17Capital sets up camp in New York

London-headquartered private equity firm 17Capital is opening a New York office as it looks to expand its activity in North America.

The team will be headed up by Robert de Corainville, who is currently based in the firm’s London office. Associate Michael Weinstein will also relocate from London.

The pair will be joined by Stephen Swentzel – formerly of HQ Capital – as investment director, and Jeffrey Emmerling, who arrived at 17Capital from Landmark Partners in September.

17Capital has invested in a number of transactions across North America, including providing additional capital for buyout funds to make add-on acquisitions. It typically invests in private equity portfolios managed by top-tier small to large-sized general partners.

The firm liquidated its first fund, 17Capital Fund, in July. During its three-year investment period, the fund made nine investments in European and North American funds.

17Capital’s subsequent fund, its 2012-vintage, €208 million 17Capital Fund 2, is now fully invested. The current fund, its 2014-vintage, €500 million 17Capital Fund 3, has completed nine transactions across Europe and North America, according to the firm’s website.

The firm currently has a staff of 22 across two offices.