17Capital, a non-public credit score supervisor specialising in NAV finance, has expanded globally with a brand new Dubai workplace and promotions in its North American investments group.
The London-based agency has expanded its enterprise into the Gulf, with the Dubai workplace set to be led by Pierre Garnier, a senior government with the agency.
He brings 15 years’ expertise within the personal belongings trade having beforehand labored at Lazard, Pantheon and Ardian earlier than becoming a member of 17Capital in 2018.
17Capital plans to scale up its group within the Gulf over the medium time period.
Learn extra: Traders cautious on NAV financing for distributions
The agency estimates there may be round $5bn of capital obtainable within the Gulf that’s doubtlessly deployable into NAV financing-focused funds.
“This enlargement represents the following stage of growth for 17Capital as a market chief in personal credit score and the NAV financing asset class,” stated Augustin Duhamel, managing associate at 17Capital.
“The Gulf is a vital international monetary centre and one the place we imagine the chance for NAV finance is rising rapidly. We’re happy to now meet and repair that demand with a devoted group on the bottom.”
Learn extra: Increase in NAV financing set to proceed
In a separate announcement, 17Capital stated that it has promoted funding group members Dane Graham and Greg Hardiman to associate, primarily based in New York, and Michael Timms to managing director, primarily based in San Francisco.
“We’re delighted to acknowledge Dane, Greg, and Michael for his or her excellent contributions to 17Capital as we have fun one more milestone for our agency amid a record-breaking yr of development and demand for NAV finance,” stated Pierre-Antoine de Selancy, co-founder and managing associate of 17Capital. “These promotions spotlight the distinctive expertise inside our group. With their management in sourcing and executing key investments in North America, 17Capital is strategically positioned to proceed seizing development alternatives and delivering substantial worth to our buyers globally.”
17 Capital agreed a strategic partnership with Oaktree Capital in 2022, which noticed the choice asset supervisor take an financial stake within the NAV financing specialist.
Learn extra: NAV finance market forecast to develop to $145bn by 2030
