Dundee Sarea Has First Close on Debut Fund
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Dundee Sarea Has First Close on Debut Fund

dundee sarea nf1Canadian private equity firm Dundee Sarea has held a first close of its debut fund at C$112 million.  The fund has targeted a total fundraise of over C$200 million.

Investors in the new fund include Dundee Corporation, the Renaud family (through its family office holding company RJR LP 2014) and Caisse de dépôt et placement du Québec (CDPQ), one of the largest managers of public pension plans in Canada.

David goodman nf1“Dundee Sarea is pleased to count on one of Canada’s most reputable and largest pension funds as a founding investor in its inaugural fund,” said David Goodman, President and Chief Executive Officer Dundee Corporation. “CDPQ’s investment reflects their interest in the significant potential of the challenging opportunities arising in mid-market companies. From our perspective, we take pride in the confidence they are showing in our private equity team and the depth of its turn-around experience and expertise.”

Dundee Sarea invests from C$15 million to C$50 million in companies requiring turnaround expertise with a focus on manufacturing, distribution, industrial products, agriculture, oil and gas, and forestry related industries. Typical targets are based in North America and Europe and have annual revenues of C$100 million to C$400 million.

Andreas Beroutsos nf1“This strategic long-term investment – alongside two prominent investors – is positioned to take advantage of distinct business opportunities in a challenging macroeconomic environment and, at the same time, generate returns for our clients,” said Andreas Beroutsos, Executive Vice-President for Private Equity at the CDPQ.

Fund I made its first investment in August 2014 with the acquisition of Redecam Group, a Milan, Italy based designer and installer of air filtration equipment and flue gas treatment systems to companies operating in the heavy industry and energy sectors (www.redecam.com).  The founder and chairman of Redecam, Guiseppe Bettoni, co-invested alongside Dundee Sarea.

Dundee Corporation (TSE: DC.A) is active in investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. The company is based in Toronto (www.dundeecorp.com).

Caisse de dépôt et placement du Québec is an institutional investor that manages funds primarily for public and para-public pension and insurance plans. As of June 30, 2015, it held C$241 billion in net assets (www.cdpq.com).

The Renaud family partnership is led by Messrs. Philip Renaud and Richard Renaud, a former partner at Wynnchurch Capital.

© 2015 PEPD • Private Equity’s Leading News Magazine • 10-9-15

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