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Salida Capital launches private equity fund

Salida Capital, a Canadian alternative investment management firm, is launching a private equity fund focused in the natural resources space.

The fund’s official marketing period will begin in May and continue for a six to eight month period, or until it has hit its targeted maximum capital commitment.

“We’re extremely excited about the opportunities we see for our private equity fund,” says Courtenay Wolfe (pictured), president and chief executive of Salida Capital. “It’s an area we’ve been planning on venturing into for awhile, and we are pleased to announce that we have already secured a CAD100m seed investment for the fund prior to its official launch.”

The anchor investment comes from Bill Gallacher, president and chief executive of Avenir Capital and chairman and founder of recently public Athabasca Oil Sands.

“My relationship with Salida goes back many years. I’m a huge supporter and friend of the firm and am optimistic about the future of this relationship,” says Gallacher.

While Salida remains focused on managing funds investing mainly in publicly listed securities, Wolfe says one key reason for launching a private equity fund is the many opportunities the team is seeing on the private side that cannot be held in their current funds.

“We manage our funds within a disciplined risk management framework that has predetermined limits on the percentage of privates that can be held in a fund,” says Wolfe. “Many of our investors have asked for a longer term time horizon for investing, wishing to access some of the great private investment opportunities we are seeing in the natural resources space.”

Brad White, portfolio manager and co-founder of Salida, will be joining Gallacher’s asset management team. White is currently the portfolio manager of two funds, the Salida Multi Strategy Fund and the Global Energy Fund. Both funds are being transitioned to two of Salida’s other portfolio managers.

The Multi Strategy Fund will be managed by Salida’s founder and chief investment officer Danny Guy. The Global Energy Fund will be managed by Brian Trenholm, who currently manages the Wealth Preservation Fund and has 17 years of industry experience.

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