London-based 17Capital has closed its third secondaries fund on its €500 million hard-cap, according to a statement.
17Capital III launched last year with a €450 million target. It was always expected to exceed the firm’s previous fund, which raised €208 million in 2012.
The firm’s debut fund closed on €88 million in 2010 and was anchored by Idinvest Partners and Alpha Associates. Connection Capital, a London-based private client investment business, also allocated capital to the fund.
About 95 percent of 17Capital’s investors from previous funds re-upped to the new fund.
Most of the limited partners are based in Canada, France and the UK with an increased number from Germany.
17Capital 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 more capital. The firm invests between €5 million and €300 million in each transaction.