From Banker to Builder: Neno Raic on Mindset, Fund Finance, and Leading with Purpose

For Neno Raic, Co-Founder and Managing Partner at NLC, that leap led to launching the first independent alternative fund finance lender—and helping shape one of the fastest-growing corners of global finance. In this interview, Neno shares his journey, lessons on leadership, and why understanding fund finance could give the next generation of investment bankers a serious edge.

From Croatia to New York - and Into Finance by Accident

Neno’s path into finance wasn’t planned. Raised in Croatia, he moved to New York at 18 for university, where trading first piqued his interest. But after some advice and exploration, he opted for investment banking and joined Deloitte through their rotational program.

It was there—during a rotation in the Financial Institutions Group—that he was pulled into fund finance. “It was one of those things you stumble into,” he says. But it stuck. That one decision sparked a decade-long journey across roles at Lloyds, Investec, and eventually the founding of NLC.

Neno’s multicultural background—growing up in a post-communist country, working across the US and UK—gave him perspective and resilience. “Different people, different backgrounds, different ways of thinking—diversity of thought can only lead to better outcomes,” he says.

Building NLC and Backing a Belief

In 2021, Neno co-founded NLC with a clear goal: to offer flexible, independent financing solutions to general partners (GPs) and their funds. The fund finance market—now estimated between $750–850 billion—was growing fast. But there was room for a different kind of lender.

NLC set out to offer solutions across subscription-line lending, NAV financing, hybrid products, and direct GP lending. The firm has grown quickly, capitalising on market dislocation from the collapse of regional US banks like SVB and First Republic.

Still, the early days weren’t easy. “When you’re starting out, you are the firm,” Neno says. “Your mindset sets the tone for the culture. People watch how you behave, solve problems, make decisions—that becomes the blueprint.”

Letting go of the “downside-first” banking mentality was a big shift. “We had to start thinking not just about what could go wrong, but about how to make it work,” he says.

Why Fund Finance Matters for Investment Bankers

To Neno, understanding fund finance is fast becoming essential for investment bankers. “It’s another tool that GPs can use to optimise outcomes,” he says.

NAV financing is increasingly intertwined with M&A and asset sales. Subscription lines help funds acquire assets more strategically. In today’s deal environment, being fluent in these products makes you a more complete banker—and a more creative one.

Neno has seen an influx of investment bankers applying to NLC. Some are drawn by the growth; others see the overlap in skillsets. But he believes it’s about more than background: “It’s mindset and values that matter. Skills can transfer if you’re willing to learn.”

Success Starts with Mindset

More than technical expertise, Neno believes mindset is what defines success. “The only way to succeed is to have the right mindset,” he says. That means optimism, resilience, and the ability to focus on what’s within your control—even amid self-doubt.

He encourages young professionals to broaden their thinking by seeking multiple perspectives, asking tough questions, and not being too hard on themselves. “The biggest limitation is the one you put on yourself,” he says.

His own habits include reading biographies of world and business leaders, looking for lessons in how others pushed boundaries. He recommends What It Takes by Stephen Schwarzman as a powerful source of inspiration—especially for those building something new.

Client-Facing Skills that Matter

When it comes to fundraising and deal origination, Neno highlights three essential qualities:

• Perseverance – “Fundraising is hard. You need the grit to keep going.”

• Excitement – “You have to believe in what you're selling. If you’re not excited, no one else will be.”

• Knowledge – “Know your product—and know your client. What do they care about? What problem are you solving?”

It’s not about pushing your agenda, he says. It’s about listening, preparing, and asking the questions you're afraid to ask. “It’s better to get a clear no than to mislead yourself with false hope.”

From Analyst to Founder: Lessons in Leadership

Neno credits much of his confidence to the bosses who mentored him—leaders who pushed him to take risks and think big. He didn’t always have formal mentors, but he learned how vision and leadership shape team culture.

His advice? Find mentors. Plural. And observe how they behave, communicate, and lead.

On networking, Neno admits he started out uncomfortable, especially in formal settings. “But when you shift your mindset to connection—not transaction—it becomes easier,” he says. “Do it for the right reason. That’s when it becomes real.”

Looking Ahead: Growth, Culture, and Global Expansion

With a strong end to the previous year, NLC is poised to grow further—expanding into new jurisdictions, scaling its team, and launching platform-level initiatives. But even as it scales, Neno is committed to protecting the firm’s cultural DNA.

He and his co-founder established NLC’s seven core values when it was just the two of them. Those values still guide decision-making today: “If something doesn’t align with the values, we don’t do it.”

Final Thoughts: “Just Relax”

If he could speak to his younger self on day one of his career, Neno would say: relax. “You don’t have to figure everything out right away,” he says. “Work hard, stay curious, and focus on what you can control.”

For young professionals in finance, he offers a simple but powerful mindset shift: Don’t just do the task—understand the why behind it. “Why does this process exist? What works, what doesn’t? And how would I do it better if I were running the business?”

That curiosity, combined with resilience, culture, and a belief in what’s possible, is what’s driven Neno from analyst to founder—and what continues to guide NLC as it grows.

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