Canadian money manager West Face Capital is looking to raise US$1.5 billion for a new private equity fund, according to a person familiar with the situation.
The Toronto-based hedge fund is targeting both U.S. and Canadian investors with the new fund, the source said on condition of anonymity as the matter is not public.
West Face has taken stakes in companies such as Maple Leaf Foods Inc and SNC-Lavalin Group Inc and pushed for changes.
West Face has been pushing SNC-Lavalin to sell its stake in Ontario’s 407 toll highway, sources told Reuters in June.
Update: Founded in 2006, West Face Capital is led by President and CEO Gregory Boland (pictured).
The firm has previously raised funds to invest in a range of event-oriented deals, including control-through-distressed, high-yield, negotiated finance, proactive equity, and private equity opportunities.
The firm closed its West Face Long Term Opportunities Fund at $700 million in 2007, and launched a $600 million negotiated credits vehicle, West Face Alternative Credit Fund Group, in 2014.
(Reporting by John Tilak; Writing by Jeffrey Hodgson; Editing by Paul Simao)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo of Gregory Boland courtesy of Maple Leaf Foods Inc