Novacap raises record USD1.865bn for TMT VI
Canadian private equity firm Novacap has closed the Novacap TMT VI (TMT VI) at USD1.865 billion, making it the largest fund raised by the firm to date. The total includes significant commitments from Novacap's partners and employees as well as from the Novacap Executive Fund.
Virtually all investors in the firm's TMT V vehicle committed to TMT VI, which was significantly oversubscribed, exceeding its target of USD1 billion. The investor base for TMT VI includes sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices and advisory firms.
"We are extremely gratified for the opportunity to partner with such a prominent group of investors from around the globe," says Pascal Tremblay, President, CEO and Managing Partner of Novacap. "The successful closing of TMT VI continues the strong momentum in all our verticals: TMT, Industries and Financial Services. The Novacap franchise has never been stronger, and we are grateful for this momentum as we enter our fifth decade. Just as we have done throughout our history, TMT VI will seek to invest in growing, market-leading businesses led by talented entrepreneurs seeking a value-added partner to accelerate growth."
The Fund will continue the strategy of Novacap's previous TMT funds by making control growth investments in profitable technology and technology-enabled businesses. Sectors of interest include software, business services, internet infrastructure, and e-commerce, including solutions in the energy and healthcare markets. TMT VI will be led by partners Pascal Tremblay, Stéphane Tremblay, François Laflamme, Ted Mocarski, Eric Desrosiers, and David Lewin and supported by investment and operations teams with extensive experience in the TMT sector.
Credit Suisse Securities (USA) LLC acted as exclusive advisor and placement agent for TMT VI and Davies, Ward, Phillips & Vineberg LLP acted as legal counsel.