17Capital is pleased to announce the successful closing of its second fund with total subscriptions of €208 million. 17Capital Fund 2 LP (‘the Fund’) will continue the same strategy as its predecessor fund – preferred equity for owners and buyers of private equity portfolios.
The Fund was heavily subscribed by its existing investors but was also able to broaden its investor base by securing commitments from new investors including; insurance companies, pension funds and sophisticated family offices across Europe and North America.
Managing Partner Pierre-Antoine de Selancy said: “We are delighted with the demand we have had for the Fund, especially in the current fundraising environment. We believe we have a truly differentiated product, offering investors a unique approach to private equity investing, with a quicker return of capital than traditional private equity funds. We feel the support we have had from existing investors demonstrates we are delivering, and this is as a result of the hard work of the team over the past few years.”
17Capital has closed one investment through the Fund. 17Capital partnered with SVG Advisers, a leading European fund manager, to provide refinancing for one of its feeder funds. As a result, 17Capital enabled SVG Advisers to repay former lenders.
Selancy added: “We believe that accelerating liquidity to limited partners and providing them with a flexible source of capital is a very compelling offer and an attractive alternative to the traditional secondary market.”