Novacap Closes $1B Maiden Digital Infra Fund
Canadian private equity firm Novacap has successfully completed its inaugural fund focused on digital infrastructure investments, securing over $1 billion from institutional investors, family offices, and high-net-worth individuals across North America, Europe, Asia, and the Middle East.
The Novacap Digital Infrastructure Fund I surpassed its initial target, securing both primary commitments and co-investments to facilitate the firm’s development into a new asset class, thereby enhancing its current investment strategies in technology, industries, and financial services.
The fund will focus on North American companies that offer essential connectivity and data access services backed by established physical assets. The strategy has already resulted in investments in four platform companies: INdigital, a provider of next-generation 911 services; All West Communications, a broadband network operator; Communications Tower Group, which specializes in wireless digital assets; and HyScale, a data center asset operator.
Founded in 1981, Novacap, headquartered in Brossard, Quebec, manages over C$10 billion (approximately $7 billion) in assets and operates out of offices in Montreal, Toronto, and New York. To date, the firm has invested in more than 250 companies.
Evercore Private Funds Group served as the exclusive global placement agent, and Davies Ward Phillips & Vineberg LLP served as fund counsel.