Fundraising

Innovatus seeks almost $2bn for niche strategies

The investment platform includes three strategy-specific funds and a flagship vehicle that would deploy capital across all strategies.

-

Innovatus Capital Partners is looking to collect as much as $1.8 billion across four vehicles targeting agriculture, life sciences and real estate, according to sources familiar with the matter.

The New York-based firm is seeking $750 million for Innovatus Flagship Fund I, which will invest in the three strategies. In addition, the firm is seeking $250 million-$350 million each for three specialized funds: Innovatus Trade Finance Fund I, Innovatus Life Sciences Lending I and Innovatus Structured Credit Real Estate Fund I. So far, the firm has raised approximately $600 million across the four vehicles, the people said.

A spokeswoman for the firm declined to comment on the fundraising.

The agriculture strategy, which will be invested from the Trade Finance fund, will target senior debt investments in pre-export and agricultural storage businesses in Latin America. Positions would normally be $10 million-$25 million. The fund is the second-largest to be focused on agriculture in a geography including South America, according to Agri Investor data; one unnamed fund is targeting $500 million to deploy into the continent. Overall, GPs are looking to round up $1.45 billion for South America agricultural investments.

The Life Sciences Lending fund will deploy $10 million-$30 million into medical device and diagnostic companies that have products approved by the US Food and Drug Administration or similarly situated companies with their goods in use in Europe.

The real estate fund will target suburban office and some multifamily housing properties with transactions valued at $50 million-$100 million.

Innovatus is one of the newer kids on the private debt block, a firm that Perella Weinberg alumni Andy Dym and David Schiff launched in September 2016. At Perella, the men worked on asset-based lending. Additional senior managers that joined at the outset include Andrew Hobson, partner and chief financial officer; Joseph Schottland, partner and head of research; and Amy Cohen, head of marketing and investor relations.