Growing demand for NAV finance sees 17Capital expand into the GCC

17Capital, a private credit manager specialising in NAV finance, is pleased to announce the expansion of its business into the GCC. The move reflects the increasing and widespread global demand for NAV financing solutions from both institutional investors and private equity managers.

Pierre Garnier, a senior executive with the firm, has relocated to the UAE to set up the new office, which has received all the necessary approvals and licensing from local authorities and will be in the Dubai International Financial Centre. Pierre brings 15 years’ experience in the private assets industry having previously worked at Lazard, Pantheon and Ardian before joining 17Capital in 2018.

17Capital’s proprietary research conservatively estimates there is around $5 billion of capital available in the Gulf that is potentially deployable into a NAV financing focused funds. This figure does not include the potential for strategic partnerships with broader economic arrangements.

The firm already has a deal making track record with the region. Over recent years it has been transacting on 7 deals totaling approximately $1 billion and involving large GCC institutional investors, mainly providing finance to their North American and European buyout assets and helping to grow these portfolios.

Augustin Duhamel, Managing Partner at 17Capital, said: “This expansion represents the next stage of development for 17Capital as a market leader in private credit and the NAV financing asset class. The Gulf is an important global financial center 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.”

17Capital plans to scale up its GCC headcount over the medium term and currently employs nearly 100 investment professionals across Europe and North America. The firm struck a strategic partnership with Oaktree Capital in 2022, which saw the alternative asset manager take an economic stake in the NAV financing specialist.