Canadian direct lender Integrated Asset Management has closed its fifth senior debt fund on C$672 million ($512 million; €467 million).
The firm broke through its C$550 million target for the vehicle within about three weeks of reaching a C$385 million first close, as reported by PDI.
The new vehicle will make senior loans to investment grade mid-market Canadian corporate borrowers. The firm’s fourth fund reached a final close of C$387 million in October 2013.
Integrated Private Debt Fund V includes nine new and five existing investors including some institutions that invested in the firm’s first private debt vehicle. The limited partners include pension funds and financial institutions as well as an endowment.
IAM has raised C$2.1 billion for its private debt vehicles since 2004. The first four funds produced a composite 10-year annualised 7.59 percent rate of return up to 30 September, the firm said.
The firm is also in the market with its debut infrastructure debt fund. That vehicle is anticipated to reach a first and final close of around C$300 million-C$400 million early next year, PDI understands.
IAM is headquartered in Toronto and manages a range of alternative strategies in Canada including private debt and real estate. The private debt business was established as First Treasury in 1987, which IAM acquired in 2000. It closed the first private debt fund at C$600 million in 2004.