Qualitas Funds closes its first NAV financing fund with nearly €50 million

Qualitas Equity Funds, S.G.E.I.C., S.A. (“Qualitas Funds”), the Madrid-based private equity investment platform, has announced the final closing of its first NAV (Net Asset Value) financing fund, Qualitas Continuation Finance I, with a final size of nearly €50 million. With this new strategy, the Spanish asset manager strengthens its offering of solutions for investors by providing flexible capital to European lower mid-market managers.

Alongside the fundraising process, Qualitas Funds has rapidly advanced the construction of the fund’s portfolio, which already includes five transactions (three closed and two signed), within its target of financing between 10 and 15 NAV loans to European private equity funds. The new vehicle, structured as a seven-year Luxembourg-domiciled FILPE, provides credit facilities secured by the net asset value (NAV) of portfolio holdings, allowing fund managers to access additional capital using the value of their participations as collateral.

Qualitas Funds is a strategy of Ridgepost Capital, a leading private markets solutions provider listed on the New York Stock Exchange (NYSE: RPC). The investment platform developed the fund in collaboration with Hark Capital, also a Ridgepost strategy, a pioneer and leading player in the U.S. NAV lending market with more than 140 successfully completed transactions.

The partnership combines Qualitas Funds’ expertise in the European lower mid-market with Hark’s leadership in NAV financing. “We are convinced that this new business line will strengthen our position in the European private equity market. We are proud to drive solutions that create value for both investors and fund managers. Our commitment to this new fund is also very strong. The founding partners have invested €20 million, ensuring full alignment with our investors’ interests,” said Sergio García and Eric Halverson, founding partners of Qualitas Funds.

In the current macroeconomic environment, characterized by lower exit activity and slower distributions, NAV lending is becoming established as a structural tool in private equity portfolio management, addressing the market’s structural needs: agile access to capital, optimization of fund metrics, and greater operational flexibility, while offering attractive returns with a contained risk profile. These solutions enable managers to continue supporting portfolio companies and optimize exit timing, enhancing returns without resorting to additional capital calls, financing value-creation initiatives within portfolios, and managing divestment timelines more efficiently. NAV loans are primarily used for follow-on investments, financing add-ons, or extending holding periods to maximize asset maturity, among other use cases.

Qualitas Funds, a Ridgepost Capital strategy, is a Madrid-based private markets investment platform offering investment opportunities in fund-of-funds, direct co-investment funds, NAV financing, and secondary strategies focused on the lower mid-market to more than 1,600 investors, including UHNW individuals, family offices, and institutional investors. As of December 31, 2025, the firm had more than €1.4 billion in assets under management.

Ridgepost Capital (NYSE: RPC) is a leading private markets solutions provider with more than $43 billion in assets under management as of December 31, 2025. Ridgepost Capital invests across Private Equity, Private Credit, and Venture Capital through access-constrained strategies focused on the middle market and lower middle market. Its products are backed by a global investor base and aim to deliver attractive risk-adjusted returns.

For more information, visit www.qualitasfunds.com or www.ridgepostcapital.com.

Sergio Garcia, Founding Partner; Joao Pita, Investment Director; and Eric Halverson, Founding Partner, at Qualitas Funds.