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Laxman Pai, Opalesque Asia:

Sagard Holdings, a multi-strategy alternative asset manager, raised $650 million for its second private credit fund.

Sagard Credit Partners (SCP), closed its inaugural $557 million fund two years ago, said a press release from the unit of the billionaire Desmarais family's Power Corp. of Canada. It invested in proprietary, non-sponsored credit opportunities in Canada and the U.S. That fund has provided credit to 10 businesses in North America and is more than 85% deployed.

The new fund, called Sagard Credit Partners II, so far features 10 limited partners including the Healthcare of Ontario Pension Plan. Sagard hopes to raise a total of US $1.1 billion in capital commitments for the fund before the end of 2021.

"Our team has worked relentlessly to create a private credit vehicle able to compete across North America - one with a long-term outlook that builds deep relationships with the companies in which we invest. Our focus on bespoke debt financing solutions has worked and the response to our fundraising efforts to date have been quite positive," said Adam Vigna, Managing Partner and Chief Investment Officer of Sagard and SCP.

"We are very pleased to have another opportunity to provide capital to this very high-quality group as they launch SCP II. Having worked with them in the past, including on SCP I, we believe that the combination of the SCP team and strategy with the Sagard network is compelling," sa......................

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