North American private equity firm Novacap has closed its first Digital Infrastructure Fund I, raising over $1bn.

The fund surpassed its target, attracting commitments from institutional investors, family offices, and high-net-worth individuals across North America, Europe, the Middle East, and Asia.

Pascal Tremblay, President, CEO, and Managing Partner at Novacap, thanked investors for their support. “This milestone reflects our team’s ability to help entrepreneurs build leading companies while delivering long-term value to all stakeholders,” he said.

The fund focuses on equity investments in lower mid-market companies offering essential connectivity and data access services. Backed by established physical assets, it builds on Novacap’s deep experience in digital infrastructure and aligns with growing market opportunities.

Led by industry veteran Ted Mocarski, Novacap’s digital infrastructure team has already invested in four platform companies. These include INdigital, a leader in Next Generation 9-1-1 services; All West Communications, a broadband network operator; Communications Tower Group, a wireless digital asset developer and acquirer; and HyScale, a data centre operator.

The fundraising process was supported by Evercore Private Funds Group as the exclusive global placement agent and Davies Ward Phillips & Vineberg LLP as legal counsel. Alex Russ, Senior Managing Director at Evercore, praised the fund’s success. “The strong demand for this fund reflects the strength of Novacap’s team and its unique investment strategy,” he noted.

This fund represents a significant milestone for Novacap. By focusing on connectivity and data-driven services, the firm is well-positioned to support growing demand in the digital infrastructure sector across North America.

Source: Private Capital Journal

Can’t stop reading? Read more