Archives: Funds

Funds

Walmer Flagship Fund LP

Walmer Flagship Fund LP is an Ontario limited partnership that seeks to compound capital by focusing on small, often fleeting inefficiencies in North American equity markets, that may be underfollowed and less reliant on broad market direction. These opportunities can be capacity constrained yet very profitable at the right scale, by utilizing investment experience and proprietary technology to identify and capitalize on them.

Current Monthly Report

Why Invest?

The Fund aims to compound many independent, repeatable investment opportunities into steady performance, less correlated to overall market direction.
The Investment team combines proprietary technology with over two-decades of investment experience.
The Fund invests in highly liquid, North American exchange-traded securities.
The Fund is intentionally limited in capacity to prioritize performance over scale.
The Investment team has invested a significant amount of their own capital in the Fund.
Suitable for investors seeking diversified alternative exposure with medium risk.

Fund Details

Legal structure

Ontario Limited Partnership

Strategy

Multi-strategy, Opportunistic long/short

RSP Eligible

Subscription Frequency

Monthly, on the last business day of each month

Minimum Investment (accredited investors only)

C$ 250,000 (Classes W & F) and C$ 2,000,000 (Class I)

Currency

Canadian Dollars

Management Fee

Class
W :	1.75%
F :	0.75%
I :	Negotiated – See OM for details

Performance Fee (Master Fund)

Class
W :	17.5%
F :	17.5%
I :	Negotiated – See OM for details

High Water Mark

Yes. Crystallized quarterly

Lock-up Period

None

Redemption Frequency

Monthly, on the last business day of each month

Redemption Notice

35 Calendar Days

Early Redemption Fee

None

Documents

Offering Memorandum Subscription Agreement

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BDG Access Fund

The BDG Access Fund LP is a Montreal-based private equity firm active in the small-to-medium-enterprise (“SME”) sector – defined as business having an enterprise value between $10 to $100M and under 500 employees. BDG & Partners has a +10-year track record of successfully executing on its of SME buyout strategy by identifying, owning, and developing successful companies through an operational approach.

The BDG Access Fund LP is a limited partnership formed for the sole purpose of investing in BDG Fund III, a Quebec limited partnership. The general partner of the BDG Fund III is BDG-Appalaches (General Partner) Inc., a Quebec limited liability company and the carried interest partner, BDG III Carry Partner, L.P., is a Quebec limited partnership. The underlying sponsor of BDG Fund III is BDG & Partners.

Why Invest?

In Canada, there is a total of 1,190,000 “small” (employing 1-99 workers) and 23,395 “medium”-sized (employing 100-499 workers), constituting 2.1 million employees.
As company founders and owners approach retirement, they are increasingly exploring business transfer opportunities (52% of entrepreneurs intend to sell or transfer their business to someone outside their family). This trend represents the largest intergenerational wealth transfer in the country’s history.
Entrepreneurs who are planning to retire are hesitant to continue developing their businesses or to take risks to increase returns, revealing untapped growth potential for potential buyers.

The BDG Fund seeks to invest in Canadian Mid-Market businesses falling within the following parameters:

Growth market: Portfolio Companies exposed to markets with strong long-term fundamentals and favorable growth prospects allowing the businesses to evolve under solid long term business conditions.
Geographical location: Portfolio Companies having their headquarters and their principal operations located in Canada
Established business model: Profitable Portfolio Companies, well established, mature with a solid revenue base from quality customers, and sustainable competitive and market position advantages.
Specific sectors: Even though the BDG Fund is sector-agnostic, focus will be to invest in Portfolio Companies operating in manufacturing processing, distribution and specialized services sectors, and businesses ancillary to such sectors.
Positions: The BDG Fund, as buy-out investor, will acquire majority positions in Portfolio Companies, therefore at least 51% of controlling shares.
Instruments: The BDG Fund will mainly acquire equity and quasi-equity instruments in respect of its investments in Portfolio Companies. The BDG Fund may also acquire debt instruments in combination with equity instruments as part of its buy-out strategy.

Fund Details

Legal structure

Limited Partnership

Strategy

Mid-Market private equity

Fundserv Code

SPA 3001

Eligible for Registered Accounts

Subscription Frequency

Closings at managers discretion

Currency

Canadian dollars

Minimum Initial Purchase

N/A

Management Fee (Access Fund)

Greater of $8,333.33 and 0.0167% of the total initial commitments¹

Performance fees

No performance fee

Distribution Options

Cash distributions only

Redemption Frequency

N/A

^{1 1 year from the initial commitment, a monthly services fee of $250 which shall increase by an additional $250 on each subsequent anniversary, will commence.}

Documents

Term Sheet Subscription Agreement Fund Set up sheet

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DP PF Access Fund

The DP PF Access Fund (the “Access Fund”) is a continuously-offered Canadian trust established to provide Canadian investors with exposure to structured secondary private equity strategies offered by Dawson Partners, an institutional, global secondary private equity firm.

The Access Fund provides exposure to the returns of Dawson Portfolio Finance (Lux) SCSp-RAIF, a Luxembourg special limited partnership (société en commandite spéciale) organized as a reserved alternative investment fund (fonds d’investissement alternatif réservé) (the “Master Fund”). Dawson Partners Inc. serves as the portfolio manager and investment manager of the Master Fund.

Founded by former senior members of the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan, Dawson Partners (formerly Whitehorse Liquidity Partners) is a provider of liquidity solutions for private equity. Dawson – consisting of over 225 professionals headquartered in Toronto, London and New York – invests in seasoned private equity transactions with a diversified group of private equity managers and investors, utilizing structured solutions that provide Dawson’s underlying investors with a lower risk profile than traditional long-only secondary private equity investing. Since its 2015 inception, Dawson has deployed over US$26 bn.

The investment objective of both the Master Fund and consequently the Access Fund is to generate returns principally through long-term capital appreciation and current income. The Master Fund seeks to achieve its investment objective by investing primarily through direct and indirect structured investments in:

preferred equity and common equity investments in entities that hold portfolios of interests in private investment funds and/or other assets;
purchases of interests in private investment funds and private companies in secondary market transactions; as well as
co-investments, primary investments, spin-outs, fund recapitalizations, GP-led transactions and other structured and unstructured transactions, including as a co-investor with other Dawson funds, clients and accounts.

In furtherance of the above, the Master Fund may utilize a broad variety of investment types and transaction structures, as well as a wide range of investment securities.

Current Monthly Report

Why Invest?

The DP PF Access Fund is an open-ended “evergreen” vehicle that permits investors to invest monthly and redeem quarterly, thereby avoiding (i) the potential inconvenience of managing a series of capital calls and distributions spread out over many years and (ii) long-term lock-ups, both of which are typical features of conventional secondary private equity investing
Dawson makes use of structured solutions in the secondary market which are designed to provide investors with a lower risk profile than traditional secondary private equity investing
“Distributing” (for investors seeking yield) and “Non-distributing” (for investors seeking to reinvest their gains) units of the Access Fund are available
Suitable for investors seeking long-term growth who can tolerate medium risk

Fund Details

Legal structure

Trust

Strategy

Secondary private equity

Fundserv Code

Class A1		SPA 2800P
Class AD1		SPA 2801P
Class F1		SPA 2802P
Class FD1		SPA 2803P

Eligible for Registered Accounts

Yes

Subscription Frequency

Monthly - 21st of the month or preceding business day (if the 21^st falls on a weekend or holiday)

Currency

Canadian dollars

Minimum Initial Purchase

C$ 10,000

Management Fee (Access Fund)

Class
A1 \| AD1:	1.20%
F1 \| FD1:	0.20%

Management Fee (Master Fund)

1.25%

Performance Fees (Access Fund)

None

Performance Fees (Master Fund)

10.0% of Excess Profits subject to the Hurdle Rate of 5% with 100% Catch-Up

Distribution Options

All distributions accruing to Class A1 and Class F1 unitholders will be automatically re-invested. Class AD1 and Class FD1 unitholders are entitled to cash distributions generated by underlying portfolios

Redemption Frequency

Quarterly, on the last business day of each quarter

Redemption Notice

55 calendar days prior notice

Early Redemption Fee

3% if redeemed within 1 year of investing. 2% if redeemed within 2 years

Documents

Offering Memorandum Subscription Agreement Fund Set up Sheet

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Bromma Resource Canada Access Fund

The Bromma Resource Canada Access Fund (the “Fund”) is a resource-focused, predominantly equity-based fund whose investment objective is to provide shareholders with long-term capital appreciation via accessing the returns of the Cayman-domiciled Bromma Resource Fund Inc. (the “Master Fund”). The Master Fund’s investment strategy aims to provide upside capture when commodity prices are bullish while at the same time offering downside protection and return generation via short-selling when commodity prices are bearish. A majority of the Master Fund’s investments will be in public equities and will also include convertible debentures of publicly-traded resource-related businesses.

Current Monthly Report

The Master Fund focuses on catalysts which encompass the following three main areas:

Event Driven Financings – Bromma originates, and through its network, has access to financings with asymmetric risk-to-reward profiles; it also believes that it receives strong allocations on over-subscribed financings (both brokered and non-brokered) that can outperform the market

Investing in Developers – Bromma invests in companies that are on the verge of becoming producers for the purpose of capitalizing on the “re-rate” – i.e., the increase in the valuation multiple as a company moves from the development to production stage

Structured financings – Bromma participates in and has originated convertible debenture financings on favourable terms for companies it believes have best-in-class projects

Why Invest?

While the Fund can serve as a vehicle for investors seeking to take advantage of the commodity boom, its deal flow should permit the Fund to make money regardless of secular trends.

Given the long history of the Fund’s key principals in the resource extraction sector, Bromma has an edge in resource investing through its network, its superior access to deal flow, and its ability to originate financings, manage risk, and structured financing positions.

The Fund’s principals are significant investors in the fund ensuring an important alignment of interest between manager and investors.

Since October 2019, the Master Fund has produced net compound annualized returns to investors in excess of +24%.

Fund Details

Legal structure

Trust

Strategy

Resource-related equity catalyst strategies

Fundserv Code

Class
A :	SPA2000P
F :	SPA2002P
I :	SPA2004P

RSP Eligible

Yes

Subscription Frequency

Monthly, on the last business day of each month

Minimum Investment (accredited investors only)

C$ 10,000 (Class A and F), and C$ 100,000 (Class I)

Currency

Canadian dollar share classes

Management Fee

Class
A :	2.25%
F :	1.25%
I :	2.00%

Performance Fee (Access Fund)

None

Performance Fee (Master Fund)

20%

High Water Mark

Yes. No reset. Crystallized annually

Lock-up Period

None

Redemption Frequency

Monthly, on the last business day of each month

Redemption Notice

40 Calendar Days

Early Redemption Fee

3% if redeemed within 1 year

Documents

Offering Memorandum Subscription Agreement Fund Setup Sheet

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Capital Asset Income Fund [Closed to New Investors]

Capital Asset Income Fund is a Canadian trust established to focus on providing a steady stream of monthly distributions to investors by accessing the returns from the portfolios of residential mortgage loans held in two master funds. The master funds are comprised of the Mortgage Company of Canada Inc. (“MCOCI”), a mortgage investment corporation, and First Mortgage LP (“FMLP”) a mortgage loan-related limited partnership (collectively, the “Master Funds”). The Master Funds – both managed by Capital Asset Lending Inc. – focus on borrowers with conservative loan-to-value ratios purchasing single-family, entry-level homes primarily located in the Greater Toronto Area and other urban Ontario centers. The weighted average term-to-maturity of loans in the Master Funds is less than one year.

Current Monthly Report

Why Invest?

Investors who are seeking income
The Fund seeks to provide stable monthly distributions to unitholders
Monthly distributions are currently targeted to yield 7.00% (Class F) and 6.00% (Class A)
Returns are intended to have low correlation to both the public equity and fixed income markets
The portfolio is constantly turning over providing a good source of liquidity
Capital Asset Lending Inc. is one of Canada’s largest private providers of residential mortgages
Suitable for investors seeking income and who can tolerate low to medium risk

Fund Details

Legal structure

Trust

Strategy

Mortgage loans

Fundserv Code

Class A		Class F
SPA2100		SPA2102

RSP Eligible & TFSA Eligible

Yes

Subscription Frequency

Monthly, on the last business day of each month

Minimum Initial Purchase

C$ 10,000

Currency

Canadian dollars

Management Fee

Class A		Class F
1.25%		0.25%

Performance fees

None

Distribution Options

Paid monthly

Redemption Frequency

Monthly, on the last business day of each month

Redemption Notice

1st of the month prior to the redemption date

Early Redemption Fee

5% if redeemed within 12 months of investing

Documents

Offering Memorandum Subscription Agreement Fund Set up Sheet Financial Statements

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Alpine SPRING Private Venture & Growth Fund

Alpine SPRING is a continuous offering, fully-funded/non-callable fund that provides investors with exposure to a venture capital and growth equity investment portfolio focused on the “innovation economy”, the most dynamic companies, technologies and sectors that are seen to benefit from attractive secular trends. The investment portfolio is managed by the StepStone Group, a global asset manager and advisory firm of private assets with about US$660bn in total capital responsibility, over 980 investment professionals and 27 offices globally.

Alpine SPRING and StepStone’s investment objectives are to (a) achieve global access to top-tier venture and growth equity managers; (b) gain diversified exposure across the innovation economy; and (c) to achieve long-term capital appreciation.

Current Monthly Report

Why Invest?

Interested in investments with exposure to private equity, with a particular focus on venture capital and growth equity.
To gain access to prominent 3rd party private asset managers that are generally unavailable to the investing public due to resource requirements and high investment minimums.
To benefit from diversification across industry sector, investment stage and size, geography and strategy.

Fund Details

Legal structure

Trust

Strategy

Private market venture capital and growth

Fundserv Codes

	US$	C$
Class A:	SPA1950	SPA1958
Class F:	SPA1952	SPA1960
Class XF:	SPA1956	SPA1964
Class I:	SPA1954	SPA1962
Class ICS:	SPA1966	SPA1968

RSP Eligible & TFSA Eligible

Yes

Subscription Frequency

Monthly, on the 15th

Minimum Initial Purchase

	US$	C$
Class A:	25,000.00	25,000.00
Class F:	25,000.00	25,000.00
Class XF:	*5,000,000.00	*5,000,000.00
Class I:	5,000,000.00	5,000,000.00
Class ICS:	10,000.00	10,000.00

*combined minimum of C$5,000,000 and/or the US$ equivalent

Currency

Canadian (hedged) and US dollars

Offshore & US Investors Eligible

Front End Commission

Up to 3.0% for Class A/A-CAD only

Management Fee (Access Fund)

0.20% per annum of the aggregate Net Asset Value

Management Fee (Master Fund)

1.50% per annum of the aggregate Net Asset Value

Performance Fee (Access Fund)

None

Investor Service Fee

	US$	C$
Class A:	0.40%	0.40%
Class F:	0.40%	0.40%
Class XF:	0.30%	0.30%
Class I:	0.05%	0.05%
Class ICS:	0.15%	0.15%

% per annum of the aggregate Class Net Asset Value

Redemption Frequency

Quarterly, on the last business day of March, June, September and December

Redemption Notice

On the 15th of February, May, August and November

Early Redemption Fee

5% if redeemed within 12 months of investing

Documents

Offering Memorandum Subscription Agreement Fund Setup Sheet Financial Statements Fact Card Investor Presentation

Notice D’Offre Confidentielle Convention de Souscription Fiche D'information Présentation Investisseurs

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PG GLOBAL PRIVATE EQUITY CANADA ACCESS FUND – CLASS I

PG Global Private Equity Canada Access Fund (“PG Canadian Feeder Fund”) is a Canadian trust established to gain access to certain strategies offered by Partners Group Global Value SICAV (“Master Fund”). The PG Canadian Feeder has exclusive access to the Master Fund in Canada. Spartan Fund Management Inc. is the investment fund manager of the PG Canadian Feeder Fund.

Partners Group (Luxembourg) S.A. is the fund manager of the Master Fund which is a wholly owned subsidiary of Partner’s Group Holding AG (“Partners Group”). Partner’s Group is a global private market asset management firm managing over C$180B.

The objective of both the Master Fund and consequently the PG Canadian Feeder Fund is to obtain superior returns and to achieve capital growth over the medium- and long-term by investing in various private equity strategies. Private equity covers a broad range of investment opportunities including management/leverage buyouts, venture capital and special situations, and may also include debt transactions, private real estate and private infrastructure investments.

The Master Fund shall be invested in a range of investments including but not limited to private companies, private equity funds, listed private equity investments, mezzanine direct investments and pooling vehicles.

Current Monthly Report

Why Invest?

Access to large global private equity manager
PG Canadian Feeder Fund is an open-ended fund that permits investors to invest monthly and redeem monthly, and therefore avoid potentially long lock-ups typically required for private equity investments
Private equity can provide diversification within traditional equity and fixed-income portfolios
PG Canadian Feeder Fund has exclusive access in Canada to strategies offered by Master Fund
Suitable for investors seeking long-term growth who can tolerate medium risk

Fund Details

Legal structure

Trust

Strategy

Private Markets

Fundserv Code

Class I (CAD)		Class USI (USD)
SPA 607P		SPA 608P

RSP Eligible & TFSA Eligible

Yes

Minimum Initial Purchase

Class I (CAD)		Class USI (USD)
C$ 5,000		U$ 5,000

Subscription Frequency

Monthly, on the 15th

Management Fee

1.50% (charged at the Master Fund level; no additional fee at the Feeder level)

Currency

Canadian dollars and US dollars

Performance Fees

Onshore fees	Offshore fees
None	Direct Investments: 15% over an 8% hurdle rate.
	Secondary Investments: 10% over an 8% hurdle rate on each investment
	Private Debt Investments: 10% over a 4% hurdle rate
	See Offering Memorandum for full details of performance fee calculations

Distribution Options

Re-invested annually

Redemption Frequency

Monthly, on the last business day of each month

Redemption Notice

65 calendar days prior to the last business day of each calendar month

Early Redemption Fee

None

Documents

Offering Memorandum Subscription Agreement Fund Setup Sheet Investor Presentation

An Evergreen Version of Dawson’s Structured Secondary Private Equity Strategy – substantial anchor-class fee discount:

Seeking Monthly Income? Spartan launches the Capital Asset Income Fund:

Spartan Launches the Bromma Resource Canada Access Fund: