Fund Profile
NAV ($)
$11.186
As at 2024/10/31
Total Net Assets
$28.1 Million
2024/10/31
Quarterly Distribution
$0.1523
Per Unit
Yield
5.45% based on NAV
2024/10/31
Management Fee
2.25%
Investment Highlights
Target Allocation
Capital will be allocated across infrastructure and real estate sectors with an increased weighting given to those with the most attractive risk adjusted return potential.
Listed Real Estate & Infrastructure
- Target yield and liquidity from a global portfolio of real estate and infrastructure securities
- Historically, listed real estate ane infrastructure securities have outperformed other major asset classes
- Access to real estate and infrastructure sectors that are not available in the listed Canadian market
Private Real Estate & Infrastructure
- Potential growth from a portfolio of private infrastructure and real estate fund and investments
- Unlisted, real estate and infrastructure solutions provide uncorrelated returns with lower volatility
- Exclusive access to institutional global private real estate solutions managed by best in class asset management teams
Trust Objectives
The Trust's investment objective is to provide Unitholders with stable cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
Trust Facts
CUSIP
SLC1103
Currency
CAD
Distribution Frequency
Quarterly Distribution
Investment Type
Structured Products
Registered Investment Eligible
Yes
Total Number of Holdings
66
Investment Management Team
Dennis Mitchell
Chief Executive Officer and Chief Investment Officer
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. He has over 20 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer.
Mr. Mitchell received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He also received the Afroglobal Television Excellence Award for Enterprise in 2020 and the Black Business and Professionals Association’s Harry Jerome President’s Award in 2021.
Mr. Mitchell holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998.
Mr. Mitchell currently sits on the Board of the Toronto Foundation and is Co-Founder and Director of the Black Opportunity Fund.
Dennis Mitchell
Chief Executive Officer and Chief Investment Officer
Fund Tenure
2018-12-13
Read Bio >
Hisham Yakub
Senior Portfolio Manager
Hisham Yakub joined Starlight Capital in February 2023 as Senior Portfolio Manager. He has over 10 years of experience in the investment industry.
Mr. Yakub most recently held a position with a boutique Toronto-based investment management firm as an Investment Analyst and Portfolio Manager. He also spent the first six years of his business career focused on developing software tools for portfolio management applications. He progressed through several roles across the industry and finished his pre-MBA career at CPP Investment Board.
Mr. Yakub holds the Chartered Financial Analyst and Financial Risk Manager designations and earned a Master of Business Administration from the Rotman School of Management at the University of Toronto in 2013 and an Honours Bachelor of Business Administration degree with a specialization in Information Systems from York University.
Executive Team
Dennis Mitchell
Chief Executive Officer and Chief Investment Officer
Dennis Mitchell joined Starlight Capital in March 2018 as Chief Executive Officer and Chief Investment Officer. He has over 20 years of experience in the investment industry and has held executive positions with Sprott Asset Management, serving as Senior Vice-President and Senior Portfolio Manager, and Sentry Investments, serving as Executive Vice-President and Chief Investment Officer. Mr. Mitchell received the Brendan Wood International Canadian TopGun Award in 2009, 2010, and 2011 and the Brendan Wood International 2012 Canadian TopGun Team Leader Award. He also received the Afroglobal Television Excellence Award for Enterprise in 2020 and the Black Business and Professionals Association’s Harry Jerome President’s Award in 2021. Mr. Mitchell holds the Chartered Financial Analyst and Chartered Business Valuator designations and earned a Master of Business Administration from the Schulich School of Business at York University in 2002 and an Honors Bachelor of Business Administration degree from Wilfrid Laurier University in 1998. Mr. Mitchell currently sits on the Board of the Toronto Foundation and is Co-Founder and Director of the Black Opportunity Fund.
Graeme Llewellyn
Chief Financial Officer and Chief Operating Officer
Graeme Llewellyn joined Starlight Capital in March 2018 as Chief Financial Officer and Chief Operating Officer. He has over 20 years of experience focused on asset management and the creation, operation and financial reporting for mutual funds, and has held executive positions with Sentry Investments, where he served as Vice-President and Chief Operating Officer, and Deloitte & Touche LLP. Mr. Llewellyn has a broad range of experience across the business with extensive experience in project management, information technology, and the creation, operation and financial reporting for mutual funds, closed-end funds, offering memorandum funds, separately managed accounts and hedge funds. He was an integral part in the growth of Sentry Investments. Mr. Llewellyn is a Chartered Professional Accountant and has a Bachelor of Commerce degree from the Rotman Commerce Program at the University of Toronto.
Board of Trustees and Audit Committee
Harry Rosenbaum
Trustee, Audit Committee Member
Harry Rosenbaum is a founding principal of the Great Gulf Group of Companies, one of North America’s premier real estate conglomerates. He has been instrumental in manifesting such iconic projects as One Bloor East, Toronto, Ontario. Mr. Rosenbaum is a principal of Ashton Woods Homes, one of the largest private homebuilders in the U.S. and is currently a director and a member of the audit committee of the general partner of TSX-V listed Starlight U.S. Multi-Family (No. 5) Core Fund and Starlight U.S. Multi-Family (No. 1) Value-Add Fund. Prior to the creation of Great Gulf Group in 1983, Mr. Rosenbaum practiced commercial and real estate law at a Toronto law firm. Mr. Rosenbaum is active as a board member of various charitable organizations including the ACL (Advocates for Civil Liberties) and Sunnybrook Hospital Foundation. Mr. Rosenbaum attended Osgoode Hall Law School, graduating in 1974. He also holds a degree in Economics from York University, completed in 1971.
Trustee, Audit Committee Member
Harry Rosenbaum is a founding principal of the Great Gulf Group of Companies, one of North America’s premier real estate conglomerates. He has been instrumental in manifesting such iconic projects as One Bloor East, Toronto, Ontario. Mr. Rosenbaum is a principal of Ashton Woods Homes, one of the largest private homebuilders in the U.S. and is currently a director and a member of the audit committee of the general partner of TSX-V listed Starlight U.S. Multi-Family (No. 5) Core Fund and Starlight U.S. Multi-Family (No. 1) Value-Add Fund. Prior to the creation of Great Gulf Group in 1983, Mr. Rosenbaum practiced commercial and real estate law at a Toronto law firm. Mr. Rosenbaum is active as a board member of various charitable organizations including the ACL (Advocates for Civil Liberties) and Sunnybrook Hospital Foundation. Mr. Rosenbaum attended Osgoode Hall Law School, graduating in 1974. He also holds a degree in Economics from York University, completed in 1971.
Glen Hirsh
Chairman of the Board, Audit Committee Member
Mr. Hirsh is the Chief Operating Officer of Starlight Investments. Mr. Hirsh most recently held the position of Vice-President, Strategy and Finance at Oxford Properties and previously was Managing Director and Head of the Real Estate Investment Banking Group at National Bank Financial. Mr. Hirsh has 20 years of experience in the real estate and financial services sectors and is recognized as a leader in providing strategic advice to public and private companies, structuring capital market transactions and executing equity and debt financings. Mr. Hirsh is a Chartered Professional Accountant and holds the Chartered Financial Analyst designation and a Bachelor of Commerce degree from McGill University.
Chairman of the Board, Audit Committee Member
Mr. Hirsh is the Chief Operating Officer of Starlight Investments. Mr. Hirsh most recently held the position of Vice-President, Strategy and Finance at Oxford Properties and previously was Managing Director and Head of the Real Estate Investment Banking Group at National Bank Financial. Mr. Hirsh has 20 years of experience in the real estate and financial services sectors and is recognized as a leader in providing strategic advice to public and private companies, structuring capital market transactions and executing equity and debt financings. Mr. Hirsh is a Chartered Professional Accountant and holds the Chartered Financial Analyst designation and a Bachelor of Commerce degree from McGill University.
Denim Smith
Lead Trustee, Chairman of the Audit Committee
Denim Smith was most recently the interim Chief Financial Officer at The Nationwide Group of Companies, responsible for the overall accounting, finance and HR departments for an international conglomerate with over 120 employees across 5 operating companies in over 18 countries, as well as strategic investments and special initiatives. Previously Denim led the real estate investment banking practice at Blackmont Capital which completed over $300 million of capital markets transactions and over $3 billion of advisory and valuation mandates. Prior to that, Denim was a founding member of KeyBanc Capital Markets Real Estate Group in Boston which was responsible for over US$3.5 billion of capital markets transactions and US$600 million of successful sell–side advisory mandates; after starting his career at RBC Capital Markets in Canada and joining the inaugural US Real Estate Group. Denim was also a Trustee on the Board of TSX-listed True North Apartment REIT from its formation to its merger with Northern Properties REIT to become Canada’s 3rd largest apartment REIT with >$1B market cap; Denim also served as a Trustee for TSXV-listed GT Canada Medical Properties REIT which was acquired by Northwest Healthcare REIT. Denim is a graduate of the University of Western Ontario and has completed the CFA Level 2.
Lead Trustee, Chairman of the Audit Committee
Denim Smith was most recently the interim Chief Financial Officer at The Nationwide Group of Companies, responsible for the overall accounting, finance and HR departments for an international conglomerate with over 120 employees across 5 operating companies in over 18 countries, as well as strategic investments and special initiatives. Previously Denim led the real estate investment banking practice at Blackmont Capital which completed over $300 million of capital markets transactions and over $3 billion of advisory and valuation mandates. Prior to that, Denim was a founding member of KeyBanc Capital Markets Real Estate Group in Boston which was responsible for over US$3.5 billion of capital markets transactions and US$600 million of successful sell–side advisory mandates; after starting his career at RBC Capital Markets in Canada and joining the inaugural US Real Estate Group. Denim was also a Trustee on the Board of TSX-listed True North Apartment REIT from its formation to its merger with Northern Properties REIT to become Canada’s 3rd largest apartment REIT with >$1B market cap; Denim also served as a Trustee for TSXV-listed GT Canada Medical Properties REIT which was acquired by Northwest Healthcare REIT. Denim is a graduate of the University of Western Ontario and has completed the CFA Level 2.
Leonard Drimmer
Trustee, Audit Committee Member
Leonard Drimmer is Chief Executive Officer of Property Vista. The property management software company offers property owners, managers and landlords CRM web-based solutions, including tenant portals, automated rental payments, accounting functionalities, inspections and online marketing tools. The suite of products is specifically designed to manage every aspect of the customer lifecycle. Born in Berlin, Germany, Leonard holds an MBA and an MA in Public Relations and Communications
Trustee, Audit Committee Member
Leonard Drimmer is Chief Executive Officer of Property Vista. The property management software company offers property owners, managers and landlords CRM web-based solutions, including tenant portals, automated rental payments, accounting functionalities, inspections and online marketing tools. The suite of products is specifically designed to manage every aspect of the customer lifecycle. Born in Berlin, Germany, Leonard holds an MBA and an MA in Public Relations and Communications
*Where this is a new fund, the risk rating is only an estimate by Starlight Capital. Generally, we determine the risk rating for each fund in accordance with a standardized risk classification methodology in NI 81-102 that is based on the fund’s historical volatility as measured by the 10-year standard deviation of the returns of the fund. Standard deviation is a common statistic used to measure the volatility and risk of an investment. Funds with higher standard deviations are generally classified as being more risky. Just as historical performance may not be indicative of future returns, a fund’s historical volatility may not be indicative of its future volatility. You should be aware that other types of risk, both measurable and non-measurable, also exist.
1Unitholders have the right to redeem units of the Trust on the last business day of each calendar quarter. Payment of redemption proceeds will be made within 60 days following the applicable quarterly redemption date. Units held for less than 12 months will be subject to an early redemption fee equal to 3% of the Units redeemed.
2Net of accrued management fees and all fund expenses.
Starlight Investments Capital LP (“Starlight Capital”) is the investment manager of the Starlight Private Global Real Assets Trust and the manager of Unison Acquisition Trust. Structured Products are offered only to “accredited investors” or in reliance on another exemption from the prospectus requirement.
Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with investment funds. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the offering memorandum before investing. Investors should consult with their advisors prior to investing. The content of this document (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavor to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it. Starlight Capital mutual funds, exchange traded funds, offering memorandum funds and structured products are managed by Starlight Capital, a wholly-owned subsidiary of Starlight Investments. Starlight, Starlight Investments, Starlight Capital and all other related Starlight logos are trademarks of Starlight Group Property Holdings Inc.
Are you an accredited investor?
Starlight Private Pools are offered only to “accredited investors” or in reliance on another exemption from the prospectus requirement. By clicking “Accept”, you confirm that you are an “accredited investor” within the meaning of National Instrument 45-106 – Prospectus Exemptions, and in Ontario, within the meaning of Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in National Instrument 45-106, on the basis that you fit within the category of an “accredited investor” as defined therein.
You may be an “accredited investor” if:
- your net income before taxes exceeded $200,000 in both of the last two years and you expect to maintain at least the same level of income this year; OR Your net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and you expect to maintain at least the same level of income this year;
- you, alone or together with a spouse, own financial assets worth more than $1 million before taxes but net of related liabilities (cash, or certain investments such as public equity or bonds, would be considered liquid/financial assets); or
- you, alone or together with a spouse, have net assets of at least $5 million (for the purposes of the net asset test, the calculation of total assets would include the value of a purchaser’s personal residence and the calculation of total liabilities would include the amount of any liability (such as a mortgage) in respect of the purchaser’s personal residence).
It is your obligation to consult with your financial advisor and/or such other advisors as you deem necessary in making the determination that you meet the definition of “accredited investor”.
Disclaimer
Information pertaining to the Starlight Private Pools is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Starlight Private Pools are made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Starlight Private Pools including a statement of each fund’s fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.
Are you an accredited investor?
Unison Acquision Trust is offered only to “accredited investors” or in reliance on another exemption from the prospectus requirement. By clicking “Accept”, you confirm that you are an “accredited investor” within the meaning of National Instrument 45-106 – Prospectus Exemptions, and in Ontario, within the meaning of Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in National Instrument 45-106, on the basis that you fit within the category of an “accredited investor” as defined therein.
You may be an “accredited investor” if:
- your net income before taxes exceeded $200,000 in both of the last two years and you expect to maintain at least the same level of income this year; OR Your net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and you expect to maintain at least the same level of income this year;
- you, alone or together with a spouse, own financial assets worth more than $1 million before taxes but net of related liabilities (cash, or certain investments such as public equity or bonds, would be considered liquid/financial assets); or
- you, alone or together with a spouse, have net assets of at least $5 million (for the purposes of the net asset test, the calculation of total assets would include the value of a purchaser’s personal residence and the calculation of total liabilities would include the amount of any liability (such as a mortgage) in respect of the purchaser’s personal residence).
It is your obligation to consult with your financial advisor and/or such other advisors as you deem necessary in making the determination that you meet the definition of “accredited investor”.
Disclaimer
Information pertaining to the Unison Acquision Trust is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Unison Acquisition Trust are made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Unison Acquisition Trust including a statement of each fund’s fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.
Are you an accredited investor?
Tower Development Trust is offered only to “accredited investors” or in reliance on another exemption from the prospectus requirement. By clicking “Accept”, you confirm that you are an “accredited investor” within the meaning of National Instrument 45-106 – Prospectus Exemptions, and in Ontario, within the meaning of Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in National Instrument 45-106, on the basis that you fit within the category of an “accredited investor” as defined therein.
You may be an “accredited investor” if:
- your net income before taxes exceeded $200,000 in both of the last two years and you expect to maintain at least the same level of income this year; OR Your net income before taxes, combined with that of a spouse, exceeded $300,000 in both of the last two years and you expect to maintain at least the same level of income this year;
- you, alone or together with a spouse, own financial assets worth more than $1 million before taxes but net of related liabilities (cash, or certain investments such as public equity or bonds, would be considered liquid/financial assets); or
- you, alone or together with a spouse, have net assets of at least $5 million (for the purposes of the net asset test, the calculation of total assets would include the value of a purchaser’s personal residence and the calculation of total liabilities would include the amount of any liability (such as a mortgage) in respect of the purchaser’s personal residence).
It is your obligation to consult with your financial advisor and/or such other advisors as you deem necessary in making the determination that you meet the definition of “accredited investor”.
Disclaimer
Information pertaining to the Tower Development Trust is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of the Tower Development Trust are made pursuant to their respective offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about the Tower Development Trust including a statement of each fund’s fundamental investment objective, is contained in their respective offering memorandum, a copy of which may be obtained from your dealer. Read the applicable offering memorandum carefully before investing. Unit values and investment returns will fluctuate.
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