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Uniform Commercial Code (UCC) › Private Funds

Cadwalader, Wickersham & Taft LLP

Back to School: Lessons in NAV Lending, September 2025 - Taking Security in NAV Lending: The SPV Pledge

Cadwalader, Wickersham & Taft LLP on

When taking security over a portfolio of investments in a NAV facility, it may be difficult or costly to take security over the borrower’s investments. A common solution is to implement what we refer to as the SPV pledge....more

Seward & Kissel LLP

Net Asset Value Credit Facilities: Key Issues And The Current Market

Seward & Kissel LLP on

Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more

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