IAM's fifth private debt fund raises $385 mln in initial close

IAM Private Debt Group, the private debt platform of Integrated Asset Management Corp (TSX: IAM) has raised $385 million in the first close of its fifth private corporate debt fund. Investors in the fund included new and repeat limited partners, some of which have been in every fund since Fund I. Fund V, which will make fixed-rate, fixed-term loans to mid-market businesses and projects in Canada, is expected to see its second and final close in early November. Including Fund V's initial close, IAM Private Debt Group has raised over $2.1 billion in fund capital since 2004. Toronto-based IAM is an alternative assets manager.

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