Subscription Line vs NAV Facility
Same idea — fund-level borrowing — different collateral and LP questions.
| Dimension | Subscription / capital call line | NAV facility |
|---|---|---|
| Collateral | Uncalled LP commitments | Portfolio NAV / assets |
| Typical timing | Early / mid fund — bridge capital calls | Later — after marks exist |
| LP diligence focus | IRR optics from delayed calls | Leverage on marks + distribution funding |
| Founder signal | GP can close faster without waiting on calls | Follow-on / liquidity flexibility — ask about covenants |