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17Capital opens Dubai office and promotes three in US

17Capital, a London-headquartered private credit manager specialising in NAV financing, has promoted Dane Graham and Greg Hardiman, both New York-based, to partner and San Francisco-based Michael Timms to managing director. 

Before joining 17Capital in 2022, Graham was managing director at RBC Capital Markets and Citigroup. Hardiman, who joined in 2019, held roles at Conning and Man Group while Timms, who joined in 2021, held roles at Wells Fargo. 

The firm has also opened an office in Dubai, which will be led by senior investment director Pierre Garnier, who joined 17Capital in 2018, having previously worked at Lazard, Pantheon and Ardian. 

In a press statement, Augustin Duhamel, Managing Partner at 17Capital, said: “The Gulf is an important global financial centre and one where we believe the opportunity for NAV finance is growing quickly.” 

Based on its own research, 17Capital estimates there is around $5bn of capital available in the Gulf that is potentially deployable into NAV financing-focused funds. 

17Capital is backed by Oaktree, the Los Angeles-based asset manager co-founded by Howard Marks, which acquired a majority stake in 2022. Last month, Oaktree seized control of football club Inter Milan following the failed repayment of a €400mn loan by Chinese retail giant Suning Holdings Group. 

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