Wednesday, 3 June 2015
Last updated 2 hours ago
Apr 15 2010 | 10:55am ET
Canadian hedge fund Salida Capital is making its first foray into private equity, a move that’s brought about further changes at the C$650 million firm.
The natural-resources focused hedge fund has already won a $100 million seed commitment from Athabasca Oil Sands founder Bill Gallacher. Gallacher is also the head of merchant bank Avenir Capital, which is adding one of Salida’s top fund managers to its own team.
Brad White, a co-founder of Salida and manager of its Multi Strategy Fund and Global Energy Fund, is joining Avenir’s asset management team. Both White and Gallacher will serve as advisers to Salida’s new p.e. fund; White’s hedge funds have been handed off to other managers. The Multi Strategy fund will now be led by Salida co-founder and chief investment officer Danny Guy, while the Global Energy fund will be managed by Brian Trenholm, who currently helms Salida’s Wealth Preservation Fund.
Salida will continue fundraising for the p.e. fund for the next six to eight months, or until it has reached its target.
We’re extremely excited about the opportunities we see for our private equity fund,” Courtenay Wolfe, CEO, said. “It’s an area we’ve been planning on venturing into for awhile, and we are pleased to announce that we have already secured a $100 million seed investment for the fund prior to its official launch.”
May 27 2015 | 2:15pm ET
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