ThinCats secures £75m mezzanine funding from Canadian pension fund
ThinCats has secured £75m in funding from CPP Investments, which manages C$632bn (£358bn) of assets for the Canada Pension Plan.
The mezzanine funding line will be used to lend to UK mid-sized businesses.
It forms part of the £700m private warehouse facility that ThinCats launched in September 2023, which currently has deployed £440m.
“This funding from CPP Investments demonstrates the strong appetite from institutions to fund growing UK SMEs and is a testament to credit quality of ThinCats lending process,” said Ravi Anand, managing director of ThinCats.
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“CPP Investments’ addition to ThinCats diverse range of funders brings ThinCats one step closer to its £2bn loan book target over the next few years.”
Ben Mason, head of European credit at CPP Investments said: “CPP Investments is an active participant in private warehouse funding. We are pleased to be able play our part in funding UK economic growth through ThinCats’ platform.”
The new funding line comes after ThinCats saw a record level of deal origination in its financial year ending 30 July 2024, lending £378m to SMEs. It is ranked as the number one non-bank lender for M&A transactions in the UK, according to Experian Market IQ’s 2023 M&A report.
