Hunter Point Capital raises $4.3 billion for GP financing push

Hunter Point Capital's $4.3 billion raise for net-asset-value lending and preferred equity marks the latest bet that general partners need more financing options as traditional fundraising slows.

Hunter Point Capital raised $4.3 billion across multiple investment vehicles for its General Partner Financing Solutions platform, bringing the firm's total assets under management to roughly $10 billion and signaling growing institutional appetite for NAV-based lending in private markets.

"There's a need for GP financing solutions at even the largest of the publicly-traded managers all the way down to middle-market managers with groups that have $3 billion to $5 billion of assets under management," said Avshalom Kalichstein, chief executive and co-founder of Hunter Point Capital.

The firm, founded in 2020 by Kalichstein and Bennett Goodman, raised the capital over roughly 18 months for two strategies it collectively calls GPFS: net-asset-value loans and preferred equity investments. NAV loans are issued directly to a private markets fund and secured by the value of the vehicle's underlying net assets, while preferred investments are made directly to the asset manager and secured by its balance sheet or carried interest. Hunter Point has completed 13 transactions under the GPFS strategy to date.

The market for NAV loans is estimated at $100 billion and expected to grow significantly, according to a 2025 report by private markets firm Partners Group. The fundraising comes as traditional PE fundraising has slowed, pushing more managers to seek alternative capital sources. Competitors have also piled in: 17Capital, owned by Oaktree Capital Management, raised $7.5 billion earlier this year for NAV loans, while AlpInvest Partners, a Carlyle Group subsidiary, raised $4 billion last year and Pemberton Asset Management raised $1.7 billion.

How GP Financing Works

Kalichstein said none of the capital Hunter Point has deployed through GPFS has been used to return money to fund investors — a practice that has drawn concern from some limited partners who worry NAV loans could mask portfolio trouble. Instead, managers typically use the loans to help portfolio companies finance acquisitions, particularly when a fund has fully deployed its capital.

The GPFS platform is separate from but complementary to Hunter Point's core GP Stakes business, through which it acquires interests in alternative asset managers and provides support in capital formation, business development and talent. Earlier this year, Hunter Point sold a minority stake in its own firm to Sumitomo Mitsui Trust Bank, Japan's largest trust bank, as part of a strategic partnership.

What's at Stake

The $4.3 billion raise positions Hunter Point to deploy capital globally across asset classes including private credit and private equity, without targeting a specific check size. The firm instead focuses on manager needs, from large publicly traded firms to middle-market managers with $3 billion to $5 billion in AUM.

The surge in NAV lending and preferred equity reflects a structural shift in private markets: as fundraising cycles lengthen and exit activity remains constrained, general partners are turning to financing solutions that let them extend hold periods, support portfolio companies and manage liquidity without forcing asset sales. The $100 billion NAV loan market, per Partners Group, could expand further as more institutional investors allocate to the strategy.

This article is for informational purposes only and does not constitute investment advice.