Funds
Since 2002, CanFirst Capital Management has managed a group of closed-end, value-add funds,
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.
THE CANADIAN ECONOMY.
Smart wealth doesn’t chase headlines.
It lives here.
Steady. Tax-efficient. Real
What is CIPREF?
The CanFirst Income Plus Real Estate Fund (CIPREF) is a core+ investment strategy focused on owning the essential industrial properties that power Canada’s economy—from distribution hubs to last-mile logistics. Designed for long-term investors, CIPREF delivers stable, tax-efficient income through a portfolio of real estate that rarely makes headlines—but always delivers. This is where smart wealth lives.
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
Created June 2018
Investing in Core and Core Plus Properties
4%-6%+ Target Annual Distribution, Paid Quarterly
9%-11% Target Net Total Annual Return
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.
GROWTH FUNDS
A track record of progress. A future built on results
CanFirst’s Growth Funds target underperforming industrial assets with untapped potential. Backed by disciplined underwriting and a clear value-add strategy, these funds focus on properties where leasing, upgrades, and operational improvements can drive meaningful returns. The most recent fund, CIRF VIII, raised over $219 million in its first close — a strong signal of investor confidence in our approach. Designed for those seeking long-term growth in Canada’s core industrial markets.
“We don’t chase trends. We build value — one asset at a time.”
Development Fund
CanFirst Industrial Development Fund
$122 Million
Closed in March 2022
Fund in Investment Period
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 equitiesRRSP/TFSA Eligible
