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17Capital, a personal credit score supervisor specialising in NAV finance, has expanded globally with a brand new Dubai workplace and promotions in its North American investments crew.
The London-based agency has expanded its enterprise into the Gulf, with the Dubai workplace set to be led by Pierre Garnier, a senior govt with the agency.
He brings 15 years’ expertise within the personal property business having beforehand labored at Lazard, Pantheon and Ardian earlier than becoming a member of 17Capital in 2018.
17Capital plans to scale up its crew within the Gulf over the medium time period.
Learn extra: Traders cautious on NAV financing for distributions
The agency estimates there’s round $5bn of capital accessible within the Gulf that’s doubtlessly deployable into NAV financing-focused funds.
“This growth represents the subsequent stage of improvement for 17Capital as a market chief in personal credit score and the NAV financing asset class,” stated Augustin Duhamel, managing accomplice 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 crew on the bottom.”
Learn extra: Growth in NAV financing set to proceed
In a separate announcement, 17Capital stated that it has promoted funding crew members Dane Graham and Greg Hardiman to accomplice, based mostly in New York, and Michael Timms to managing director, based mostly in San Francisco.
“We’re delighted to acknowledge Dane, Greg, and Michael for his or her excellent contributions to 17Capital as we have fun yet one more milestone for our agency amid a record-breaking 12 months of progress and demand for NAV finance,” stated Pierre-Antoine de Selancy, co-founder and managing accomplice 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 progress alternatives and delivering substantial worth to our traders 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
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