Integrated Private Debt Corp., the private corporate debt group of Integrated Asset Management Corp. (IAM), said Tuesday that it has raised $307 million in the first closing of its fourth fund, Integrated Private Debt Fund IV (IPD Fund IV). The fund will focus on investing in mid-market Canadian borrowers. Based in Toronto, IAM is an alternative assets management company. Update: IPD Fund IV will be open for additional capital commitments until October 2013.
TORONTO, ONTARIO–(Marketwired – July 30, 2013) – Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. (“IPD”), announce the first close of IPD’s fourth investment grade private debt fund, Integrated Private Debt Fund IV LP (“Fund IV”), with commitments of $307 million.
Fund IV is IPD’s fourth investment grade private placement debt fund and increases the total capital raised by IPD for private debt investments in the Canadian mid-market to over $1.5 billion since Fund I closed in October 2004. IPD Fund IV will be open for additional capital commitments until October 2013.
The capital committed to Fund IV will be used to continue IPD’s successful track record of investing in mid-market Canadian borrowers to generate returns above comparable public market returns for its fund investors. The three previous funds have a composite 5 year annualized rate of return to June 30, 2013 of 7.65% and have outperformed their benchmark, the DEX Universe Index, by an average of 227 basis points over every interval.
Philip Robson, President of IPD said, “We are excited about the prospects for investing Fund IV with the intention of achieving results consistent with the performance of our previous funds. Most gratifying to the members of the IPD team is the presence of a significant number of repeat investors in Fund IV. We appreciate their continued support and confidence. Our investors are attracted to the combination of enhanced yield, monthly distributions, diversification and reduced volatility.”
IPD manages the Integrated Private Debt Fund LPs on behalf of a number of Canadian pension funds and institutional investors. The IPD Funds invest in fixed rate, investment grade term loans to mid-market companies and projects across Canada. Typical uses of funds provided by IPD include refinancing existing debt, acquisitions, plant modernization or expansion, project financing and management buyouts.
IAM is one of Canada’s leading alternative asset management companies, with approximately $2.1 billion in assets and committed capital under management in private corporate debt, real estate, managed futures, private equity and retail alternative investments.
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