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This marks the largest NAV loan fundraise to date, and one of the five largest private credit fund closes in the past 12 months, reflecting NAV finance as an established asset class within private credit.
NEW YORK and LONDON – 31 March 2026 – 17Capital today announced the final closing of 17Capital Credit Fund 2 at approximately $7.5 billion, including affiliated mandates (“Credit Fund 2”), marking the largest NAV loan fundraise to date. It brings 17Capital’s total capital raised to more than $24 billion across eight funds since 2008.
“17Capital has been at the forefront of the NAV finance market for 18 years, this fundraise reinforces our position as the market leader,” said Pierre-Antoine de Selancy, Managing Partner at 17Capital. “We are deeply grateful for the trust and support of our investors, who share our conviction in this established asset class and the opportunity it represents.”
Credit Fund 2 provides NAV loans to well-established private equity funds across the U.S. and Europe, supporting funds seeking additional capital to expand investment capacity, refinance existing debt and accelerate distributions to investors.
“We have seen a substantial uptick in demand for NAV loans in recent years, particularly from managers in the U.S.,” said Dane Graham, Partner at 17Capital. “Competition among private equity managers is driving adoption, with firms increasingly using NAV loans to further invest in their portfolios and generate additional value for investors.”
The Fund is substantially larger than its predecessor, 17Capital Credit Fund, which closed at $2.9 billion in April 2022 and was the first dedicated fund for NAV loans. Since launching its dedicated NAV loan program in 2020, 17Capital has deployed more than $7.5 billion across 30 NAV loans, including $2 billion already deployed from Credit Fund 2.
According to PitchBook, Credit Fund 2 represents the largest NAV loan fundraise to date and is one of the five largest private credit funds closed globally in the past twelve months. “The scale of Credit Fund 2 positions 17Capital to continue partnering with the most successful and leading private equity firms on a wide range of NAV financing solutions; delivering NAV loans with scale and certainty,” said David Wilson, Partner at 17Capital.
Alongside its Credit platform, 17Capital also manages a Strategic Lending program focused on financing private equity management companies. Strategic Lending Fund 6 closed in July 2025 with approximately $5.5 billion of commitments, including affiliated mandates.
Reflecting its longstanding philanthropic commitment, 17Capital has pledged a portion of the carried interest earned from Credit Fund 2 to Epic, a global nonprofit organization dedicated to improving the lives of disadvantaged youth. The initiative began with Strategic Lending Fund 4 in 2017, making 17Capital the first private equity fund to commit a share of carried interest to Epic, and has continued through Strategic Lending Fund 5, Credit Fund 1 and Strategic Lending Fund 6.
17Capital is a private credit manager specializing in NAV finance for the private equity industry. The firm provides non-dilutive capital to high-quality private equity management companies, funds and institutional investors to increase investment capacity and support strategic initiatives. Investments are structured to meet clients’ objectives while maintaining alignment between general partners and limited partners.
Founded in 2008, 17Capital completed 135 investments, 65 exits and has raised $24 billion since inception across eight successive funds and mandates. It operates primarily from London and New York.
