Generally, space vector modulation strategies employ the Three Nearest Vectors (NTV) to the reference voltage vector in order to achieve low distortion on the output voltages. When it comes to multilevel converters, the modulation technique must deal with a large number of redundancies and sometimes it must also perform the balance of the capacitor voltages, depending on the converter topology. This paper proposes a space vector modulation strategy applied to Packed-U-Cell Converters (PUC). It is proposed a cost function to be minimized comprising two objectives: (i) adjacent switching vectors distance minimization (ii) desired currents in order to keep the capacitors charged. The proposed cost function minimization results in a optimized switching sequence and balanced capacitor voltages. Simulation results demonstrate the good performance of the proposed modulation strategy.