6 Jul 2010

Torchlight raises $150m for hard-pressed firms

6:04 am on 6 July 2010

Torchlight Investment Group has raised $150 million to provide cash for hard-pressed firms.

The group, owned by Pyne Gould Corporation, says it has received backing from a range of sophisticated local and foreign investors and investment firms, including specialists in credit and real-estate private equity.

The fund, which is chaired by George Kerr, focuses on providing funds from favourable firms to troubled companies.

It has a $100 million loan in place with South Canterbury Finance, which ranks ahead of other investors if the lender collapses.