Portland private income Fund


portfolio manager
Chris Wain-Lowe, BA, MBA
Chief Investment Officer, Executive Vice-President and Portfolio Manager


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mortgage administrator

MarshallZehr Group Inc.
(Mortgage Administration #11955)

David Marshall, President and Co-Founder

David brings over 25 plus years of experience in the financial services industry with experience in all aspects of business development, project leadership, due diligence and credit review.

Gregory Zehr, CEO and Co-Founder

Gregory brings over 25 plus years of experience in business and real estate to MarshallZehr. His experience in both the United States and Canada includes building and selling businesses in addition to executive leadership roles.



A specialty investment manager

Crown Capital Partners Inc.

Christopher Johnson,
CFA, CBV - President and CEO

Prior to joining Crown Capital, Chris was an Investment Manager for Crown Life Insurance Company. In this role, Chris was responsible for the investment management of Crown Life’s equity and fixed income investments, asset liability management, and derivative management. Chris joined Crown Life in 1997.

Brent Hughes,
CFA - Executive Vice President

Prior to joining Crown Capital Partners, Brent was an Investment Analyst at Saskatchewan Opportunities Corporation.

PRESS RELEASE Crown Capital Fund IV, LP looks to acquire profitable operating divisions from existing debtor.

PRESS RELEASE Crown Capital Fund IV, LP completes $25 million loan with Ferus Inc.

PRESS RELEASE Crown Capital Fund IV, LP restructures debt financing with Petrowest

PRESS RELEASE Crown Capital Fund IV, LP completes $30 million loan with a Canadian oil and natural gas company

PRESS RELEASE Crown Capital Fund IV, LP completes a $15 million term loan with a growing Alberta based business.

PRESS RELEASE Crown Capital Fund IV, LP completes a $60 million term loan with a Canadian specialty pharmaceutical company.

PRESS RELEASE Crown Capital Fund IV, LP completes a $15 million term loan with one of the largest independent onshore oil producers in Trinidad and Tobago

PRESS RELEASE Crown Capital Fund IV, LP completes $15 million deal with Canadian customer contact solution services company eyeing growth in Asia

PRESS RELEASE Crown Capital Partners Inc. completes its first loan under its Long-term Financing solutions line of business

PRESS RELEASE Crown Capital Fund IV, LP closes its second energy deal as part of a $130 million senior secured first lien note offering




fund details
- As at July 31, 2017
Fund Net Assets $65.8 million
Introduction Date January 7, 2013
Fund type Alternative Strategies
Offer document Offering Memorandum
Legal type Unit Trust
Eligible for registered plans Yes
Eligible for PAC Plans Yes, monthly minimum of $500
Purchases and redemptions Monthly
Minimum investment term None
Targeted Distribution Series A: 8%
Series F: 9%
annually based on the initial net asset value per unit of $50.00, anticipated to be fully funded, paid monthly, net of Mortgage Administration/Specialty Investment Manager fees, management fees, trailer fees and expenses.
Notice period for redemptions 60 days
Redemption fee Within 18 months - 5%, 19-36 months - 2%
Mortgage Administration/Specialty Investment Manager Fees Expected to be up to 2% per annum on the respective underlying investments.
Portland Investment Counsel Inc. Management Fee 50bps


how the fund is managed

The Fund will invest all, or substantially all, of its net asset into the Portland Private Income LP (the “Partnership”) which invests primarily in a portfolio of private debt securities. The Partnership may:

  • Invest in a portfolio of private income generating securities, either directly or indirectly through other funds, initially consisting of:
    • private mortgages, administered by licensed mortgage administrators, currently MarshallZehr Group Inc.;
    • private commercial debts, currently managed by Crown Capital Partners Inc., a portion of which may have provisions resulting in equity ownership of the issuer of the debt or the underlying asset if certain events occur;
    • other debt securities, a portion of which may have provisions resulting in equity ownership of the issuer of the debt or the underlying asset if certain events occur; and
  • Invest in complementary income producing public securities, including real estate income trusts, royalty income trusts, preferred shares, dividend paying equity securities and debt securities including convertibles, corporate and sovereign debt.

investment objective
  • Preservation of capital
  • Provide income
  • Above average long-term returns


KEY reasons to invest

Capital Preservation

  • By focusing on relatively lower risk strategies the risk of capital loss is reduced.

Income

  • Focus on investments that pay predictable interest payments.

Liquidity

  • Focus on investments with 6 months to 10 years time horizons with interest payments providing additional liquidity in the interim.

Reduced Market Risk

  • Shorter time horizon investments with pre-determined liquidity events are less sensitive to movements in interest rates and market prices.

Access

  • Overcome the barriers that typically prevent individuals from investing in private investments:
    • High minimum investments;
    • Inadequate diversification; and
    • Additional due diligence and monitoring.


THE OFFERING

Units are being offered on a continuous basis to investors resident in the Provinces or Territories of Canada who (a) are accredited investors, (b) who invest a minimum of $150,000 in the Fund, or (c) to whom Units may otherwise be sold.

The Manager has designated three series of Units which are currently being offered:

  • Series A Units are available to all investors who invest a minimum of $2,500 and who meet the minimum investment criteria .
  • Series F Units will generally only be issued to investors who invest a minimum of $2,500, who purchase their Units through a fee-based account with their registered dealer and meet the minimum investment criteria.
  • Series O Units will be issued to certain institutional or other investors and who meet the minimum investment criteria.

Please see the Offering Memorandum for fees and specific details on the offering.

OFFERING MEMORANDUM
SUBSCRIPTION AGREEMENT

POTENTIAL RISKS

While the Manager, MarshallZehr, Crown Capital and EntrustPermal exercise due diligence throughout the lending process, no guarantees can be given to offset a risk of loss and investors should consult with their financial advisor prior to investing in the Fund. The Manager believes that given the character of the private debt investments that are making up the majority of the Fund’s holdings, the Fund has less exposure to market risk than a similar fund invested in publicly listed securities. The Manager believes the following risks are key to the Fund’s performance: nature of investments, credit, interest rate, general economic and market conditions, liquidity, marketability and transferability of units. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of the relevant risks.. Please read the “Risk Factors” section in the Offering Memorandum for a more detailed description of the relevant risks.


fund facts by series
  • The NAV for the Portland Private Income Fund is released five business days after the month end.
Series A F
Min. initial investment, accredited investors $2,500 $2,500
Min. initial investment, non-individuals $150,000 $150,000
Min. subsequent investment $500 $500
Management fee 0.50% 0.50%
fund codes
Fund Name Series A Series F Series O
Portland Private Income Fund Subscription Code
PTL140
PTL141 PTL142
Portland Private Income Fund
PTL700
PTL006 PTL056
company briefs of Possible Holdings

DISCLAIMER

* Annualized

The PORTLAND PRIVATE INCOME FUND (the “Fund”) is not publicly offered. It is only available under Offering Memorandum and other exemptions to investors who meet certain eligibility or minimum purchase requirements such as “accredited investors”. You will only be permitted to purchase Units if your purchase qualifies for one of these exemptions. A list of criteria to qualify as an accredited investor is set out in the subscription agreement delivered with the Offering Memorandum and generally includes individuals who have net assets of at least $5,000,000, or financial assets of at least $1,000,000, or personal income of at least $200,000, or combined spousal income of at least $300,000 in the previous two years with reasonable prospects of same in the current year, or an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a registered adviser or dealer.

Information herein pertaining to the Fund is solely for the purpose of providing information and is not to be construed as a public offering in any jurisdiction of Canada. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum.

Commissions, trailing commissions, management fees and expenses all may be associated with investments. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any securityholder in respect of a participating fund that would have reduced returns. Funds are not guaranteed, their values change frequently and past performance may not be repeated. The portfolio is expected to generate income from dividends, interest and option writing income , which after deduction of expenses, will be distributed by the Fund to unitholders. Assuming the expected level of income is received, the portfolio would not be required to appreciate. If the level of income is less than the amount necessary to meet the target distribution, the Manager may either pay out a lower distribution or supplement the amount needed through net realized capital gains from the portfolio or may return a portion of the capital of the Fund to unitholders in which case the distribution would not have been fully funded as the net asset value would be reduced. Distributions are reinvested automatically in additional units of the Fund. No commissions are payable upon automatic reinvestment of distributions.

Portland Investment Counsel Inc. ("Portland") has not independently verified all of the information and opinions presented on and through this page. The information presented on and through this page is provided as a general source of information, is not guaranteed to be current, accurate or complete, and is subject to change without notice. Portland accepts no responsibility for any loss or damage that results from any information contained on this page (including any data or information accessed by Portland through other sites and downloaded to this site) or accessed through other sites to which this page is linked. Portland makes no representations or warranties whatsoever about the data or information in any linked sites or accessed by Portland through other sites and downloaded to this page and specifically makes no representation that such data or information is accurate or complete. Information presented in this material should be considered for background information only and should not be construed as investment or financial advice. Please consult a Financial Advisor. Every effort has been made to ensure the utmost accuracy of the information provided. Information provided is believed to be reliable when published. All information is subject to modification from time to time without notice. Consent is required for any reproduction, in whole or in part, of this piece and/or of its images and concepts. PORTLAND, PORTLAND INVESTMENT COUNSEL and the Clock Tower Design are registered trademarks of Portland Holdings Inc. and Used under license by Portland Investment Counsel Inc.

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LEARN MORE

Contact Anton Burtsev, Portfolio Manager, for more details. Call: 1-888-710-4242 or Email info@portlandic.com


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