News and Analysis
Hunter Point Capital to launch NAV fund with 17Capital, Ares alums
- Shubham Saharan
- +Will Caiger-Smith
•2 min read
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Hunter Point Capital is in the process of raising a NAV lending fund, as a growing number of institutional lenders move into the booming space of providing stake-backed loans to the likes of private equity firms.
Net asset value lending enables investment firms to borrow money by pledging their existing asset portfolios. A recent high-profile example is Vista Equity Partners, which used a NAV loan arranged by Goldman Sachs to fund its equity injection into Finastra.
Hunter Point Capital’s fund will provide NAV loans mainly to PE funds, but also other investors in real assets, according to 9fin sources. Demand for this kind of financing has exploded in recent months, as sponsors come under pressure to inject equity into portfolio companies.
The Hunter Point Capital fund’s management team will include Stephen Swentzel, Richard Golaszewski, and Alvin Butler, sources added. Swentzel and Golaszewski were hired from 17Capital after its merger with Oaktree, while Alvin Butler was formerly at Ares.
The new fund is likely to have plenty of competition before long, as private credit firms are increasingly looking to offer NAV financing to other investment firms. Apollo, for example, recently set up a nearly $4bn pipeline for NAV lending.
Hunter Point Capital was co-founded by Blackstone veteran Bennett Goodman in 2020, and typically specializes in acquiring stakes in other asset managers. The firm declined to comment for this article.
17Capital and Oaktree did not respond to a request for comment.
