Hark Capital, an affiliate of P10, Inc., has closed a $57.5 million net‑asset‑value (NAV) facility for Insignia Capital Group, a middle‑market private‑equity firm that focuses on business‑services and consumer‑products companies. The facility will fund a new platform investment and serve as a bridge to Insignia’s third flagship fund, giving the sponsor flexible, non‑dilutive capital to pursue growth opportunities.
Insignia’s need for the facility stems from its strategy of building high‑growth companies while preserving equity ownership. By leveraging NAV‑based financing, Insignia can access liquidity tied to the value of its unrealized portfolio without diluting existing investors, a critical advantage as the firm expands its portfolio and prepares for the next fundraising round.
P10’s broader strategy is to expand its NAV‑lending business, and this transaction underscores that focus. Hark Capital has already deployed over $1.5 billion across more than 125 investments, and the $57.5 million facility adds to that portfolio, reinforcing the growing demand for NAV financing in the middle‑market segment. The deal also highlights P10’s ability to provide flexible capital solutions across its private‑equity, private‑credit, and venture‑capital platforms.
Luke Sarsfield, P10’s chairman and CEO, praised Hark Capital’s success, noting that the firm “provides optionality for both GPs and LPs to enhance their returns” and that its track record positions it to drive deal flow and deliver strong results. David Lowe, managing partner at Insignia, emphasized that the facility “supports our growth strategy and bridges to our new flagship fund,” underscoring the importance of non‑dilutive capital for the firm’s expansion plans.
The transaction strengthens P10’s position as a preferred partner for middle‑market sponsors, enhances liquidity across its private‑markets platform, and signals robust demand for NAV‑based financing. For Insignia, the facility accelerates platform expansion and provides a bridge to its $500 million‑plus third flagship fund, positioning the firm for continued growth.
While no immediate market reaction data is available, the deal reflects a broader trend of longer holding periods and the need for liquidity without dilution, reinforcing P10’s competitive moat in the private‑markets space.
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