Funds

Since 2002, CanFirst Capital Management has managed a group of closed-end, value-add funds,

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generating superior risk-adjusted returns for investors

Since 2002, CanFirst Capital Management has managed a group of closed-end and open-end funds. Focused on acquiring industrial real estate assets located within Canada’s main geographic growth markets, CanFirst’s funds are open to institutional as well as private accredited investors.

Why Invest?

The CanFirst team has been trusted by institutional and private accredited investors for over 20 years. Our value-add experience allows us to search for value in Core and Core Plus opportunities and we have a strong reputation for acquiring quality mid-size properties.

  • Low correlation to traditional asset classes such as stocks and bonds

  • Pay yourself more with tax-efficient distributions

  • Natural hedge against inflation
    Lower risk and volatility than public equities

  • RRSP/TFSA Eligible

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CANFIRST INCOMEPLUS REAL ESTATE FUND (CIPREF)

  • Created June 2018

  • Investing in Core and Core Plus Properties

  • 4%-6%+ Target Annual Distribution, Paid Quarterly

  • 9%-11% Target Net Total Annual Return

  • Open-Ended Vehicle

As of January 31, 2025. Class A Series I performance shown as representative. All points greater than 1-year have been annualized. Inception date: June 28, 2018

Fund Objectives

  • To seek income, growth and capital preservation by investing in high-quality commercial real estate.

  • 9%-11% annual net total return

  • 4%-6%+ annual distribution target, paid quarterly in cash or re-invested units

  • Invest across industrial, flex office, and retail properties with a focus on those that service the e-commerce and technology sectors.

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Growth Funds

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CanFirst Industrial Realty Fund VIII LP

  • $219.6 Million Equity

  • First Close October 2023 Closed October 2024

  • Fund in Investment Period

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CanFirst Industrial Realty Fund VII LP

  • $250.5 Million Equity

  • Closed July 2020

  • Fund fully invested and in Hold Phase/Value Creation Phase

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CanFirst Industrial Realty Fund VI LP

  • $123 Million Equity

  • Closed August 2017

  • Fund in Disposition Phase

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CanFirst Industrial Realty Fund V LP

  • $117.5 Million Equity

  • Closed July 2013

  • Invested in 28 projects with total proceeds from sales of $342,875,000

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CanFirst Industrial Realty Fund IV LP

  • $80.5 Million Equity

  • Closed March 2008

  • Invested in 22 projects with total proceeds from sales of $159,000,000

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CanFirst Industrial Realty Fund III LP

  • $55 Million Equity

  • Invested in sixteen projects with total proceeds from sales of
    $95,000,000 to the end of 2013

  • Last asset sale in 2013

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CanFirst Industrial Realty Fund II LP

  • $33 Million Equity

  • Closed March 2005

  • Recapitalization of CanFirst Industrial Realty Fund LP

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CanFirst Industrial Realty Fund I LP

  • $45 Million Equity

  • Closed in September 2002

  • Invested in six projects with total proceeds from sales of $117,000,000

Development Fund

CanFirst Industrial Development Fund

  • $122 Million

  • Closed in March 2022

  • Fund in Investment Period