17Capital opens Dubai office and boosts US investment team
17Capital, a private credit manager specialising in NAV finance, has expanded globally with a new Dubai office and promotions in its North American investments team.
The London-based firm has expanded its business into the Gulf, with the Dubai office set to be led by Pierre Garnier, a senior executive with the firm.
He brings 15 years’ experience in the private assets industry having previously worked at Lazard, Pantheon and Ardian before joining 17Capital in 2018.
17Capital plans to scale up its team in the Gulf over the medium term.
Read more: Investors wary on NAV financing for distributions
The firm estimates there is around $5bn of capital available in the Gulf that is potentially deployable into NAV financing-focused funds.
“This expansion represents the next stage of development for 17Capital as a market leader in private credit and the NAV financing asset class,” said Augustin Duhamel, managing partner at 17Capital.
“The Gulf is an important global financial centre and one where we believe the opportunity for NAV finance is growing quickly. We are pleased to now meet and service that demand with a dedicated team on the ground.”
Read more: Boom in NAV financing set to continue
In a separate announcement, 17Capital said that it has promoted investment team members Dane Graham and Greg Hardiman to partner, based in New York, and Michael Timms to managing director, based in San Francisco.
“We are delighted to recognize Dane, Greg, and Michael for their outstanding contributions to 17Capital as we celebrate yet another milestone for our firm amid a record-breaking year of growth and demand for NAV finance,” said Pierre-Antoine de Selancy, co-founder and managing partner of 17Capital. “These promotions highlight the exceptional talent within our organization. With their leadership in sourcing and executing key investments in North America, 17Capital is strategically positioned to continue seizing growth opportunities and delivering substantial value to our investors globally.”
17 Capital agreed a strategic partnership with Oaktree Capital in 2022, which saw the alternative asset manager take an economic stake in the NAV financing specialist.
Read more: NAV finance market forecast to grow to $145bn by 2030
