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Big investors borrow against private equity holdings amid cash crunch

Pensions and endowments turn to ‘net asset value’ loans to fund cash payouts as deal markets seize up
NAV loans are controversial because they require investors to, in essence, secure a loan with a broad pool of assets, putting their entire fund investments at risk

Large pension funds and other big institutional investors have started to borrow against their private equity portfolios to raise cash after a slowdown in dealmaking activity and public offerings has dimmed their hopes of exiting trillions of dollars in ageing deals.

Investors have begun to turn to so-called net asset value loans in recent months to boost liquidity at a time when big chunks of their portfolio are locked up in private equity, venture capital and property assets that have returned very little cash, according to people involved in the deals.

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