Canal Road Secures $1B in Direct Lending Support from BMO

Canal Road Group on January 10 said it has entered into a strategic partnership with Canadian lender BMO Financial Group wherein BMO will invest up to $1B in capital to support Canal Road’s direct lending strategy.

Canal Road’s inaugural strategy mainly targets first lien and unitranche below investment grade corporate loans for North American companies with EBITDA of $50M or more. It said it mainly sources these loans through its network of private equity sponsors.

The Miami-based firm was established in 2023 by Don Young and Mike Damaos, who previously founded CBAM Partners, growing it to over $15B in AUM before selling it to Carlyle in 2022. In July 2024, Canal Road filed for debut fund Canal Road Private Credit Fund LP, enlisting the assistance of Northern Lights Alternative Advisors on the sales and marketing front, both in the US and abroad, according to a Form D filing with the SEC.

Written By: Dakota

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Canal Road Secures $1B in Direct Lending Support from BMO

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