Stonebridge debt fund reaches $150m

Stonebridge Financial, a Toronto-headquartered company, is still seeking more investors for its infrastructure debt vehicle. Stonebridge has developed the fund with cooperation from PBI Actuarial Consultants.

Stonebridge Financial Corporation said its Stonebridge Infrastructure Debt Fund I has begun loaning private capital for the “construction and operation” of infrastructure and energy projects, according to a press statement.

The fund has collected $150 million in capital, and is set for a final close in late 2012 to “accommodate additional investor interest,” Stonebridge said. Stonebridge, a financial services provider established to structure financing for the institutional market, partnered with PBI Actuarial Constructions and has the support of PPP Canada, a government-run entity established to improve the delivery of public infrastructure.

In its statement, Stonebridge characterised the fund as a way to provide access to “a specialised segment of the debt market,” while BDC, the development bank for Canada, said the fund helped to address a shortage of private sector financing for smaller infrastructure projects.

Louis Belanger, a Stonebridge managing director listed as portfolio manager for the fund, said his company will seek to roll out more infrastructure funds in the near term, including a possible renewable energy fund. “It's not a stretch that we would,” said Belanger.   

Belanger joined Stonebridge in 2007, according to the company. He had previously been an assistant vice president for private placement for Manulife Asset Management.

Stonebridge, which also has a presence in Montreal, has syndicated $2.2 billion of project debt financing.