CAI Capital Partners initially closed its sixth lower-mid-market fund, targeted to raise $100 million, the Vancouver private equity firm said in a news release.
The amount of capital committed to the first close of CAI Capital Partners VI was not released.
The money came from new and returning limited partners, CAI said, anchored by Export Development Canada, a first-time investor.
Other LPs were not identified. They include high-net-worth individuals, family offices and institutional investors.
Fund VI will maintain the firm’s strategy of making control acquisitions of Canadian founder-owned companies. It will typically target opportunities with Ebitda of $3 million to $10 million, located in business services and specialty manufacturing sectors.
In May, the fund wrapped up its inaugural platform investment, acquiring Ansan Traffic Group, a Richmond, British Columbia, provider of traffic management and control services. CAI partnered in the deal with BDC Capital, Roynat Equity Partners and Frind Enterprises.
The firm’s other recent investments include Custom Air Conditioning, a Port Coquitlam, British Columbia, mechanical services provider, which last month acquired Mavco Plumbing and Heating.
Along with Fund VI’s initial close, CAI expanded its partnership team to include Rob Wildeman.
Wildeman, who joins from Jericho Capital, is best known in the North American market for his more than 12 years as an investment pro with Parallel49 Equity and its predecessor Tricor Pacific Capital. From 2015 to 2018, Wildeman served as a managing director at Parallel49.
CAI, one of Canada’s oldest PE firms, has over three decades invested $1.5 billion in companies across Canada and the United States.
It is today led by Partner Tracey McVicar, who four years ago took over from CAI’s founder partners. The appointment made McVicar one of a small handful of women investment pros leading a major Canadian PE brand.
CAI’s team, which also operates from an office in New York, includes Partner Curtis Johansson, Director Ashton Herriott and Associate Trevor Riback. Riback, who joined in February, was also previously with Parallel49.
Peter Restler, one of CAI’s founding partners, is a senior advisor.