Catalyst Capital Raises $650 Million for Latest Fund

Catalyst Capital Group Inc., Canada’s second-largest private equity firm, said it closed the first tranche of its latest fund, raising $650 million of a targeted $1.25 billion.

The fund, which will invest in distressed debt, will be capped at $1.5 billion and be the Toronto-based firm’s largest to date. Once closed, Catalyst will manage more than $5.7 billion, the firm said.

The fund has been “well received in the market despite ongoing tough fundraising conditions” and supported by existing investors and new institutional investors, Catalyst said.

Atlantic-Pacific Capital served as the exclusive global placement agent for the fund.

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