Centerbridge Nears Deal With Apollo, LSV to Extend Fairstone Bet

Centerbridge Partners is nearing a deal to raise about $1 billion from investors including Apollo Global Management Inc. and LSV Advisors to extend its ownership of a Canadian bank, according to people with knowledge of the matter.

LSV is leading a continuation vehicle for Fairstone Bank of Canada, said the people, who asked not to be identified discussing confidential information. Additional buyers include StepStone Group, Pathway Capital Management and Pantheon, the people said.

Robert W. Baird & Co. is advising Centerbridge on the transaction, according to the people.

Representatives for the firms declined or didn’t immediately respond ...