7 NAV finance MANAGEMENTCOMPANY Fund / Portfolio INVESTOR Increasing awareness and adoption of NAV finance among core private equity managers has driven unprecedented growth in the market, with over $35bn of opportunities observed by 17Capital in 2022 vs. $13bn in 2019. NAV finance is established as an invaluable financing option relevant to a large and diversified audience looking to achieve a broad range of objectives. NAV Finance Market Opportunity NAV finance is applicable to a broad range of counterparties and its objectives are relevant across various stages of business and economic cycles. As seen in recent years, NAV finance has firmly established its place within the broader private debt landscape and we expect this to derive a $700bn+ market opportunity by 2030. Financing GP commitments Non-dilutive growth capital Succession planning Retain future upside Additional capital to grow assets Intermediate liquidity to investors Managing portfolio indebtedness Retain future upside Generate liquidity Financing commitments Portfolio re-balancing Retain future upside