Dry Powder: The Private Equity Podcast
NAV Loans Under the Microscope with 17Capital’s Pierre-Antoine de Selancy
We ask a leader in NAV loans about the enthusiasm and the skepticism around this growing trend.
Today on Dry Powder, I’m joined by Pierre-Antoine de Selancy, cofounder and managing partner of 17Capital. The firm is a top provider of NAV loans—financing tied to the net asset value of private equity portfolios. Over the past two years, NAV loans have drawn fresh attention and scrutiny as the industry explores new tools for liquidity and capital deployment, but Pierre-Antoine argues this is typical of any emerging industry innovation.
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“In 10 years, I think everyone will be using NAV loans,” he says.
In this episode, I ask Pierre-Antoine how NAV loans actually work, why they’ve gone from a niche idea to a growing trend, and how they’re shaking up the secondary market, despite the skepticism. We’ll also look ahead at what this could mean for private equity over the next decade.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in abril 2025