CAI expects Firethorn fund second close in December

The Canadian firm’s Firethorn fund is the first in a series that will take commitments from individual investors, family offices and smaller institutional investors.

Canadian firm CAI Capital Management is looking to hold a second close on its Firethorn Capital Partners fund in December, CAI associate Ashton Herriott told Private Equity International.

The fund is the first in the Firethorn series that will raise capital from accredited individual investors, family offices and smaller institutional investors in North America, the firm said.

Doug Pearce, a former chief executive and chief investment officer at British Columbia Investment Management Corporation, will lead Firethorn’s advisory committee.

Firethorn has already made an investment in women’s wear company White House Design in British Columbia, acquiring a majority interest from Jan Stimpson. She is the company’s founder and president and will become a director of White House.

CAI seeks to make investments in Canadian and US lower middle market companies with an EBITDA of between $5 million and $15 million. It has invested, along with co-investors, over $1.4 billion in equity across North America and has offices in Vancouver and New York. 

Managing partner Tracey McVicar leads the CAI team following the retirement of four of five founding partners in the last few years. CAI founding partner Peter Restler continues as chair.