17Capital has announced the final close of its inaugural 17Capital Credit Fund. The fund raised EUR2.6 billion (US$2.82 billion), hitting its hard cap and exceeding its initial EUR1.5 billion target (US$1.59 billion).

17Capital’s credit fund provides NAV loans to high-performing private equity managers in Europe and North America, which are mostly used by managers to grow their portfolios but also to generate interim liquidity for their investors. It is a natural extension of 17Capital’s well established preferred equity offering that 17Capital pioneered in 2008 and is currently investing out of its fifth fund.

The Credit Fund has a global, blue-chip investor base and has already deployed EUR1 billion (US$1.1 billion) across 7 loans, with a further EUR800 million (US$880 million) syndicated to co-investors.