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.
