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17Capital Sees Deployment Activity Staying Robust This Year
17Capital, which recently wrapped up raising the largest net asset value loan fund in the industry, expects deployment activity to remain robust this year, partner Dane Graham told Octus during a media event in New York on April 1.
The private credit manager, which is majority owned by Oaktree Capital Management, announced the closing of 17Capital Credit Fund 2 at about $7.5 billion, including affiliated mandates this week, according to a press release. The total is more than double the size of its predecessor, which closed in April 2022 with $2.9 billion and was the first dedicated fund for NAV loans.
NAV loans provide financing at the fund level. Private equity funds use the facilities to increase investment capacity, refinance debt and generate liquidity for investors. The loans are usually used between the fourth and ninth years of a fund’s life, according to 17Capital’s website.
17Capital, which has offices in London and New York, has so far deployed $2 billion from Credit Fund 2, according to the news release.
Speaking on April 1, Graham described the pipeline as “very strong.” There are a number of consecutive years “where something has come up that has resulted in managers looking at good portfolio companies that are doing well and saying, ‘This is not the time to sell,’” Graham said.
Last year, for instance, was supposed to be a big liquidity year, “but events like ‘Liberation Day’ disrupted that outlook,” he said. Similarly, market participants were expecting 2026 to be a big liquidity year, “but ongoing volatility and geopolitical conflict continue to have an impact on market dynamics,” he added.
17Capital was founded in 2008. Brookfield Asset Management-owned Oaktree purchased a majority stake in 17Capital in 2022.
In addition to its credit platform, 17Capital has a strategic lending program, which focuses on financing private equity management companies. 17Capital closed Strategic Lending Fund 6 with about $5.5 billion of commitments, including affiliated mandates, in July 2025.
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