Markets & outlook · Podcast

Todd Hooper & James Lumby — Co-Heads of GP-LP Financing Solutions at HPS Investment Partners

For advisors and allocators weighing fund-level leverage, it is a manager's account of how NAV facilities developed and where the market has extended beyond fund NAV. It also gives context on how a lender in this niche describes its own competitive positioning.

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On the publisher’s site

Summary

By the markets & outlook desk

HPS Investment Partners' Colbert Cannon interviews Todd Hooper and James Lumby, co-heads of the firm's GP-LP Financing Solutions business, about NAV financing and other private financing alternatives for fund sponsors and investors. The two describe how they came to the business from a Goldman Sachs portfolio-financing desk and how NAV lending moved from a nascent product to an institutional mainstay. They also cover why COVID acted as a catalyst for the market, newer areas such as management-company and limited-partner-level financing, and what distinguishes a lender in the space.

NAV financing grew from a nascent product into an institutional mainstay, per the guests.
COVID proved a catalyst for the NAV financing market.
The discussion covers newer frontiers of management-company and limited partner-level financing.
Hooper and Lumby trace their paths to a Goldman Sachs desk where they spotted the business opportunity while working on a portfolio-financing transaction.

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