Client LoginThe Cove hat, and the company on it.
If you spotted a cream cap with a navy brim and cove stitched across the front, and typed “cove hat” into a search bar — you found the right place. Here is the short version.
Cove lends money to people who own stakes in private funds — venture, private equity, hedge funds — using those stakes as collateral. You get cash without selling the position. That is the whole idea, and the rest of this page explains it.
- What Cove is
- A private-market lender
- What we lend against
- Private fund interests
- Loan size
- $100k – $5M
- What you don't do
- Sell your position
In three sentences.
No jargon, no rate card. If you own private fund interests, this is the entire product. If you don't, this is what the hat is about.
- 01
You own something you can't easily sell.
A limited partner stake in a venture fund. A GP commitment. A hedge fund interest. It is worth real money on paper, and it is locked up for years. The traditional answers are to sell it on the secondary market at a discount, or to wait.
- 02
Cove lends against it instead.
We underwrite the fund — the manager, the vintage, the distribution history — and size a loan against the position. You pledge the interest as collateral. You do not sell it. Distributions, carry, and upside still accrue to you.
- 03
The fund's own distributions pay it back.
Every Cove loan is interest-only over a fixed term. Distributions from the fund land in the loan's SPV and sweep monthly — interest first, then principal. There is no monthly payment to remember.
No payment to remember.
Interest accrues daily on the outstanding balance; the monthly sweep settles it first and applies whatever is left to principal. The advance rate is set by the character of the fund's income, tested against a hard interest-coverage floor.
- Loan size
- $100k – $5M
- Term
- 36 months
- Structure
- Interest-only
- Repayment
- Distribution sweep
- Advance rate
- 20 – 40% of value
- Collateral
- LP or GP interest
Why we're wearing it in Queens.
- The crown
- Natural cotton twill
- The brim
- Navy — Cove's ink
- The front
- Our wordmark, stitched
- The name
- A harbor: open on one side, sheltered
Cove is a small team, and the platform is still launching. We don't buy billboards and we don't cold-call. What we do is show up where the people we build for actually are — and during the last week of August, a striking number of them are in Flushing Meadows watching tennis.
So we made hats. The whole marketing plan was: wear them, and put the explanation one search away. You are currently standing in the second half of that plan.
If you asked someone about their hat and got a rambling answer about Delaware series LLCs and net asset value, this page is the apology. The product is genuinely simple: a loan against a private fund position, sized by a credit engine, signed off by a human, repaid by the fund's own distributions.
To state the obvious: Cove is not affiliated with, sponsored by, or endorsed by the US Open, the USTA, or any tournament, broadcaster, or player. We're spectators in our own hats.
What people ask about the hat.
The first one is about Cove, the rest are about the cap and the loan. If yours isn't here, email us — a person reads that inbox.
What is Cove?
Cove is a lending platform for private-market investors. We make loans to people who hold interests in private funds — venture, growth equity, buyout, and hedge funds — using those interests as collateral. The borrower gets cash without selling the position.
Is the Cove hat for sale?
No. The hats aren't merchandise — we hand them out at events and to the advisors, borrowers, and partners we work with. If we met you and you want one, email us and we'll see what we can do.
Do I have to sell my fund interest to borrow from Cove?
No. You pledge the interest as collateral but keep all economic and voting rights. Distributions, carry, and upside continue to flow to you, subject to the covenants in the loan agreement.
How big are Cove loans and what do they cost?
Loans run from $100,000 to $5 million on a fixed 36-month interest-only term, with advance rates of roughly 20–40% of the position's value depending on the fund. Your actual number comes from our credit engine reading your specific holdings, not from a rate card.
Who can borrow from Cove?
Individual investors, family offices, and small institutions holding LP or GP interests in private funds. Many borrowers come to us through their wealth advisor; if you don't have one, we can introduce you to a partner advisor in your region.
Is Cove affiliated with the US Open?
No. Cove is not affiliated with, sponsored by, or endorsed by the US Open, the USTA, or any tournament, broadcaster, or player. We're spectators wearing our own hats.
When does Cove launch?
The platform is launching in Q3 2026. Email info@coveloan.com and we'll tell you where things stand and whether your position is a fit.