John Bakie
The new vehicle will look for opportunities in the underserved SME market in Canada.
The deal with US-based Wafra Capital Partners will enable ThinCats to make £2bn of loans over the next few years.
The vehicle will follow its predecessor strategy to back firms in the food and beverage sector and related industries.
The new entity will cover the range of Schroders private assets capabilities as well as its BlueOrchard impact investing brand.
The deal expands ICG’s presence in Australia and will see a new fund launched later this year.
Large distressed funds may have anticipated plenty of opportunity when the pandemic arrived. But there are signs they may be disappointed.
The firm cited growing demand for non-dilutive capital to help private equity funds create value later in their life cycle.
The fund is set to be the firm’s largest vehicle to date and will target consumer NPLs.
The fund will follow the flexible approach of its predecessor investing in both performing and dislocated credit opportunities.
European private debt deal volume surged in Q4, but that resurgence has been mixed across geographies.