Catalyst Capital holds $650m first close on Fund V

The Canadian distressed investment shop is targeting $1.25 billion

Toronto-based Catalyst Capital is holding a first close for its Fund V on $650 million. The fund is targeting $1.25 billion and has been in market for 11 weeks, according to Atlantic-Pacific Capital a placement agent for the fund.

The hard cap for the fund is $1.5 billion.

Catalyst is a Toronto-based private equity firm that specializes in control and/or influence investments in distressed and under-valued Canadian situations.

Fund IV closed on approximately $1 billion in 2012, according to Private Equity International’s research and analytics division.

Catalyst Capital is led by Newton Glassman, and is the second largest private equity firm in Canada.