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Private equity firm Novacap Management Inc., with offices in Toronto and Brossard, Que., has announced the final closing of a fund that focuses on the financial services industry.

Novacap Financial Services, a fund that was launched in 2019, focuses on helping financial services firms grow, a release said on Thursday. The targeted companies were mid-sized North American companies, primarily located in Canada, that operated in financial infrastructure, specialty insurance and distribution, asset and wealth management, and alternative lending.

For example, the fund is invested in Accurate Group, a real estate technology services firm; AGA Benefit Solutions, a group benefits advisory and third-party administration firm; GroupAssur, a property-and-casualty managing general agency; and Optiom, provider of vehicle replacement coverage.

The fund raised $417 million from institutional investors, family offices and high-net-worth investors, and investment management firm Trans-Canada Capital was a lead investor.

Marcel Larochelle, managing partner of Novacap Financial Services, called the fund “the first of its kind in Canada,” and he noted that Canadian entrepreneurs are increasingly seeking growth capital.