Balentic Edge delivers sharp, no-fluff conversations on private markets. Hear from GPs, LPs, and experts shaping the future - from thematic investing to tech-driven deal flow. Quick, smart, and always on the edge.
Liquidity, NAV Lending and the Real Cost of Waiting
Private markets may not have underpriced asset quality so much as the cost of time. As exits slow and holding periods extend, delayed distributions are changing portfolio economics for LPs and putting greater scrutiny on how GPs create liquidity.
Kasper speaks with Alex Branton, CIO and founding partner of Nodem Capital, about NAV lending, extended J-curves and the difference between productive liquidity management and genuine portfolio stress.
In this episode:
Why liquidity risk begins with realistic expectations
Good and bad uses of NAV lending
How LPs can identify a credible repayment path
Re-underwriting valuations and longer distribution cycles
Asset-liability mismatches in evergreen structures
Why public markets may deserve renewed attention
Chapters
Introduction
From allocator to GP to liquidity provider
How NAV lending works
When NAV financing helps and when it should worry LPs
The cost of time and the reset in liquidity assumptions
How LPs should triage and re-underwrite portfolios
Extended J-curves and portfolio construction
Private credit and asset-liability mismatches
What happens if distributions remain muted
Opportunities for cash-rich investors
Quick-fire: overrated and overlooked risks
Key Takeaways
Closing
Links
Guest LinkedIn: https://www.linkedin.com/in/alex-branton-b6130a27/ (https://www.linkedin.com/in/alex-branton-b6130a27/)
Guest firm: https://nodem.com/ (https://nodem.com/)
Balentic Edge: https://balentic.com/balentic-edge/ (https://balentic.com/balentic-edge/)
Orca by Balentic: https://balentic.com/ (https://balentic.com/)
Disclaimer
This content is for informational purposes only and does not constitute investment advice, an offer or a solicitation. Views expressed are those of the speakers and may not represent those of their organisations. Any references to firms, funds or investments are made solely for discussion and educational purposes.
29 Apr 2026
Private Markets Reset: AI, Risk, and Hidden Concentration
Are markets broken — or just changing?
In this episode of Balentic Edge, Kasper Wichmann sits down with Balentic’s in-house expert Alex to unpack Hamilton Lane’s latest market outlook, Pandora’s Box, and what it signals for private markets.
They explore why this moment represents a structural shift, not just a cyclical downturn — and why AI is emerging as the single most important investment theme.
Key takeaways:
Why AI dominates everything: how it reshapes growth, returns, and portfolio construction
What markets are really signalling: strong performance masking structural fragility
How LP strategy must evolve: navigating concentration, liquidity pressure, and manager selection
For LPs, GPs, and allocators, this episode provides a sharp, actionable view on positioning portfolios in an uncertain and probabilistic environment.
This is a must-listen for anyone serious about private markets today.
Disclaimer:
The views and opinions expressed in this podcast are those of the individual speakers and guests and do not necessarily reflect the views of Balenti or any affiliated entity. This podcast is provided for informational and educational purposes only. It does not constitute investment advice, legal advice, or any other form of professional advice, nor does it constitute an offer or solicitation to buy or sell any financial instrument, security, or investment strategy in any jurisdiction. Certain statements may be forward-looking in nature and are based on current expectations, assumptions, and beliefs. Actual outcomes may differ materially due to risks, uncertainties, and other factors. Listeners should seek independent professional advice before making any investment or financial decisions.
31 Dec 2025
The Operational Era: Finding Liquidity and Value at High Altitude
Kasper Wichmann interviews Alex, Balentic’s private markets expert, about 2026 outlooks, operational value creation, and AI infrastructure opportunities in private markets, offering insights for LPs, GPs, and allocators.
Who has been a guest on Balentic Edge
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Alex
Craig MacDonald
Natalia Fontecha
Clare Murray
Amit Zutshi
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