NOVACAP officially launches its new financial services fund
December 03, 2019
Novacap is the first private equity firm in Canada to launch a fund dedicated to financial services.
MONTREAL, December 3, 2019 - Novacap, one of Canada's leading private equity firms, announced the introduction of a new sector fund and its first closing. Novacap Financial Services I (the "Fund") gathered initial commitments of C$260 million, a strong start toward its target of C$500 million. A second group of institutional investors is expected to close in Q1 2020.
Driven by strong demand from new and existing investors, the Fund will be managed by three seasoned executives: Marcel Larochelle, as Managing Partner, as well as Rajiv Bahl and Alain Miquelon as Senior Partners. With a dedicated investment team, they will fully leverage Novacap's infrastructure and apply Novacap's proven investment methodology.
Novacap Financial Services I aims to invest in mid-market companies established in North America, with a focus on Canada, with strong growth potential. Four segments are of particular interest: 1-specialty insurance and distribution, 2-asset and wealth management, 3-alternative lending and 4-financial infrastructure. The Fund will make equity investments in order to support companies with their organic growth initiatives and to drive strategic acquisitions.
The Fund is backed by commitments from corporate and public pension funds, financial institutions, family offices and high net-worth individuals.
For further information: Alexandra Troubetzkoy, Communications and Marketing Director, NOVACAP, T: 450 651-5000 ext.291, [email protected]