17Capital closes record $5.5B NAV finance fund

Key Takeaways

Geography: United Kingdom.

Analysis

17Capital has announced the final close of Strategic Lending Fund 6 at $5.5 billion, making it the largest NAV finance fund raised to date. The fund, which includes co-investment and affiliated vehicles, significantly surpasses its predecessor Fund 5, which closed in 2021 at $2.9 billion. Fund 6 is also among the five largest private credit funds raised globally in 2025.The capital was raised from a global investor base including pension funds, sovereign wealth funds, insurers, endowments, and family offices across North America, Europe, Asia, and the Middle East. It also marks the first fund closed since 17Capital formed a strategic partnership with Oaktree Capital, underscoring the growing institutional demand for NAV-based financing.Fund 6 has already deployed $2.5 billion across 10 deals—split evenly between Europe and the U.S.—to support general partners (GPs) with non-dilutive capital. The fund provides flexible financing for management companies to fund GP commitments, scale platforms, and support succession planning.

17Capital is the world’s largest dedicated NAV finance platform, having raised $19 billion since inception. In addition to Strategic Lending, it manages a separate Credit Fund program focused on NAV loans to private equity funds. Since launching its first Credit Fund in 2020, which closed at €2.6 billion (~$2.9B), 17Capital has deployed $6.7 billion in NAV loans under that strategy.

The firm’s continued philanthropic commitment includes pledging a portion of carried interest from Fund 6 to Epic, a global non-profit that supports disadvantaged youth—an initiative started in 2017 with Fund 4 and sustained through successive funds.

NAV lending is now a mainstream private credit strategy. The global NAV financing market has grown rapidly, with peers like Carlyle's AlpInvest launching Strategic Portfolio Finance Fund II, targeting around $2 billion. Other firms such as Ares, HPS, and Blackstone Credit have expanded their NAV lending offerings through portfolio recapitalizations and structured equity.

Beyond NAV-specific platforms, private credit funds have scaled to meet demand for non-dilutive capital. In 2024, Warburg Pincus closed its inaugural $4 billion structured credit fund—doubling its target—focused on preferred equity and NAV-based loans for large sponsors. These strategies echo 17Capital’s focus on flexible, sponsor-friendly capital.

Pierre-Antoine de Selancy, Managing Partner at 17Capital, called the close “a milestone in our 17th year.” Partner Dane Graham noted over $6 billion deployed in the U.S. since 2016, while Fokke Lucas emphasized that NAV finance is now a “standalone asset class” in private credit.