Sagard Reaches Final Close On $1.17 Billion Private Debt Fund

Toronto-based alternative asset manager Sagard Holdings Inc. has raised about $1.17 billion for its second private debt fund from institutional and strategic investors across the US, Canada and Europe.

The Sagard Credit Partners II vehicle is targeting an internal rate of return of between 10-12%, well above the yield on the Bloomberg US Corporate High Yield Bond Index which scraped 8.49% Tuesday -- the highest since April 2020.

The fund is focused on middle-market companies in the US and Canada that are owned by a family, entrepreneur or are publicly-listed, and will not use leverage, according to Sagard’s Chief Investment ...