How Founders Are Accessing Millions Without Going Public

In today's financial climate, where public markets can be volatile and valuations fluctuate, private business owners are increasingly turning to a powerful form of capital: private lending. In a world where private wealth is often tied up in equity, today's founders, fund managers, and key employees are increasingly seeking smart ways to access liquidity without waiting for a public listing or exit.

At Enness, we work with high-net-worth individuals, entrepreneurs, and senior stakeholders who want to leverage their equity in a private business to access capital. This funding can be used for a variety of purposes, for example, reinvesting in your company, launching a new venture, acquiring a luxury asset or property, or simply creating liquidity.

Why Private Lending Matters in 2025

As public market appetite fluctuates, private lenders, ranging from private banks to hedge funds and investment houses, are stepping in to fill the gap. They're offering competitive terms and innovative structures to those holding equity in high-growth private businesses. This is an increasingly attractive route for those who find their wealth tied up in company stock and are looking to make it work harder, without waiting for an intial public offering (IPO) or liqudity event. 

Key Private Lending Options

Let's explore some of the most effective and popular private lending routes available to business owners, entrepreneurs, and employees in 2025.

1. Entrepreneurial Lending: Using Private Equity as Collateral

If you're a founder, CEO, or business owner, chances are a significant portion of your net worth is tied up in your business. Private lending allows you to leverage that equity, releasing substantial capital for either personal or commercial use.

This could be used to:

• Acquire property
• Invest in another business
• Fund personal ventures
• Optimise personal balance sheets

This type of lending can provide meaningful liquidity without requiring you to relinquish control or ownership of your company.

2. Private Bank Lending: Asset-Backed Credit with Competitive Terms

Private banks are often able to lend against private company equity, provided your business meets specific criteria. While they tend to be more conservative than other lenders, they offer attractive terms, especially for companies with:

• Venture capital or private equity backing
• A proven revenue model
• Clean financials
• Strong projected growth

Typical Terms:

• Loan-to-Value (LTV): 20–50%
• Interest Rates: 8–12% per annum
• Structure: Recourse lending (your other assets may be required as collateral)
• Ideal Company Size: £50 million+ (varies by jurisdiction)

Private banks typically want to manage other assets alongside the equity being used as security. This ensures they can access liquid capital in the event of default, which protects their downside risk.

3. Bespoke Private Lending: Flexible, Non-Recourse Loans

Suppose you're looking for more flexibility or higher leverage. In that case, alternative private lenders, such as hedge funds, investment firms, or family offices, can offer bespoke lending packages tailored to your specific situation. These lenders tend to thoroughly underwrite the company, examining forecasts, investors, and future exit strategies before deciding. If they are confident in your business's trajectory, they may be willing to offer:

Non-recourse lending: Your other personal assets remain protected

• LTV: 25–50%
• Interest Rates: 10–15% per annum
• Terms: Based on company performance, size, and backing

This route is ideal for business owners seeking maximum flexibility and protection, and who may prefer not to engage in traditional private banking relationships.

4. Lending Against Carried Interest: Solutions for GPs and LPs

For General Partners (GPs) and Limited Partners (LPs) in private equity or venture capital funds, lending against carried interest can offer a powerful liquidity solution. If you’re entitled to carried interest from successful investments and your firm has portfolio companies approaching exit (e.g., IPO or acquisition), it’s possible to unlock capital from that entitlement, before the exit occurs.

What Lenders Look For:

• Strong underlying portfolio companies
• Revenue of £100M+
• Clear path to liquidity or exit
• Reputable fund and investor profile

Lending against carried interest is a niche but growing space, often facilitated by both private banks and institutional investment firms that understand the nuances of fund economics and vesting structures.

5. Lending for Employees: Unlocking Value from Vested Stock Options

Suppose you’re a senior employee or executive with vested equity or stock options in a late-stage private company. In that case, you may also be eligible for lending, even if your company hasn’t gone public yet. This is particularly relevant in the current market, where some private companies are remaining unlisted for longer, resulting in a wait for liquidity events that is longer than expected.

Typical Terms:

• Interest Rates: 8–10% annualised
• LTV: 30–75%
• Term: Up to 5 years
• Company Status: Late stage with IPO or acquisition expected

Lenders take a view based on your company’s valuation, cap table, investor backing, and growth forecast. If you're in a senior role and have substantial vested equity, you can access meaningful capital without needing to sell shares or wait for an IPO.

Risks and Considerations

As with any form of borrowing, there are considerations to be aware of:

• Interest Costs: Private lending rates are higher than traditional bank finance
• Liquidity Risk: If your company’s value drops or the IPO is delayed, repayment may be more difficult
• Recourse vs. Non-Recourse: Understand what assets are at risk
• Exit Timing: Consider how soon your equity may convert into cash

At Enness, we act as a strategic adviser to help you assess the pros and cons, and to source the most appropriate lender and structure for your needs. However, it is always advised to consult a tax and legal professionals.

Why Work with Enness?

Enness is a leading brokerage for high-value, structured lending. We have deep expertise in private markets and a strong track record of securing complex finance for entrepreneurs, business owners, and ultra-high-net-worth individuals. With access to over 500 global lenders, including private banks, funds, and institutional investors, we can quickly assess your needs and introduce tailored lending solutions that align with your objectives and timeline. Whether you're in London, Dubai, or another international financial centre, we can support you with advice, introductions, and deal structuring.

Unlock the Value of Your Private Equity Today

Private lending is no longer exclusive to those with publicly traded stock or listed assets. If you hold equity in a private company, carried interest, or vested stock options, it’s now possible to release capital without sacrificing control or waiting for an exit. Contact Enness today for a confidential and no-obligation conversation about your options. We’ll help you understand what’s possible, what it costs, and how to move quickly if the time is right.

Frequently Asked Questions: Accessing Liquidity from Private Company Equity

1. Can I access capital from my private company shares before an IPO or exit?

Yes. Private lending allows founders, business owners, GPs/LPs, and senior employees to borrow against their private company equity, carried interest, or vested stock options, providing liquidity without selling shares or waiting for an IPO.

2. What types of lenders offer finance against private equity?

Liquidity can come from private banks, hedge funds, family offices, and specialist private lenders. Each type offers different terms; private banks are more conservative, while alternative lenders typically provide higher leverage and more flexible structures.

3. How much can I borrow against my equity?

Loan-to-value (LTV) ratios commonly range from 20 to 75%, depending on factors such as company valuation, investor backing, revenue performance, expected exit timelines, and whether the loan is recourse or non-recourse.

4. What can I use the capital for?

Borrowed funds can be used for almost any purpose: acquiring property, reinvesting in your company, launching a new venture, diversifying assets, optimising your personal balance sheet, or purchasing luxury assets.

5. How does Enness help founders and shareholders with private lending?

Enness works with more than 500 global lenders to source bespoke structures, negotiate competitive terms, and coordinate complex private-equity-backed lending. We help clients understand risks, compare lenders, and move quickly to secure liquidity without giving up ownership.