17Capital launches Fund 4 – exclusive

The preferred equity specialist is seeking north of €500m for its latest vehicle, Secondaries Investor has learned.

17Capital, a London-based preferred equity specialist, is back in market with its fourth fund, Secondaries Investor has learned.

It is understood the firm is seeking north of €500 million for 17Capital Fund 4. A filing with Companies House shows the vehicle was registered in the UK on 3 June.

17Capital’s funds have more than doubled in size with each fundraise. 17Capital Fund 3 closed on its €500 million hard-cap in January last year; the firm’s second fund raised €208 million in 2012 and its debut vehicle closed on €88 million in 2010.

Investors in the firm’s most recent vehicle include Idinvest Partners, Healthcare of Ontario Pension Plan and French insurer CNP Assurances, according to PEI data.

17Capital provides preferred equity to limited partners in private equity funds, funds of funds and evergreen funds that are trying to accelerate liquidity or to general partners looking for more capital. The firm was established in 2008 and has €800 million under management, according to its website.

17Capital declined to comment.