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Laxman Pai, Opalesque Asia: The London-based investment firm 17Capital, backed by Oaktree Capital, has made a final close of its inaugural lending fund at its hard cap of €2.6bn ($2.9 billion) and exceeding its initial €1.5bn target.
The financier to buyout groups said that the 17Capital Credit Fund is the largest debut private credit fund raised globally since 2009 and is one of the largest debut funds ever raised. It will lend money to private equity funds that want to juice returns by using more leverage to strike deals.
"17Capital's credit fund provides NAV loans to high-performing private equity managers in Europe and North America, which are mostly used by managers to grow their portfolios but also to generate interim liquidity for their investors," said a press release.
The Credit Fund has a global, blue-chip investor base and has already deployed €1 billion ($1.1 billion) across 7 loans, with a further €800 million ($880 million) syndicated to co-investors, the release added.
Pierre-Antoine de Selancy, the Managing Partner at 17Capital, said: "17Capital pioneered the NAV financing market in 2008 and it is now a recognized tool for top tier private equity investors to manage their portfolios. In 2021, we deployed $3 billion, of which over 90% was alongside the top 100 managers globally by assets under management. In 2022, we are on track to deploy $3bn in the first half of the year, doubling our 2021 investment pace."
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