17Capital, the London-based preferred equity pioneer, is preparing to hold the final close on its latest fund above its initial €900 million target, sister publication Secondaries Investor has learned.
The firm is expected to have amassed more than €1 billion by the end of March for 17Capital Fund 4, according to a source familiar with the fundraising. It is understood the fund, which was registered in June, is “hugely oversubscribed”.
17Capital’s funds have more than doubled in size with each fundraise. Its previous vehicle, 17Capital Fund 3, took 13 months to close on €500 million, beating its €450 million target, according to PEI data. Investors in Fund 3 include Idinvest Partners, Healthcare of Ontario Pension Plan and French insurer CNP Assurances, according to PEI data. It was not clear which limited partners have re-upped in Fund 4.
17Capital provides preferred equity to limited partners in private equity funds, funds of funds and evergreen funds that are trying to accelerate liquidity or to general partners looking for more capital, according to its website. The firm, which was established in 2008, opened its first overseas office in the second half of last year in New York, as Secondaries Investor reported. 17Capital declined to comment.