17Capital's 1st NAV lending fund closes at €2.6B

17Capital LLP raised €2.6 billion for its first net asset value lending fund, reaching its hard cap at final close.

The newly closed 17Capital Credit Fund, which had a €1.5 billion target, provides NAV financing to private equity managers in North America and Europe, who use the loans to expand their portfolios and give their investors interim liquidity.

The London-based private equity firm said the fund has already rolled out €1 billion across seven loans and syndicated an additional €800 million to coinvestors.