We are Carnegie Consulting

Carnegie NAVsec | NAV Financing & GP-Led Secondaries Talent Advisory
Carnegie NAVsec · Specialist Talent Advisory

Precision talent for NAV Financing & Secondaries

The market's only dedicated talent advisory for the strategies reshaping Private Equity and Private Credit. As GP-led transactions approach half of all secondaries volume and NAV finance grows towards £700bn, the professionals who understand these structures have never been more valuable — or harder to find.

Your direct contact
JH
James Holm
Director, Carnegie NAVsec · London

"The professionals who truly understand NAV financing and GP-led structures are extraordinarily rare. The funds that find them first gain a lasting competitive edge."

Carnegie Consulting Limited · 25 Gerrard Street, London W1D 6JL
Associate to Partner · Europe & US · PE & Private Credit

Scroll
>£0bn PE secondaries volume H1 2025 — a new record Evercore, 2025
>£0bn+ Full-year 2025 PE secondaries projected Bain & Company, 2025
0% Of secondaries volume is now GP-led transactions Evercore H1 2025
>£0bn NAV finance market today — growing to £600–700bn by 2030 Industry estimates
>£0bn Dry powder in secondaries incl. 10+ flagship funds over £10bn Secondaries Investor, 2025
Market Intelligence · 2025

Why the talent demand is structural, not cyclical

The growth of NAV financing and private markets secondaries represents a permanent shift in how institutional capital is managed. Understanding the market is the foundation of recruiting for it.

PE Secondaries
Record volumes with no ceiling in sight
£210bn+
Full-year 2025 projected. Capital raised up 42% YoY despite a 63% decline in fund count — larger funds, more sophisticated buyers, deeper deal flow. £3.2T backlog of unsold assets sustains momentum.
Private Credit Secondaries
Threefold growth in two years
£18bn+
Up from £6bn in 2023 and £11bn in 2024. With private credit AUM above £1.6 trillion and dedicated secondary capital increasing, this market is accelerating fastest of all.
Fund & Portfolio Finance
NAV lending — a £700bn market by 2030
£600–700bn
Projected NAV finance market by 2030, up from £100bn today. Broader fund finance — subscription lines, NAV loans, preferred equity — already stands at £1.2 trillion.

Carnegie NAVsec · A division of Carnegie Consulting Limited · Registered in England & Wales