Novacap held a final closing of Novacap Industries V at C$940 million ($706.40 million). The fund exceeds its C$650 million ($488.47 million) target and surpasses capital raised by its predecessor, Novacap Industries IV, which closed in May 2016 at C$470 million ($353.20 million).
Capital raised by Fund V will be used to invest in middle-market companies throughout North America within the manufacturing, business services and industrial sectors. The vehicle received commitments from several institutional investors throughout North America, Europe and Asia including insurance companies, pension funds, high net-worth individuals, insurance companies and family offices.
With its latest fund close, Novacap now manages C$3.60 billion ($2.70 billion) in assets. The Canada firm will continue to make buyout investments throughout Canada and the United States.