Ninepoint-TEC Private Credit Fund
Ninepoint-TEC Private Credit Fund is closed to new investments.
On February 28, 2022, the Fund suspended subscriptions and redemptions retroactive to February 1, 2022. The Fund remains closed to redemptions and subscriptions until completion of the proposed Fund restructuring. Please see Appendix A below for details or download here.
Terms are indicative and subject to change:
- See information circular for further details. Any applicable rebate will be accrued in the Net Asset Value per Class at each valuation date and paid annually by the Manager.
- Units are being offered by the Fund on a continuous basis to an unlimited number of eligible subscribers.
- Where the Manager permits a reduced redemption notice period, the applicable redemption will not count towards the Redemption Cap and the proceeds from the offsetting subscription may be used to make the redemption payment.
- See information circular for further details. Early Redemption Charge will be treated as income to the Fund.
- The previous quarter’s cash distribution is deducted from the redemption cap of 5% with redemptions cut back pro rata. Redemptions in excess of the 5% cap will be automatically cancelled, Unitholders may elect to receive a Redemption Note for the amount of the cancelled redemptions, offered at a discount rate of 10% bearing 0% interest with a 5-year term with the Fund having the option to pay early (callable).
Other Resources
Private Debt Market Outlook
(client friendly)
Download
Alternative Income Comparison Guide
Download
Settlement / Redemption Details
- Settlement / Redemption Calendar - 2021
- Settlement / Redemption Calendar - 2022
- Settlement / Redemption Calendar - 2023
Investment Team
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Regulatory Documents
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Fund Codes
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Fund Details
Fund Type Open-ended unincorporated Investment Trust Strategy Inception Date June 2010 Fund Inception Date Class A & F: June 1, 2016
Class A1 & F1: August 1, 2017Distributions No cash distributions. All existing and future distributions will be automatically reinvested in additional Units at the Net Asset Value on the date of distribution. Registered Tax Plan Status Ineligible Management Fee Class A1 Units: 2.45%†
Class F1 Units: 1.45%†
Class I Units: Fee determined by agreement between the Manager and SubscriberManagement Fee Discount/Rebate Each applicable class will receive 15bps management fee discount beginning April 1, 2023 through September 30, 2023 and total 30 bps management fee discount beginning October 1, 2023. Performance Fee See Offering Memorandum Minimum Initial Investment N/A Minimum Subsequent Investment N/A Minimum Investment Term N/A Redemptions Any excess cash flow, as it becomes available, will be used to redeem pro-rata across all Unitholders every quarter in the Terminating Fund. Valuations Monthly **non-individual only
* Series A & F closed to new investments.
Are You An Accredited Investor?
An investment in this Fund requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in this type of an investment. Investors in the Fund must be prepared to bear such risks for an extended period of time and should review suitability with their Investment Advisor.
The minimum subscription amount is $150,000.00 in all jurisdictions, unless you meet the definition of "accredited investor" under National Instrument 45-106 Prospectus and Registration Exemptions.
If you meet the definition "accredited investor" (see below), you may invest a minimum of $25,000. Please consult the Offering Memorandum to determine your qualification status. Investment Advisors should consult their company's internal policies.
The Subscriber, or one or more beneficial purchasers for whom the Subscriber is acting, is (i) a resident of, or the purchase and sale of securities to the Subscriber is otherwise subject to the securities legislation of one of the following: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, North West Territories, or Nunavut, and the Subscriber is (and will at the time of acceptance of the Subscription be) an accredited investor within the meaning of National Instrument 45-106 Prospectus and Registration Exemptions ("NI 45-106") because the Subscriber is one of the following:
| (a) | a Canadian financial institution, or a Schedule III bank; |
| (b) | the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada); |
| (c) | a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; |
| (d) | a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador); |
| (e) | an individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d); |
| (f) | the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; |
| (g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; |
| (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| (i) | a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; |
| (j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000; |
| (k) | an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; (Note: If individual accredited investors wish to purchase through wholly-owned holding companies or similar entities, such purchasing entities must qualify under section (t) below, which must be initialled.) |
| (l) | an individual who, either alone or with a spouse, has net assets of at least $5,000,000; |
| (m) | a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements; |
| (n) | an investment fund that distributes or has distributed its securities only to:
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| (o) | an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; |
| (p) | a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; |
| (q) | a person acting on behalf of a fully managed account managed by that person, if that person:
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| (r) | a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; |
| (s) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; |
| (t) | a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; |
| (u) | an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or; |
| (v) | a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor. |
Toronto, Ontario M5J 2J1 Canada
Advisor Use Only
This commentary is for Advisor use only. If you are an Advisor, please contact your Ninepoint Product Specialist for access.