17Capital Raises $7.5B for NAV Lending Fund
17Capital raised $7.5B for 17Capital Credit Fund 2, giving the Oaktree-backed manager what it described as the largest NAV-loan fundraise to date. The vehicle has already deployed $2B and adds to the firm’s growing NAV lending book as private equity sponsors continue to use portfolio-backed financing.
Other fundraising highlights included Antares Capital closing its second continuation fund with more than $1.7B, led by Ares Credit Secondaries, to acquire a pool of 300 first-lien floating-rate loans. NorthPoint Development finished fundraising for NorthPoint Industrial Fund VII with more than $1.57B, including a $100M commitment from Texas Municipal Retirement System, and ICG closed ICG Metropolitan Fund II with €1.4B across the main fund and related vehicles. Elsewhere, former NFL player Malcolm Jenkins and Brian Hinds Jr. launched Pleasant/Rock, targeting real estate and sports opportunities with a current $200M pipeline and a goal of reaching $500M in active investments by 2028.
On the allocator side, Texas County & District Retirement System reported $425M of new commitments, split between $250M to TPG Direct Lending and $175M to Blackstone Life Sciences VI, while the Ireland Strategic Investment Fund committed up to €140M as cornerstone capital for TirNua Capital Partners’ climate infrastructure strategy. In Asia, Hong Kong’s English Schools Foundation is seeking an advisor for its roughly $400M endowment as it reviews its investment framework.
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The Consultant Channel Is Changing Fast
The line between consultant and allocator is blurring.
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