Hark Capital
NAV loans sized for mid-market funds past their investment period.
Fund FinanceFirmNorth America & Europe
Target market
Mid-market funds and GPs with spent dry powder
Geography
North America & Europe
Overview
Hark Capital, led by NAV-lending pioneer Doug Cruikshank, provides loans to mid-market funds and GPs secured by portfolio value rather than uncalled commitments — capital for follow-ons, bridge needs and GP commitments when a fund's dry powder is spent. It focuses on the smaller, less banked end of the NAV market where funds cannot access large syndicated facilities.
Key facts
- Led by Doug Cruikshank, an early mover in NAV lending
- Lends against portfolio NAV, not uncalled LP commitments
- Non-dilutive alternative to annex funds and asset sales
- Focused on mid-market funds underserved by big banks