New Market Funds
Email: [email protected]
Website: http://newmarketfunds.ca/
Phone: 604-674-7441
Office Headquarters Address:
304-134 Abbott St., Vancouver, BC V6B 2K4
400-119 Spadina Ave., Toronto, ON M5V 2L1
Background
Year Founded: 2014
Mission & Mandate: At New Market Funds Inc., our enduring mission is to create long-term community benefit by connecting market-based capital to partners who create positive social and environmental impact while delivering risk-adjusted financial returns.
Description: New Market Funds is a B Corp certified for-profit investment firm that is 51% owned by a registered charity and 49% owned broadly by its team. As a specialized fund platform and manager, New Market Funds takes an integrated approach to delivering market-competitive financial performance with long-term community benefit. New Market Funds has practices in affordable housing and community lending that it services from its Vancouver and Toronto offices. New Market Funds develops and manages its own funds as well as providing third-party fund management services.
Fund Characteristics
NMF Rental Housing Fund I LP
AUM: $70 million
Vintage year: 2015
Closing year: 2017 (Fully Closed)
Fund term: 10 years
Asset class: Private equity, Real asset
Investor eligibility: Institutional, Accredited
Minimum investment into fund: $500,000 (Institutional), $250,000 (Accredited)
Geographic scope: Regional, Top 20 Canadian Census Metropolitan Areas
Committed capital: $15.12 million
Average investment size: $1.9 million
Investee type: Non-profit organizations, Co-operatives
Investment stage: Mid, Late
New Commons Development LP
AUM: $4 million
Vintage year: 2017
Closing year: 2017 (Fully Closed)
Fund term: 5 years
Asset class: Private equity
Investor eligibility: Institutional, Accredited
Minimum investment into fund: $250,000 (Institutional), $150,000 (Accredited)
Geographic scope:
– Regional, Greater Vancouver and small communities
– Regional, Greater Toronto and Hamilton Area
Committed capital: $4 million
Average investment size: Target projects that are $10 million or more in total development costs
Investee type: Charities, Non-profit co-operatives, Non-profit organizations
Investment stage: Mid, Late
Success Story
WoodGreen Community Housing
Toronto, ON | 2021
Project name: 1117 Gerrard Street East
Financing: Pre-development funding from NCD; take-out equity from NMFRHF I LP
Five storey, mixed-use apartment building that provides 36 studio and 1-bedroom units for seniors affordable on average at 53.2% of area median income.
“Woodgreen’s mission is to provide social housing with supports to seniors, families and homeless people with very low incomes who need deeply affordable housing. To support our mission, Woodgreen partnered with New Commons to provide both the technical development capacity and financial planning knowledge necessary to deliver new affordable housing in Toronto’s expensive building market. The financial and project management services provided by New Commons have given WoodGreen the opportunity to grow our social-purpose assets and has resulted in more supportive, affordable housing in our community.”
– Mwarigha, Vice President Housing and Homelessness Services, WoodGreen Community Services
