17Capital has closed its second credit vehicle at approximately $7.5 billion, including affiliated mandates, marking the largest net asset value (NAV) loan fundraise on record. 

Credit Fund 2 will provide NAV loans to well-established private equity funds across the U.S. and Europe, offering capital to support follow-on investments, refinance existing debt and accelerate distributions to limited partners. 

“We have seen a substantial uptick in demand for NAV loans in recent years, particularly from managers in the U.S.,” said Dane Graham. “Competition among private equity managers is driving adoption, with firms increasingly using NAV loans to further invest in their portfolios and generate additional value for investors.” 

The latest fund significantly surpasses its predecessor, which closed at $2.9 billion in April 2022 as the first dedicated NAV loan vehicle. Since launching the strategy in 2020, 17Capital has deployed more than $7.5 billion across 30 NAV loans, including roughly $2 billion already committed from Credit Fund 2. The close brings the firm’s total capital raised to more than $24 billion across eight funds since 2008. 

In addition to its credit platform, 17Capital manages a Strategic Lending program focused on financing private equity management companies, with its latest fund raising approximately $5.5 billion in 2025.