Crown Capital Partners, a provider of growth capital to mid-market companies, has completed a USD50 million closing for Crown Capital Fund IV, bringing the current total capital committed to the fund to USD175 million.
To date, USD110 million has been invested by the fund in six transactions.
"This upsizing deepens our relationships with our institutional limited partners and is a clear testament to the quality of our growing portfolio," says Chris Johnson, Crown's president and CEO. "We continue to deliver on our key milestones. We have completed three transactions since November 2016, adding USD60 million of new investments into Crown IV LP. With this additional capital and our recently-completed USD35 million credit facility, we have significantly increased Crown's funding capacity, which we will use to capitalise on the demand for customised financing solutions in Canada's middle market."
Crown IV invests in special situations financing transactions originated and managed by Crown. These consist of senior and subordinated loans with terms ranging from six months to five years, and are structured to limit ownership dilution and provide the borrower client with the ability to focus on growing their business.
Crown IV has a maximum size of USD300 million, with additional closings expected up until September 2018 as financing opportunities are identified.
Crown, through its wholly-owned subsidiary Crown Capital Funding Corporation, increased its capital commitment to the fund by USD11.25 million to USD61.25 million. Crown's increased commitment will be funded, in part, by its recently completed USD35 million credit facility. After this closing, Crown holds a 35 per cent interest in the fund.
