Annual Contribution to the Industry Award

Stan Likver has been a driving force in the growth and evolution of the fund finance industry, recognized for his leadership, innovation, and unwavering commitment to advancing both the market and the professionals within it. Throughout his career, Stan has consistently demonstrated the ability to navigate complex financing environments, develop creative solutions, and build lasting relationships that have strengthened the broader fund finance ecosystem.

During his tenure at HSBC, Stan played a pivotal role in the growth and institutionalization of fund finance as a core banking product. Through his work structuring and executing complex cross-asset financing solutions, he helped establish high standards for credit structuring, documentation, and risk management that continue to influence the market today.

In his current role at Ares Management, Stan continues to make a significant impact from the sponsor perspective, leveraging his deep understanding of both the lender and borrower viewpoints to develop innovative and effective fund financing solutions. His ability to address complex portfolio, liquidity, and fund-level considerations has made him a trusted advisor and respected thought leader across the industry.

Beyond his transactional achievements, Stan's greatest impact may be his dedication to mentorship and collaboration. He has consistently invested in developing junior talent, sharing his knowledge generously, and creating opportunities for others to grow and succeed. His influence extends well beyond his own organization, as professionals across the fund finance community look to him as a resource, mentor, and trusted partner.

Through his industry leadership, collaborative approach, and commitment to elevating those around him, Stan has made a lasting contribution to the fund finance community. His impact is reflected not only in the transactions he has helped shape, but also in the many professionals he has supported and inspired throughout his career.

Dave Philipp has been a driving force in the evolution and growth of NAV finance, helping shape one of the fund finance industry's most dynamic and rapidly expanding segments. With more than 25 years of experience in private markets and fund finance, he has established himself as a respected leader whose vision, expertise, and commitment to innovation have helped advance the market and broaden its reach.

As Head of Crestline's Fund Liquidity Solutions group, Dave founded the firm's dedicated NAV Finance platform and has led its growth into a leading provider of NAV-based financing solutions. Under his leadership, the platform has completed more than 85 transactions across varying market environments, demonstrating both the durability of the strategy and the strength of the team he has built.

Beyond his accomplishments as a business leader, Dave has played an important role in increasing awareness and understanding of NAV finance throughout the private markets ecosystem. He has been a consistent advocate for education and transparency, regularly engaging with investors, consultants, borrowers, and industry participants to share insights on the role and benefits of NAV financing. His efforts have helped expand adoption of the strategy among a diverse range of borrowers, including private equity sponsors, infrastructure and real estate managers, and family offices.

Known for his collaborative leadership style and dedication to advancing the industry, Dave has made a lasting impact on the fund finance community. Through his contributions to market development, thought leadership, and education, he has helped shape the continued growth and acceptance of NAV finance as an important financing solution within private markets.