Venture Capital Tracker

Subscription Line vs NAV Facility

Same idea — fund-level borrowing — different collateral and LP questions.

DimensionSubscription / capital call lineNAV facility
CollateralUncalled LP commitmentsPortfolio NAV / assets
Typical timingEarly / mid fund — bridge capital callsLater — after marks exist
LP diligence focusIRR optics from delayed callsLeverage on marks + distribution funding
Founder signalGP can close faster without waiting on callsFollow-on / liquidity flexibility — ask about covenants

Source: Common PE/VC fund finance practiceIndicative. LPA borrowing caps, LPAC consents, and lender covenants vary by fund. Not advice.

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