17Capital hires Lloyds financial sponsors head

17Capital has tapped the one of the UK’s largest banking groups for its third senior hire in a month.

Stephen Quinn has joined the preferred equity specialist as a managing director, according to a statement. He was most recently global head of financial sponsors at Lloyds Banking Group. He will be based in 17Capital’s London office.

Quinn’s other roles over a 15-year career with Lloyds include head of coverage strategy for private market clients, the statement noted.

His appointment follows that of managing director David Wilson and head of legal Emad Shahin from JPMorgan, Secondaries Investor reported in May. The fund finance executives followed Tom Doyle, who led the creation of JPMorgan’s private equity fund financing business and joined 17Capital in September as a partner.

In March the firm hired investment director Jonathan Goldberg from RBC Capital Markets, the investment banking arm of Royal Bank of Canada, to join its New York office.

17Capital closed its fourth fund in 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 after six months of fundraising, Secondaries Investor reported.

Preferred equity transaction volumes stood at around $3 billion last year, around the same as 2017, according to research by advisor Evercore.