Canadian private equity firm Catalyst Capital Group has soared past its target to hold an $812m final close for its fourth fund.
CCG was initially aiming to gather between $500m and $750m for the Catalyst Fund Limited Partnership IV, but easily passed that figure thanks to LPs interested in its distressed-for-control investment strategy.
The firm also benefited from the strong performance of its previous vehicles, with Fund I experiencing realised annual returns of 70 per cent on invested capital at the end of September 2011.
Fund II and its sister co-investment vehicle had a combined gross annual return of 27 per cent at that point, while Fund III was on 57 per cent.
The latest fundraise means Catalyst now manages more than $2.5bn of capital.
Atlantic-Pacific Capital acted as the sole placement agent for the vehicle following their help successfully raising Fund III.
Catalyst managing partner Newton Glassman said, “We are grateful for the support of our investors and the confidence they have placed in us.
“The Atlantic-Pacific Capital team provided a valuable service managing the fundraising process.”
Catalyst’s current investments include asset-based lender Callidus Capital Corp, casino operator Gateway and natural foods business Natural Market Restaurants.
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