Need a bit more detail

Mezzanine investment is typically made just prior to an IPO to fund the effort. Without more detail it's impossible to respond in more detail but NAV may relate to non-cash assets.

Firm lending capital: £1.1bn Fund NAV: £185m
Loan volume inception-date (firm): £1.8bn Loan volume inception-date (fund): £466m

That help?

Not really. But it's enough to make some guesses. Are you looking at a private debt institution? That's raised multiple closed-end funds? That's a scenario that fits your facts. As a firm they have 1.1bn to lend though since forming have lent out 1.8bn. Their current fund has lent out 466m but their current NAV is 185.

Mezzanine investments were a pretty typical category for private debt funds to focus on though, increasingly, they take most or all of the senior pieces of a capital structure and mezz debt as a species is getting pretty rare.

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Mezzanine debt is subordinated (debt) who generally has a second lien position on assets. Generally, a mezzanine lender will get an equity kicker. Since the fund has no claim to assets, just cash flow after the service of senior, I suspect their NAV is the Black Scholes value of their equity position plus the NPV of their loan interest. A Mezz lender is targeting 10% - 12% return, so the math works in this case.

Yes. Is the 185 cash. How do you determine NAV

Thanks

Thanks