17Capital Completes Major Fundraise for Credit Fund 2
17Capital has completed the final close of Credit Fund 2 at approximately $7.5bn, including affiliated mandates, marking the largest fundraise for a NAV loan vehicle to date, according to Private Equity Wire. This closure brings the firm’s total capital raised across eight funds since 2008 to more than $24bn and positions Credit Fund 2 as among the five largest private credit funds closed globally in the past year, based on PitchBook data.
Fund Details and Strategy
Credit Fund 2 targets NAV loans for established private equity funds in the US and Europe, providing capital to support investment expansion, refinance existing debt, and accelerate distributions to LPs. The fund is more than double the size of its predecessor, 17Capital Credit Fund, which closed at $2.9bn in April 2022. Since launching its dedicated NAV loan programme in 2020, 17Capital has deployed over $7.5bn across 30 NAV loans, including $2bn from Credit Fund 2 alone.
Comparison to Predecessor and Market Context
Credit Fund 2’s size represents a significant expansion from 17Capital’s first dedicated NAV loan fund, which raised $2.9bn, highlighting the firm’s growth in this area. As widely known in private credit markets, NAV loans have become a key financing tool for private equity, allowing funds to unlock value without selling assets. According to Private Equity Wire, this fundraise underscores 17Capital’s increasing scale in NAV lending.
Broader Lending Platform
The firm’s broader lending platform includes its Strategic Lending program, which focuses on financing private equity management companies. Strategic Lending Fund 6 closed in July 2025 with $5.5bn of commitments, including affiliated mandates. This development, alongside Credit Fund 2, reflects 17Capital’s ongoing activity in private credit, as reported by Private Equity Wire.
