Private equity firm Novacap launches financial services fund

Montreal-based private equity firm Novacap Inc. introduced a new fund dedicated to financial services on Tuesday.

The Novacap Financial Services I fund seeks to invest in mid-market North American companies that show strong growth potential. The fund will make equity investments in order to support companies in the space, a release said, with a special focus on specialty insurance and distribution, asset and wealth management, alternative lending, and financial infrastructure.

The new sector fund will be managed by Marcel Larochelle, Rajiv Bahl and Alain Miquelon, and has gathered initial commitments of $260 million.

Novacap is the first private equity firm in Canada to launch a fund dedicated to financial services businesses, the release said.

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