17Capital hires TH Lee and Advent veteran

IR professional Beverly Berman joins the preferred equity specialist as a senior advisor, as it returns to market seeking €1.8bn.

17Capital has made its sixth senior hire of 2019 as it plots its return to market.

The preferred equity specialist has appointed Beverly Berman, a managing director in the investor relations team of Boston-headquartered buyout firm Thomas H Lee Partners, to the role of senior advisor, according to a statement.

Berman joined the Boston-headquartered firm’s investor relations team in 2008, after working as a partner with Advent International responsible for LP services and fund marketing activities in North America. She has also worked as an alternative investments portfolio manager with Colorado Public Employees’ Retirement Association, the statement notes.

“We are delighted that Beverly is joining 17Capital at such an exciting time in our growth. Her expertise and experience will be a great asset to the organisation”, said partner Robert de Corainville.

Secondaries Investor revealed last week that 17Capital was returning to market with its fifth flagship fund seeking €1.8 billion, a 50 percent increase on what it raised for 2016-vintage Fund 4.

The firm has made several senior hires in 2019, including finance director Anthony McKay from CVC Credit Partners, managing director Stephen Quinn from Lloyds Banking Group, and managing directors David Wilson and Emad Shahin from JPMorgan.

In a June podcast with Secondaries Investor, 17Capital managing partner and founder Augustin Duhamel said his firm saw close to $10 billion in dealflow last year. GPs are also using preferred equity as an alternative to selling minority equity stakes, and a market correction could be a boon for the strategy, Duhamel said.