Integrated Asset Management Corporation’s private debt group has held a first close for its fourth fund on $307 million, it said in a statement. The firm is targeting $400 million for the fund, which has already raised more than the $275 million Fund III.
Integrated Private Debt Fund IV will be managed by IAMC’s subsidiary, Integrate Private Debt Corporation, and will invest in the investment-grade debt of Canadian mid-market companies and projects, as part of management buyouts, refinancings, or growth financings.
The fund, which will offer monthly distributions, will remain open for new commitments until October this year, the firm said. It is structured as a traditional LP/GP vehicle, and will charge a management fee of 0.5 percent on invested capital.
IPD’s three previous funds have a composite five year annualized returned to 30 June 2013 of 7.65 percent and have outperformed the benchmark DEX Universe Index by an average of 227 bps over every interval, the firm claimed.
Philip Robson, president of IPD, said that a significant number of existing LPs had re-upped to the new fund. These include a number of Canadian pension funds and institutional investors, IPD said.
The firm is also in the market with an infrastructure-focused debt vehicle, IPD Long duration Fund I, which is targeting $400 million and is aiming for a first close by December.