17Capital has announced the final closing of its Credit Fund 2 at approximately $7.5 billion, including affiliated mandates, marking the largest NAV loan fundraise to date and one of the five largest private credit fund closes globally in the past 12 months.
The fundraise brings the firm’s total capital raised to more than $24 billion across eight funds since its founding in 2008, reinforcing the growing role of NAV finance as an established asset class within private credit.
Credit Fund 2 provides NAV loans to well-established private equity funds across the U.S. and Europe. These loans are designed to help managers expand investment capacity, refinance existing debt, and accelerate distributions to investors. The fund is substantially larger than its predecessor, which closed at $2.9 billion in April 2022.
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 data cited in the announcement, the scale of the fund positions 17Capital among the largest players in private credit, reflecting increasing demand for NAV-based financing solutions, particularly among U.S. private equity managers.
Alongside its credit platform, the firm also operates a Strategic Lending program focused on financing private equity management companies. Its Strategic Lending Fund 6 closed in July 2025 with approximately $5.5 billion in commitments.
17Capital also highlighted its continued philanthropic efforts, pledging a portion of carried interest from Credit Fund 2 to Epic, a nonprofit organization focused on improving the lives of disadvantaged youth. This initiative builds on similar commitments made across prior funds.
KEY QUOTES:
“17Capital has been at the forefront of the NAV finance market for 18 years, this fundraise reinforces our position as the market leader. 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.”
Pierre-Antoine de Selancy, Managing Partner, 17Capital
“We have seen a substantial uptick in demand for NAV loans in recent years, particularly from managers in the U.S. 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.”
Dane Graham, Partner, 17Capital
“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.”
David Wilson, Partner, 17Capital
