17Capital hits €500m hard-cap

The fund was launched in Q3 last year and closed after just a few months in December.

The vehicle comes only two years after its predecessor fund, which closed on €208m in 2012. Fund 2 has already completed several exits, returning more than a third of commitments to investors. Fund 1, which closed on €88m in 2010, has returned all of its original capital and is approaching final liquidation.

Investors
The vehicle received commitments from institutional investors including pension funds, insurance companies, sovereign wealth funds, university endowments and large family offices.

The vast majority of LPs (95%) were existing 17Capital investors.

Investors in the new fund hailed predominantly from the UK, France and Canada. They were joined by a number of German investors.

Connection Capital, the private client investment business, participated in the fund, exceeding its original allocation due to the high level of demand from its own clients.

Investments
Fund 3 will follow 17Capital's strategy of providing preferred equity to LPs looking for early liquidity without selling into the secondary market, and to GPs seeking capital for new and bolt-on acquisitions.

People
Pierre-Antoine de Selancy and Augustin Duhamel are managing directors of 17Capital.

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• Topics
• Funds
• Fundraising
• Financing
• 17Capital
• Vendor loan
• Unq2015Feb