London-based preferred equity specialist 17Capital has announced a number of promotions, including of Owen James and Fokke Lucas to investment director, it said.
Vjerana Spajic was promoted to vice-president within the same team, while Jason Wunscher joins the firm from Canaccord Genuity.
Prior to 17Capital, James worked at SVG Advisers, which is now part of Aberdeen Asset Management, as well as Bank of Scotland, which is now part of Lloyds Banking Group, and PwC. Lucas was previously at independent credit investment manager Neovara, which spun out of Lehman Brothers' European mezzanine business.
Spajic, who was previously at the Carlyle Group’s AlpInvest Partners working on secondaries transactions, joined the firm last June along with Nicolo Colombo, who came from Adams Street Partners, as reported by Secondaries Investor. Beate Pelz was hired then as director of investor relations.
The 17-strong team is headed by Pierre-Antoine de Selancy and Augustin Duhamel.
17Capital provides short to medium term financing to investors in private equity portfolios with the aim of allowing both GPs and LPs to raise capital or reduce their exposure without selling to the secondaries market or using debt, according to the statement.
The firm launched in 2008 and has completed almost 30 transactions, including providing extra capital to a buyout fund to pursue a buy and build strategy; liquidity to limited partners in a European buyout fund; and capital for a listed private equity trust to refinance its existing debt, the firm said.
17 Capital closed its third fund on its €500 million hard-cap in January last year, beating its €450 million target and more than doubling the size of its previous vehicle that closed on €202 million in 2012, as reported by Private Equity International.
Fund 3’s investors include Idinvest Partners, Northern Trust, Queen’s University, Stonehage Flemming and Royal London Group, according to PEI Research & Analytics.
The firm said the fund is “well ahead of its initially expected investment pace”.