Sagard has held an initial closing for its Sagard Senior Lending (SSLP) with commitments totaling $315 million.
The fund is targeting total capital commitments of $600 million, with a hard cap of $750 million, and remains open for additional commitments. SSLP raised an additional $240 million in a separately managed account with a strategic partner.
SSLP’s mission is to build a leading non-sponsor debt franchise, generate compelling risk-adjusted returns, and help entrepreneurs to build and grow their businesses. Focused on the Canadian and U.S. middle market, SSLP intends to target borrowers with $10 million to $50 million of EBITDA.
“We believe that economic headwinds make traditional equity and growth capital options more difficult to achieve. In turn, we have observed that companies – particularly those in the middle market – favor alternative financing sources, such as private debt,” said Dev Gopalan, partner and portfolio manager at Sagard. “Si
