAV lending, extended J-curves and the difference between productive liquidity management and genuine portfolio stress.

In this episode:

Why liquidity risk begins with realistic expectations
Good and bad uses of NAV lending
How LPs can identify a credible repayment path
Re-underwriting valuations and longer distribution cycles
Asset-liability mismatches in evergreen structures
Why public markets may deserve renewed attention

Chapters

Introduction
From allocator to GP to liquidity provider
How NAV lending works
When NAV financing helps and when it should worry LPs
The cost of time and the reset in liquidity assumptions
How LPs should triage and re-underwrite portfolios
Extended J-curves and portfolio construction
Private credit and asset-liability mismatches
What happens if distributions remain muted
Opportunities for cash-rich investors
Quick-fire: overrated and overlooked risks
Key Takeaways
Closing

Disclaimer

This content is for informational purposes only and does not constitute investment advice, an offer or a solicitation. Views expressed are those of the speakers and may not represent those of their organisations. Any references to firms, funds or investments are made solely for discussion and educational purposes.

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Disclaimer