UPDATE 1-Canada's West Face looking to raise $1.5 billion -source

Tue Sep 27, 2016 12:19pm EDT
 
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(Adds details on fund, West Face)

TORONTO, Sept 27 (Reuters) - Canadian money manager West Face Capital is looking to raise $1.5 billion for a new private equity fund, according to a person familiar with the situation on Tuesday.

The Toronto-based hedge fund is targeting both U.S. and Canadian investors with the new fund, the source said on condition of anonymity as the matter is not public.

West Face has taken stakes in companies such as Maple Leaf Foods Inc and SNC-Lavalin Group Inc and pushed for changes.

West Face Capital has been pushing SNC-Lavalin to sell its stake in Ontario's 407 toll highway, sources told Reuters in June. (Reporting by John Tilak; Editing by Paul Simao and Richard Chang)