In its latest report, KBRA documents record‑high NAV‑loan issuance in 2025, followed by continued deal activity in 2026, and highlights how the market has moved from a niche liquidity solution to an established pillar of fund finance. Broader sponsor and lender adoption has supported standardization, expanded market participation, and encouraged new structures that continue to adapt to shifting general partner (GP) needs while preserving credit discipline.

This KBRA report updates its view of NAV loan issuance, structural trends, and rating performance with a focus on PE and secondary fund transactions, issuance drivers, market evolution, and the rating and structural factors shaping credit rating outcomes. You can access the full report here (registration required).