Case Studies: NAV, Pre-IPO & Asset-Based Financing

Case Studies

Selected closed engagements, shared with client identities and terms withheld. Each shows how we turned complex, illiquid wealth into liquidity without forcing a sale.

Working Capital · Multi-Asset Collateral

Working Capital Facility for an International Asset Management CEO

Collateral: Fund interests, private company stakes, and select real estate
Use of proceeds: Recapitalize a private cold storage and logistics business

Situation

The client's wealth sat in private holdings, fund investments, and real estate. He needed capital for an operating business without selling core assets.

Challenge

Banks could not underwrite the balance sheet, and the client would not pledge certain personal real estate.

Outcome

We built multiple financing paths, ran a competitive process, and closed a facility secured only by the assets he chose to pledge. He recapitalized the business and kept ownership.

Pre-IPO · Multi-Asset Collateral

Pre-IPO Liquidity for a Public Company Chairman & CEO

Collateral: Private company equity, private equity fund interests, and real estate
Use of proceeds: Fund an investment in a professional sports franchise

Situation

The majority shareholder of a company preparing to go public wanted to invest in a professional sports franchise. His wealth was tied up in private holdings ahead of the listing.

Challenge

He would not sell or dilute his stake. Few lenders underwrite pre-IPO equity, and league approvals and the need for discretion added complexity.

Outcome

We positioned the financing as time-bound against the expected liquidity event and sourced multiple institutional term sheets. He made the investment and kept full ownership and IPO upside.

Real Estate · Repeat Client

Residential Acquisition Financing, Closed Within Days

Collateral: Private equity holdings and operating business cash flow
Use of proceeds: Acquire a residence on a tight timeline

Situation

After a successful first engagement, the client returned to fund a home purchase. His balance sheet was concentrated in private company equity and existing obligations.

Challenge

Existing leverage and limited income visibility ruled out a standard mortgage, and the purchase had to close quickly.

Outcome

We ran two paths in parallel: resizing existing lending against the higher value of his equity, and a facility backed by operating business cash flow. He chose the best fit and closed within days.

Asset-Based · Collectibles

Liquidity Facility Against an Institutional Sports Card Portfolio

Collateral: Professionally graded vintage and modern sports cards
Use of proceeds: Liquidity while retaining core holdings

Situation

A private investor held a significant portfolio of rare graded cards and wanted liquidity without selling high-conviction pieces.

Challenge

Most lenders will not accept collectibles as collateral, and vintage and modern cards behave very differently.

Outcome

We ran a targeted process with specialty lenders and closed a facility that treated each asset class on its own terms, with capacity to grow alongside the portfolio.

Corporate · Specialty Finance

Preferred Equity Take-Out for a Residential Mortgage Lender

Collateral: Company-level assets of a specialty lending platform
Use of proceeds: Retire high-cost accruing preferred stock

Situation

A mortgage lender carried a preferred stock series whose accruing dividend was compounding against common shareholders.

Challenge

Few lenders will refinance preferred equity at an operating company, and timing mattered.

Outcome

We ran tiered outreach across BDCs, private credit funds, and mezzanine specialists and closed lower-cost capital to take out the preferred.

Family Wealth · Multi-Entity

Portfolio Financing Across a Multi-Entity Family Structure

Collateral: Diversified holdings across more than a dozen family entities
Use of proceeds: Refinance and consolidate borrowing across the portfolio

Situation

A high-net-worth family held assets across many entities, with collateral spread over multiple pools.

Challenge

Lenders needed one clear, consolidated picture before they could underwrite the structure as a whole.

Outcome

We consolidated the structure, analyzed each collateral pool, and closed a facility with a direct lender on terms aligned with the family's priorities.

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