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Laxman Pai, Opalesque Asia: Sagard, a multi-strategy alternative asset management firm with more than $13bn under management, has raised $555 million for its senior lending fund.
This figure includes $240 million in a separately managed account with an unidentified strategic partner. The fund's target is $600 million with a hard cap of $750 million.
Sagard Senior Lending's (SSLP)' mission is to build a leading non-sponsor debt franchise, generate compelling risk-adjusted returns, and help entrepreneurs to build and grow their businesses. Focused on the Canadian and U.S. middle market, SSLP intends to target borrowers with $10-50 million of EBITDA.
"We believe that economic headwinds make traditional equity and growth capital options more difficult to achieve. In turn, we have observed that companies - particularly those in the middle market - favor alternative financing sources, such as private debt," said Dev Gopalan, Partner, and Portfolio Manager at Sagard.
"Since our launch, we have been focused on investments in the Canadian and U.S. middle market, and the response to our fundraising efforts has been positive," Dev added.
The initial closings include participation from an investment fund managed by I.G. Investment Management, Ltd., Great-West Lifeco (TSX: GWO), Investment Management Corporation of Ontario (IMCO), and Portland Investment Counsel, among others.
"We are thrilled to announce the initial closings of S...................... To view our full article Click here
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