17Capital closes latest fund on €1.2bn

Back in August last year, unquote" reported that 17Capital had launched the fund and was already looking at a close in excess of €1bn in the first half of 2017.

This latest effort is a significant step-up from 17Capital Fund III. The firm closed its third fund on €500m in late 2014, surpassing its initial €450m target. The vehicle was launched in Q3 2014 and closed after just a few months in December.

Fund III came only two years after its predecessor, which closed on €208m in 2012 and is now fully invested. Fund I, which closed on €88m in 2010, was fully realised in August last year. The capital was committed to nine investments across Europe and North America, none of which delivered losses, unquote" reported at the time.

17Capital was established in London in 2008 and opened an office in New York in 2016. It has raised €2bn since inception and was the subject of an unquote" profile in 2015, shortly after the close of Fund III.

Investors
According to 17Capital, investors include international institutions such as pension funds, insurance companies, university endowments and large family offices, all hailing from Europe and North America. The re-up rate from the previous fund was in excess of 90%, and 17Capital stated it had also attracted new LPs.

Click here for a complete profile of 17Capital Fund IV, including a comprehensive list of limited partners and their individual commitments

Investments
The fund will stick to 17Capital's existing strategy, providing capital to investors in the form of preferred equity or unsecured loans, with a view to helping them build their portfolio or generate liquidity for their shareholders. The firm expects a short investment period for the fund, similar to its predecessors; 17Capital stated Fund IV's deployment is already ahead of schedule.

The business said it has executed 30 transactions for a total investment of €1bn in the last three years.

People
17Capital – Pierre-Antoine de Selancy, Augustin Duhamel (managing partners).

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