While a number of distressed investment funds have been active in Canadian insolvencies and restructurings, the vast majority of those funds have been American. A former principal of one of those funds recently returned to Canada to establish a Canadian based and managed distressed investment fund, Catalyst Fund Limited Partnership I. As of January 1, 2003, the total raised was approximately $300 million and subscriptions will be accepted until the end of March. This capital will provide liquidity for financial institutions with troubled loans as well as restructuring expertise and debtor-in-possession financing. Catalyst was advised by Jon Levin, Alan Schwartz, Peter Ascherl and Sean Stevens of Fasken Martineau.