Family group launches Canadian buyout fund

The private investment arm of Canada’s Diamond family has launched Whitecastle Private Equity Partners Fund to make small and mid-sized investments in Canada and in the US.

Whitecastle Investments, the investment office of Toronto’s Diamond family, has launched a C$60 million (US$49 million;  €37 million) fund to make investments across Canada and the northeastern US.

The fund’s limited partners include the Diamond family as well as “some of Canada's largest pension funds”, according to a press release.

Whitecastle is led by Carey Diamond, the firm’s president and chief executive officer. The Diamond family grew its wealth through Cadillac Fairview Corporation, a commercial real estate development business founded by Ephraim Diamond and sold in 1987. 

The new private equity fund will target healthcare services, financial services and manufacturing. It will make investments of between C$5 million and $25 million, according to the press release.

In a statement, Carey Diamond called the Canadian private equity market “under-serviced”.

Whitecastle also manages venture capital investments through Whitcap Venture Partners.