Net asset value (NAV) facilities are increasingly used by PE funds and their LPs as solutions for an expanding range of issues, including to generate liquidity for funds and investors amidst the current market downturn. The pandemic and rising interest rates have accelerated the use of NAV facilities as a portfolio management tool as opposed to a loan of last resort, although widespread adoption has been stymied by high costs, lengthy transaction timelines and other complications. To discuss features of NAV facilities and developments in the market for the loans, the Practising Law Institute hosted an expert panel moderated by Matthew Kerfoot, managing director at Société Générale, that featured Sidley Austin partner Elizabeth Tabas Carson; Cadwalader partner Brian Foster; Kirkland partner Jocelyn A. Hirsch; and Amit Mahajan, managing director at Crestline Investors, Inc. This article summarizes the key takeaways from the program. See our two-part series: “Common Structures, Applications and Trends in the Use of NAV Facilities by Secondary Funds” (Mar. 17, 2020); and “Five Obstacles When Negotiating NAV Facilities and Potential Ways to Overcome Them” (Mar. 24, 2020).