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17Capital promotes three to partner

The preferred equity and NAV lending specialist agreed to be acquired by Oaktree in March and closed its debut fund dedicated to NAV-backed lending in April.

17Capital, which was recently acquired by Oaktree Capital Management, has made three top-level promotions.

The preferred equity and net-asset-value-backed lending specialist has promoted managing directors Fokke Lucas, David Wilson and Emad Shahin to partner, according to a statement. All three are based in its London headquarters.

Lucas has been at 17Capital since 2013 and has completed 23 transactions, 11 of which are fully realised, according to the statement. He featured in affiliate title Private Equity International‘s 2020 Future 40 list.

Co-head of credit Wilson joined in 2019 from the fund finance team at JPMorgan. He moved across with the investment bank’s head of legal Shahin.

The subsidiary of Brookfield Asset Management said in March it would acquire 17Capital, citing the latter’s role as a market leader in the NAV-backed finance sector and a shared emphasis on “risk control” as key drivers of the deal.

17Capital closed its debut fund dedicated to NAV-based lending in April, raising €2.6 billion for 17Capital Credit Fund after almost two years in market. This follows the close in July of its fifth preferred equity programme on $4.5 billion, including co-investments and separately managed accounts.

Last month, managing partner Pierre-Antoine de Selancy told Secondaries Investor that it didn’t matter to them or the client whether the capital comes in the form of equity or credit: “We’re providing a source of capital for these managers to improve the development of their portfolio. The rest is more [of a] technicality.”