17Capital is preparing to launch its third secondaries fund, Secondaries Investor has learned.
The fund is expected to exceed 17Capital’s prior fund, which raised €208 million in 2012, according to a source familiar with the matter.
17Capital declined to comment.
The firm provides preferred equity to limited partners in private equity funds, fund of funds and evergreen funds that are trying to accelerate liquidity or to general partners looking for additional capital.
“It allows private equity investors to raise additional capital or generate liquidity whilst preserving ownership of their portfolios and future upside,” 17Capital founder Pierre-Antoine de Selancey said in August. “If an investor truly believes in the quality of its portfolio, [our] investments are an attractive alternative to a secondary sale.”
Fund II investments include the re-financing of an SVG Advisers feeder fund that enabled SVG to repay former lenders. The firm has the ability to invest as little as €5 million and as much as €500 million in each portfolio, according to its website.
17Capital’s debut fund closed on €88 million in 2010. The fund was anchored by Idinvest Partners and Alpha Associates. Other limited partners include Allianz Group and BNP Paribas Private Equity.
The London-based firm was founded in 2008 by managing partners de Selancy and Augustin Duhamel. De Selancey is a former Idinvest partner, having previously worked at Fondinvest Capital in Paris and Coller Capital in London. Duhamel was a director at Deloitte Finance in Paris and a manager in the financial institutions group at AT Kearney. At 17Capital, they are joined by 11 other investment professionals, four of whom started in July this year.
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