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Our story

From pioneer to market leader

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2008

The genesis of NAV finance

17Capital was founded in 2008 to provide an alternative for private equity investors seeking to monetize their portfolios.

Traditionally, investors had two primary options: sell assets on the secondary market - unlocking capital but forfeiting future upside - or use conventional debt financing, which often came with restrictive guarantees and structures ill-suited to illiquid private equity portfolios.

17Capital pioneered an alternative: flexible financing based on a portfolio’s net asset value (NAV), allowing investors to unlock capital while retaining ownership.

2008-2018

Pioneering Strategic Lending

Over the next decade, 17Capital successfully raised four funds within its Strategic Lending family, providing private equity portfolio holders with a flexible financing solution. In return, 17Capital maintained seniority over the cash flows from these portfolios until the financing, along with a contractual return, was fully repaid. Beyond investors, this financing model quickly gained traction among private equity management companies with significant GP commitments and buyout funds seeking to optimize fund performance.

2016

Opening of 17Capital’s New York office

2017

Partnership with the Epic Foundation

17Capital was the first private equity firm in the US & UK to sign the Epic Sharing Pledge by pledging to give 1% of the carried interest on its €1.2bn Fund 4 to Epic. 17Capital has again pledged to give a percentage of the carried interest on its $2.9bn Fund 5 to Epic. 17Capital’s longstanding partnership with Epic includes our sharing pledge, providing pro bono office space and sponsors of their event.

2018 onwards

Expanding into Credit

17Capital recognized a growing demand for fund-level financing among private equity buyout funds. However, the funds typically required lower advance rates - ranging from 5% to 20% of NAV -compared to the relatively higher loan-to-value (LTV) opportunities with management companies and investors. To address this market opportunity, 17Capital developed a more conservative financing solution with debt-like features, including maturity and covenants, specifically tailored for private equity funds.

2020

Launch of inaugural Credit Fund

17Capital launches the first-ever fund dedicated exclusively to providing NAV-based loans to private equity buyout funds. The Credit Fund successfully closed in 2022 at its extended hard cap of €2.6 billion.

2022

Oaktree and 17Capital announce strategic partnership

Oaktree acquired a majority interest in 17Capital. This mutually beneficial partnership strengthens the two firm’s standing as partners of choice in the private equity sponsor community. 17Capital continues to operate as an independent business within the Oaktree family, with its own product offerings and investment, marketing, and support teams.

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Today

A market leader in NAV finance

Having now raised over $15 billion across six funds, 17Capital offers two distinct NAV financing solutions to meet the diverse and growing needs of the private equity industry:

Strategic Lending

Flexible financing solutions, primarily used by management companies and investors.

Credit

Conservative NAV loans at low LTVs, primarily used by buyout funds.

As a trusted partner to private equity managers and investors worldwide, 17Capital’s mission is to continue to shape the NAV finance market, enabling funds, management companies and investors to unlock capital while preserving ownership and long-term value.

A pioneer and market leader in NAV finance

$15bn+
Deployed
$6bn+
Realised
17-year
Track record
100+
Team dedicated to NAV finance
As of March 2025.
$15bn+
Deployed
$6bn+
Realised
17-year
Track record
100+
Team dedicated to NAV finance
As of March 2025.
One of the fastest growing asset classes in private credit
$700bn
NAV finance market opportunity forecast by 2030, resulting in approximately $150 billion deployment per annum
Underlying data from Prequin with 17Capital assumptions overlayed.
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Who invests with us

A global, blue-chip investor base

Our goal is to create value for our investors by offering exceptional downside protection, lending to high-quality managers with highly diversified portfolios.
6
Vintage funds raised
As of March 2025.
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Who we finance

Lending to high-quality managers

We provide non-dilutive capital to high-quality private equity management companies, buyout funds and institutional investors to increase investment capacity and finance strategic initiatives.
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