NAV Facility

Loan secured by the net asset value of a fund's investment portfolio. Distinct from subscription line: secured by existing assets (not future capital); used in later fund lifecycle.

Hybrid Facility

Fund finance structure combining subscription (uncalled commitments) and NAV (portfolio value) collateral. Flips over the fund lifecycle from sub-line dominant to NAV dominant as capital is deployed.

Included Investor

An LP rated at or above a specified creditworthiness threshold whose uncalled commitment counts towards the subscription borrowing base at standard advance rates (85–90% for large facilities). Exclusion triggers: sovereign immunity without waiver, side letter set-off rights, failure to fund, downgrade.

Designated Investor

An LP below the Included Investor threshold (unrated, lower-rated, family office) included in the borrowing base at lower advance rates (50–75%). Inclusion typically requires all-lender consent.