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  • Market trends and the rise of NAV financing – with Mercer
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    August 05, 2025

    Authors

    • Author Image
      Andrew Tully
      Director, Private Credit
    • Author Image
      Ben Middleton
      Group Head of Client and Market Development

    Market trends and the rise of NAV financing – with Mercer

    In the latest episode of the Alternative Insight Podcast, Aztec Group’s Andrew Tully and Ben Middleton are joined by Lukas Burkhard, CSO and Head of Investment Solutions at Mercer, to discuss the market trends impacting private markets fund managers today. During this episode – filmed live in our Luxembourg offices – we explore topics including evolving fundraising challenges, retailisation and the continued growth of the secondaries market. We also explore fund financing, in particular NAV-based lending and subscription credit lines.  

    During this episode, we discuss:

    1. Fundraising trends, and how Mercer are adapting. 
    2. The increased difficulty in identifying winners. 
    3. The retailisation of private markets 
    4. Exit strategies, and the increase in continuation funds and GP-led secondaries 
    5. How NAV-based lending and subscription credit lines are gaining traction 
    6. And how technology and automation is streamlining fund financing and risk management. 

    You can watch the full episode here:

    Listen to the Alternative Insight podcast episode:

    If you like what you heard, head to Youtube, Spotify, Apple Podcasts or wherever you listen to podcasts, find Alternative Insight podcast by the Aztec Group and hit the subscribe button, so that you receive all future episodes as soon as they’re published!

    Podcast disclaimer:
    This recording has been prepared by the Aztec Group and is made available by Spreaker for and on behalf of the Aztec Group for private or non-commercial use. By accessing this podcast you acknowledge that the entire content and design of the podcast are the property of the Aztec Group and are protected under applicable laws and should only be used for private or other non-commercial use. You further acknowledge that neither Spreaker nor the Aztec Group provide any warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in the podcast. Information and opinions are provided for general information purposes only and do not constitute legal or other professional advice. Any reliance you place on such information is strictly at your own risk. For full details please click here.

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    Andrew Tully

    Director, Private Credit

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