Canadian alternative asset manager Sagard has announced the first close of Sagard Credit Partners (SCP) III at more than $1bn (£744.6m) in initial commitments.
SCP III, which is targeting $2bn, has deployed $135m across three investments to date.
The third vintage in Sagard’s private credit series attracted 16 institutional limited partners, including “a significant base” of returning investors, the firm said.
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The fund provides directly originated senior secured financing to mid-market companies in Canada and the US, thereby building on the strategy established by Sagard Credit Partners I and II.
SCP II closed at $1.17bn in June 2022 and has since deployed its entire committed capital across a diversified portfolio of businesses.
The strategy is focused on non-sponsored borrowers in what Sagard called “an underserved segment of the credit market”.
“SCP III allows us to continue applying a highly selective approach in a market where experience, patience, and structuring discipline matter,” said Adam Vigna, co-founder and chief investment officer at Sagard.
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“SCP III strengthens our ability to support mid-market businesses with capital designed around their needs and stage of growth,” added Mustafa Humayun, partner and portfolio manager at Sagard Credit Partners. “For borrowers, that means working with a lender that takes the time to understand their business and can stay engaged as their needs evolve. For our limited partners, it means continuing to build a portfolio with the discipline, selectivity, and alignment that have defined the strategy since inception.”
Sagard Credit Partners has deployed more than $1.9bn of capital since inception, with 29 realisations to date.
Since 2016, the broader Sagard Credit platform has put to work approximately $4.5bn across Sagard’s credit strategies.
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