Canadian private equity firm PFM Capital has secured more than $80 million in the first close of Apex III Investment Fund LP.
The fund, which has a target of $100 million and a hard cap of $125 million, was backed by wealthy and institutional investors. It is expected to wrap up in the first half of 2019.
Apex III will invest equity, quasi-equity or subordinated debt in mid-market companies in energy, value-added agriculture, industrial and manufacturing sectors in Western Canada. The capital will be used mostly for expansions, acquisitions and management buyouts.
Established in 1989, Regina-based PFM is led by President and Founding Partner Randy Beattie.
Photo: Randy Beattie, president and founding partner of PFM Capital.
PRESS RELEASE
PFM Capital Announces First Close of Apex III Investment Fund
REGINA, Jan. 15, 2019 /CNW/ – PFM Capital Inc. (“PFM Capital”) has announced the launch of Apex III Investment Fund Limited Partnership (“Apex III” or the “Fund”), with an initial close of more than $80 million. Apex III is the successor fund in the Apex series of Funds managed by PFM Capital and is focused on a diversified portfolio of Western Canadian private equity investments.
Apex III provides institutional and accredited investors with access to participate in equity, near-equity or subordinated debt investments in mid-market private Western Canadian based companies that offer the potential for substantial capital appreciation or income generation. Focusing on the key industries that drive Western Canada’s economic strength – energy, value-added agriculture, industrials and manufacturing – capital will primarily be deployed for the purposes of expansion, acquisition, or completing a management buyout.
Apex III builds on the success of its predecessor funds. Apex II Investment Fund LP which had a final fund size of $88.2 million, was launched in 2014 and Apex Investment Fund LP which had a final fund size of $95.3 million and was launched in 2007.
Apex III completed its initial close in December 2018, securing more than $80 million from high net worth and institutional investors, as well as a significant management commitment. The Fund’s management team has set a target of $100.0 million and a hard cap of $125.0 million. The Funds’ final close will be completed in the first half of 2019.
“Over 90% of the $80 million currently committed to Apex III Investment Fund has been received from investors that have participated in at least one other PFM-managed fund,” says Randy Beattie, President of PFM Capital Inc. “We consider this level of support to be a strong indicator of investor confidence in PFM’s investment strategy and the Fund’s predominantly Saskatchewan and Western Canadian focus.”
About PFM Capital Inc.
PFM Capital is Saskatchewan’s largest private equity investment firm that has raised more than $860 million in capital across 8 retail or institutional and private wealth funds. Based in Regina, PFM’s niche focus allows investors to benefit from the economic strengths of the Canadian prairie provinces by taking advantage of the firm’s established local contact network and long-term track record of successful multi-sector deal origination. PFM Capital is employee-owned and has been managing private equity funds for over 20 years.
For further information: please visit www.pfm.ca or contact the following: Eric Clark, Partner, Managing Director Business Development, (306) 791-2113, ericclark@pfm.ca; Rene Benoit, Partner, Director of Business Development, (306) 791-4824, renebenoit@pfm.ca