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Strategic Lending Fund 6 is the largest NAV finance fund to date. This capital raise demonstrates the continued growth of the overall NAV financing market and increasing adoption among the world’s largest and most established buyout managers.
NEW YORK and LONDON – 22 July 2025 – 17Capital (“the Firm”), the world’s largest dedicated NAV finance provider, today announced the final closing of 17Capital Strategic Lending Fund 6, with approximately $5.5 billion of commitments, including co-investment and affiliated vehicles (“Fund 6” or “the Fund”). The Fund follows its predecessor, 17Capital Fund 5, which closed at $2.9 billion in July 2021, and is one of the five largest private credit funds closed so far in 20251. The Firm has now raised $19 billion since its inception.
Fund 6 attracted a global, blue-chip investor base comprising pension funds, insurance companies, sovereign wealth funds, prominent family offices and endowments across North America, Europe, the Middle East and Asia. The strength of the support from investors demonstrates the success and acceptance of NAV finance within the private equity industry. It also marks the first fund raised by 17Capital since forming its strategic partnership with global credit specialist Oaktree.
Fund 6 has already committed $2.5 billion across ten investments, split evenly between the US and Europe. It is the latest vehicle for 17Capital’s Strategic Lending program, which provides non-dilutive, flexible capital solutions to management companies (GPs) to fund larger GP commitments, franchise growth and consolidation and support succession plans.
In addition to Strategic Lending, 17Capital also manages a dedicated Credit program focused on providing NAV loans to private equity buyout funds. Since launching its inaugural Credit Fund in 2020, which closed at €2.6 billion, the Firm has deployed $6.7 billion in NAV loans through its Credit program.
17Capital continues to be active in the fund-level financing market, as market adoption of NAV loans continues to increase.
Reflecting its sustained philanthropic approach, 17Capital has pledged a percentage of the carried interest earned from the Fund to Epic, a global non-profit organisation fighting to change the lives of disadvantaged youth. The commitment reflects a longstanding initiative that 17Capital launched in 2017 with Fund 4, becoming the first private equity fund to pledge a portion of carried interest to Epic. That commitment continued with Fund 5 and the 17Capital Credit Fund.
Pierre-Antoine de Selancy, Managing Partner at 17Capital, said:
"We are grateful to our investors for their continued trust and support. Reaching the hard cap for Strategic Lending Fund 6 is a significant milestone for 17Capital in our 17th year. It reinforces our position as a leading NAV finance provider and enables us to keep supporting high quality private equity managers as they increasingly use NAV finance at the management company level."
Dane Graham, Partner at 17Capital, said:
"Since opening our New York office in 2016, we have extended our leadership in NAV finance across the US, deploying over $6 billion across more than 30 US investments. This is reflected in Fund 6, where half of the existing portfolio is invested with US managers. We are also encouraged by the strong response from US-based investors, who increasingly view NAV finance as a compelling alternative within an otherwise crowded private credit market."
Fokke Lucas, Partner at 17Capital, said:
"The successful $5.5 billion close of Fund 6 is a strong endorsement of 17Capital and the NAV finance market we have been pioneering since 2008. NAV finance is now firmly established as a standalone asset class within private credit. We are proud to have the continued support of our investors, including those who have partnered with us for 17 years, across the full 17Capital platform, where we have raised $19 billion exclusively for NAV finance to date."
17Capital is a private credit manager specializing in NAV finance for the private equity industry. It specializes in providing non-dilutive capital to high-quality private equity management companies, funds and institutional investors to increase investment capacity and finance strategic initiatives. Investments are structured to support clients’ objectives, while keeping the interests of GPs and LPs aligned. Founded in 2008, 17Capital operates primarily from London and New York and has completed 119 investments and 57 exits, raising $19 billion since inception across eight successive funds and mandates.
