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Altas debut fund over halfway to its $600m target

The Canadian firm has co-invested in two out of three of its transactions alongside Canadian pension funds OPSEU and CDPQ.

Altas Partners’ debut fund is over halfway toward its $600 million target.

By late October, Altas Partners I had raised $356.42 million, according to a filing with the US Securities and Exchange Commission. The fund launched in April, according to PEI’s Research & Analytics division.

Altas was founded by Andrew Sheiner in 2012 after he spent 17 years at Toronto-based Onex. It seeks equity investments of between $100 million and $500 million.

Amid growing interest in co-investment and direct investment from limited partners, Altas has made two of its three investments to-date alongside two pension funds.

In August 2014, Altas, along with Baring Private Equity Asia and Ontario Public Service Employees Union Pension Trust, acquired a majority-control stake in St. George's University in Grenada for about $750 million, according to reports.

In August 2015, Altas invested in Capital Vision Services alongside Caisse de dépôt et placement du Québec (CDPQ) and other institutional and private investors, the firm said.

Altas is open to investing for longer time periods than the conventional five to seven years, and to making one or two deals per annum, the firm said.

The SEC filing said Park Hill group served as the placement agent for the fund.

An Atlas spokesperson was not available to comment.