NAV loans experienced a 30% compound annual growth between 2019 and 2023, a market that amounted to about $100 billion in 2022 but poised to reach $600 billion by 2030. These loans usually pay an interest rate of above 10% and, while subordinated to the debt of the companies in the private-equity portfolio, have relatively safe loan-to-value ratios of between 10% and 25%.