17Capital has completed the final close of Credit Fund 2 at approximately $7.5bn, including affiliated mandates, marking the largest fundraise for a NAV loan vehicle to date and bringing the firm’s total capital raised across eight funds since 2008 to more than $24bn.
Credit Fund 2 targets NAV loans for established private equity funds in the US and Europe, providing capital to support investment expansion, refinance existing debt, and accelerate distributions to LPs. The fund is more than double the size of its predecessor, 17Capital Credit Fund, which closed at $2.9bn in April 2022 as the firm’s first dedicated NAV loan fund.
Since launching its dedicated NAV loan programme in 2020, 17Capital has deployed over $7.5bn across 30 NAV loans, including $2bn from Credit Fund 2 alone. PitchBook data confirms that Credit Fund 2 is not only the largest NAV loan fundraise ever but also among the five largest private credit funds closed globally in the past year.
The firm’s broader lending platform includes its Strategic Lending program, focused on financing private equity management companies. Strategic Lending Fund 6 closed in July 2025 with $5.5bn of commitments, including affiliated mandates.
