FICC Focus NAV Lending Prospects With Crestline’s Philipp: Credit Crunch
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Nov 26, 2024 David Philipp, a Partner at Crestline Investors with a rich background in structured equity finance, shares his insights on NAV lending. He discusses the impressive growth of this asset class amidst a challenging market characterized by elevated rates and inflation. The conversation explores how NAV lending evolved into a crucial financing strategy, particularly during the pandemic. Philipp emphasizes the importance of capital allocation, transparency among stakeholders, and the need for skilled teams in navigating modern investment challenges.
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Unconventional Path to Finance
- David Philipp's background is unconventional, from growing up in the Bahamas to studying neuropsychology.
- A pivotal moment led him to trade futures in Chicago, sparking a career shift to finance.
Private Equity and the GFC
- Private equity felt the GFC's impact later than hedge funds, with extended asset holding periods.
- This created opportunities for liquidity solutions, a thesis that aligned with Crestline's innovative platform.
Evolution of Crestline's Strategy
- Crestline initially focused on helping LPs manage or take over struggling funds.
- This evolved into providing NAV lending as they identified a market gap for interim liquidity solutions for funds with valuable assets.