Integrated Asset Management Corp (TSX: IAM) has raised $387 million for its fourth private debt fund. This is the second and final close of the partnership. Based in Toronto, IAM is an alternative assets manager. Update: The new fund, which was backed by Canadian pension funds and institutional investors, is managed by IAM subsidiary Integrated Private Debt Corp, and will invest in fixed rate, investment grade term loans to mid-market companies and projects.
TORONTO, ONTARIO–(Marketwired – Oct. 7, 2013) – Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. (“IPD”), announce the second and final close of IPD’s fourth investment grade private debt fund, Integrated Private Debt Fund IV LP (“Fund IV”), with commitments of $387 million. In addition, certain investors took up co-investment rights.
Fund IV is IPD’s fourth investment grade private placement debt fund and increases the total capital raised by IPD for private corporate debt investments in the Canadian mid-market to over $1.5 billion since Fund I closed in October 2004.
Over the past several months IPD completed the deployment of the commitments to Fund III, providing almost $100 million to eight borrowers in the following industries: municipal waste management, independent power, commercial services, air services, real estate and manufacturing. These borrowers recognize the opportunity to secure fixed rate financing and lock-in borrowing costs for up to 10 years. With Fund III fully invested, IPD will immediately commence investing Fund IV.
Philip Robson, President of IPD said, “We will hit the ground running with Fund IV as we have four investments approved, with an aggregate value of $74 million ready to fund immediately following closing. Our investors continue to be 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 $2.0 billion in assets and committed capital under management in private corporate debt, real estate, managed futures, private equity and retail alternative investments.
Photo courtesy of Shutterstock.