Global private investment firm Ardian and Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) have teamed up to launch a net asset value (NAV) financing platform.

The Direct MidCap NAV Financing platform will provide tailored financing to mid-market buyout and infrastructure funds, the firms said.

Under the partnership, SMBC brings its experience in the large-cap segment and its global expertise, while Ardian draws on its secondaries and primaries business to contribute mid-cap insight, local market access and proprietary data on private market assets.

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“NAV financing sits at the intersection of private credit and secondaries, two areas where Ardian has built market-leading capabilities,” said Vladimir Colas, executive president of Ardian.

“By joining forces with SMBC, we are extending our reach into an asset class with compelling long-term growth potential, while reinforcing our ability to offer differentiated, cross-platform solutions at scale.”

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Paris-based Ardian manages around $200bn (£151.6bn) in assets, with its $30bn secondaries platform, ASF IX, announced in January 2025.

“By combining Ardian’s unparalleled proprietary database with SMBC’s structuring depth and global network, we are creating a genuinely differentiated offering,” said Olivier Berment, head of NAV financing and senior managing director at Ardian.

“We are already seeing strong deal flow, and we believe the pipeline will continue to grow as fund managers increasingly recognise NAV financing as a strategic tool.”

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