17Capital has raised approximately $7.5bn (£5.7bn) for its net asset value (NAV) finance fund at final close, a record raise in the space.

The 17Capital Credit Fund 2 is larger than its predecessor, which closed at $2.9bn in April 2022 and was the first dedicated fund for NAV loans, the manager said.

According to PitchBook, Credit Fund 2 represents the largest NAV loan fundraise to date and is one of the five largest private credit funds closed globally in the past 12 months.

The fund provides NAV loans to private equity funds across the US and Europe, supporting funds seeking additional capital to expand investment capacity, refinance existing debt and accelerate distributions to investors.

Read more: NAV financing fills gap as GPs look to increase own commitments

“We have seen a substantial uptick in demand for NAV loans in recent years, particularly from managers in the US,” said Dane Graham, partner at 17Capital. “Competition among private equity managers is driving adoption, with firms increasingly using NAV loans to further invest in their portfolios and generate additional value for investors.”

Since launching the NAV loan programme, 17Capital has deployed more than $7.5bn across 30 NAV loans, including $2bn already deployed from Credit Fund 2, the firm said.

According to 17Capital, it has pledged a portion of the carried interest earned from Credit Fund 2 to Epic, a global non-profit organisation that helps disadvantaged young people.

Read more: 17Capital hires JP Morgan MD to grow Middle East presenc

“17Capital has been at the forefront of the NAV finance market for 18 years, this fundraise reinforces our position as the market leader,” said Pierre-Antoine de Selancy, managing partner at 17Capital. “We are deeply grateful for the trust and support of our investors, who share our conviction in this established asset class and the opportunity it represents.”

17Capital is a private credit manager that has raised $24bn since inception. Alongside the NAV finance series, it also runs a strategic lending programme focused on financing private equity management companies. The fund closed in July 2025 and has approximately $5.5bn in commitments.

Read more: NAV finance market “never been healthier”