Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

2026 Liquidity Trap: How Top Fund Managers Pay Investors In Illiquid Markets

Mar 2, 2026

A masterclass on manufacturing liquidity when IPOs are closed. Deep dives into NAV facilities as fund-level loans and single-asset continuation vehicles to reset fund timelines. Tactical coverage of strip sales, preferred equity structures, and dividend recaps to generate cash. Advanced moves like securitization and collateralized fund obligations are explained for navigating a $3.2 trillion backlog.

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INSIGHT

$3.2 Trillion DPI Liquidity Trap

The private equity industry sits on a $3.2 trillion backlog of unsold companies creating a DPI liquidity trap.
Ryan Miller warns funds with strong NAV but zero cash must manufacture liquidity within 12 months or risk fundraising failure.

ADVICE

Use NAV Facilities To Pull Forward Cash

Use a NAV facility as a fund-level HELOC to borrow against portfolio value and pay LPs without selling winners.
Negotiate LTV, no-cash-sweep or PIK interest to preserve growth capital while delivering distributions.

ANECDOTE

Vista Printed Liquidity With A $1.5B NAV Loan

Vista Equity secured a $1.5 billion NAV loan in 2023 to wire distributions instead of forcing exits.
That move preserved upside and reinforced Vista's reputation for delivering cash in tough markets.

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The Private Equity market in 2026 is facing a massive DPI liquidity trap with a $3.2 trillion backlog of unsold companies.

Are you a fund manager sitting on unrealized gains but zero cash to distribute to your LPs? In this masterclass, Ryan Miller breaks down the architect’s blueprint for survival, exploring how to manufacture liquidity when the IPO window is shut. We dive deep into NAV facilities, continuation vehicles, strip sales, dividend recaps, and preferred equity to help you move from a "paper tiger" to a capital solution architect.

This isn't just a podcast; it's a strategic briefing on the advanced financial engineering and secondary market maneuvers used by the world’s elite firms. From mastering LPAC negotiations to surviving forensic audits, we’re showing you how to satisfy the liquidity demands of pension funds and family offices without sacrificing your internal growth engine.

Stop managing paper dreams and start distributing real-world alpha.

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