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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE Novacap closes two funds totalling CAN$565m07/02/2008. Source: AltAssets. 
Canadian private equity firm Novacap has closed two funds: Novacap Industries III on CAN$400m and Novacap Technologies III on CAN$165m. Novacap Industries III reached its target of CAN$400m; while Novacap Technologies III is still open for investment, and has a target of CAN$200m.
Investment was provided by Canadian financial institutions including banks, insurance companies, pension funds, funds of funds and Novacap's general partners. Investors included Caisse de dépôt et placement du Québec, Crédit Agricole Asset Management, AXA Investment Managers, Rho Ventures and Oak Hill Capital Partners.
The firm's previous funds were Novacap I, which closed on CAN$73m in 1981 and Novacap II, which closed on CAN$210m in 2000.
Novacap Industries III will focus on acquiring majority interests in industrial or consumer product manufacturers and service companies with revenues of CAN$40m to CAN$300m.
Jean-Pierre Chartrand, president, Novacap Industries, said, 'We are very proud of having closed this third fund, which attests to how much faith our sponsors have in our team. This capital will enable us to build solid partnerships with other entrepreneurs so they can accelerate the growth of their businesses.'
Novacap Technologies III will acquire major interests in IT and communication firms with revenues of CAN$10m to CAN$200m.
'Having invested heavily in the ITC field over the years, we've developed a unique expertise in acquiring and developing tech firms. Closing this fund will give us the financial resources required to continue helping innovative entrepreneurs build world-class companies,' added Marc Beauchamp, president, Novacap Technologies.
Novacap has over CAN$750m in assets under management.
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