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Sagard announces US$555M raised for its Senior Lending strategy
Sagard announces US$555M raised for its Senior Lending strategy Canada NewsWire ...
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[{"type":"text","content":"\n \n \n \n Sagard announces US$555M raised for its Senior Lending strategy\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Sagard Senior Lending received commitments totalling\n \n $315M\n \n after its initial closings, additional\n \n $240M\n \n in a separately managed account with a strategic partner\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 8, 2023\n \n \n /CNW/ -\n \n Sagard\n \n today announced the initial closings of Sagard Senior Lending (\"SSLP,\" the \"Fund\") with commitments totalling\n \n US$315 million\n \n . The Fund is targeting total capital commitments of\n \n US$600 million\n \n , with a hard cap of\n \n US$750 million\n \n , and remains open for additional commitments. SSLP raised an additional\n \n US$240 million\n \n in a separately managed account with a strategic partner.\n \n \n \n \n \n \n \n \n \n SSLP's 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\n \n $10\n \n -50 million of EBITDA.\n \n \n \"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 – favour alternative financing sources, such as private debt,\" said Dev Gopalan, Partner and Portfolio Manager at\n \n Sagard\n \n . \"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,\" said Mr. Gopalan.\n \n \n 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\n \n Ontario\n \n (IMCO), and Portland Investment Counsel, among others.\n \n \n The Fund has already invested in three middle-market companies, committing approximately\n \n $100 million\n \n in aggregate...