17Capital expands New York team

Preferred equity specialist 17Capital has added an investment director to its New York team, according to a statement from the firm.

Jonathan Goldberg joins from RBC Capital Markets, the investment banking arm of Royal Bank of Canada, where he was a director in the leveraged finance team. He previously held positions at Barclays and law firm Proskauer.

His appointment follows that in September of partner Tom Doyle from JP Morgan. He was a managing director at the investment bank and led the creation of its private equity fund financing business, Secondaries Investor reported.

In June, 17Capital appointed vice-president Pierre Garnier, a member of Secondaries Investor‘s Young Guns of Secondaries Class of 2017, from advisory firm Lazard.

Founded in 2008, 17Capital provides short- to medium-term financing to investors in private equity portfolios with the aim of allowing both GPs and LPs to raise capital or reduce their exposure without selling to the secondaries market or using debt.

17Capital closed its fourth fund in May 2017 on €1.2 billion, three months after Secondaries Investor reported the firm was nearing the final close. Fund 4 closed above its initial target of €800 million and took six months to raise, Secondaries Investor reported.

Preferred equity transaction volumes hit $2.4 billion in the first half of 2018 compared with $3 billion for the whole of 2017, according to data from secondaries advisor Evercore, reported by Secondaries Investor.