17Capital to open New York office – exclusive

The preferred equity specialist, which is now understood to be targeting around €900m for its fourth fund, will send its number three in command to lead its North America operations, Secondaries Investor has learned.

17Capital, the London-based preferred equity specialist, is planning to open its first overseas office in New York, Secondaries Investor has learned.

Robert de Corainville
Robert de Corainville

Robert de Corainville, a partner at the firm, will lead operations from the office which is expected to open this month, according to two sources familiar with the matter.

De Corainville has 15 years of private equity and banking experience and joined the firm in 2010 from Merrill Lynch where he worked on leveraged finance, according to 17Capital’s website.

It was unclear how many staff will join him in New York.

The firm is also seeking around €900 million for 17Capital Fund 4, the two sources said. Secondaries Investor reported in August that the firm was seeking more than €500 million for the vehicle.

17Capital announced on Wednesday that it had liquidated its debut fund, the 2010-vintage €88 million 17Capital Fund. The fund made nine investments in European and North American funds with no losses and was fully realised six years after closing, according to a statement.

The firm’s 2012-vintage €208 million 17Capital Fund 2 is fully invested and 17Capital Fund 3, a 2014-vintage €500 million vehicle was ahead of its investment pace and had completed nine deals to-date, the statement added.

17Capital declined to comment.

Click here to read our feature piece on preferred equity in the September issue of Private Equity International.