West Face Said to Seek $1.5 Billion for New Private Equity Fundby
Toronto-based firm raising fund for larger opportunities
Boland says hedge fund sees ‘attractive dislocation’ coming
West Face Capital Inc. is aiming to raise $1.5 billion for a new private equity fund to make larger investments, according to a person familiar with the efforts.
“We believe attractive market dislocations could occur over the next few years and we are making preparations with our investing partners,” Greg Boland, the head of Toronto-based West Face, said in an e-mail, declining to comment on the details of the fundraising. “The new committed draw fund will augment our ability to respond to large opportunities.”
West Face has reached out to potential investors about the new fund, which will invest in private and public securities and seek control through distressed transactions, said the person, who asked not to be identified because the matter is private.
The hedge fund is touting a 14 percent year-to-date return on its open-ended core fund in the fundraising efforts, the person said.
West Face focuses on event-oriented investing, specializing in distressed situations, private equity, public market investments and other transactions. The fund has been involved in several high-profile investments in recent years, including leading a group who acquired wireless carrier Wind Mobile in September 2014. That business was sold about 15 months later for C$1.6 billion ($1.2 billion) to Shaw Communications Inc., netting a sixfold return for the acquirers.