West Face Capital raises $400 mln in first close of private credits fund

Canadian private investment firm West Face Capital has launched a new privately-negotiated credits vehicle called West Face Alternative Credit Fund Group (West Face ACFG). The fund, which will be capped at $600 million, was initially closed with around $400 million in capital commitments. West Face ACFG will focus on investing in second-lien debt, unsecured debt, mezzanine financing, acquisition financing, and bridge loans. The Toronto-based West Face Capital closed its West Face Long Term Opportunities Fund at $700 million in 2007.

PRESS RELEASE

West Face Capital Launches Alternative Credit Fund Group

TORONTO, Jan 9, 2014 /CNW/ – West Face Capital Inc., a Toronto-based institutional investor with over $2.0 billion in assets under management, today announced the launch of the West Face Alternative Credit Fund Group (West Face ACFG), designed to invest primarily in privately negotiated credits.

The West Face ACFG has launched with approximately $400 million in commitments in its first close and will be capped at approximately $600 million.

The West Face ACFG mandate includes investing in second-lien debt, unsecured debt, mezzanine financing, acquisition financing, and bridge loans.

Tom Dea, a Partner at West Face Capital said: “The West Face Alternative Credit Fund Group allows us to address longer-dated illiquid investment opportunities.”

The West Face ACFG is managed by West Face Capital Inc.

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