Sun Life Investment Management has announced it is launching three pooled funds that focus on private fixed income, commercial mortgages and real estate assets, to be available starting April 1, 2014.
The funds are being launched with portfolios of assets totaling approximately US$650 million contributed by Sun Life Assurance Company of Canada and Sun Life Financial Inc., demonstrating their commitment to the company and its funds.
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The funds will be offered for sale to Canadian institutional investors who qualify as "permitted clients" under applicable securities legislation.
Steve Peacher, president, Sun Life Investment Management and CIO, Sun Life Financial, said: "We have seeded the three funds with a set of quality assets consistent with the mandates of the funds. With the size and seasoned nature of the portfolios, we believe these funds offer excellent new opportunities for defined benefit plans and other institutional investors interested in private asset classes that offer attractive risk-adjusted returns over the long term."
Following are the funds that Sun Life Investment Management Inc. will offer and their initial composition. The values of the fund assets are subject to change.
The Sun Life Private Fixed Income Plus Fund will invest primarily in a diverse portfolio of private fixed income ("PFI") and public fixed income assets. The fund has been seeded with PFI investments and cash totaling approximately US$150 million at March 19, 2014.
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By GlobalDataThe Sun Life Canadian Commercial Mortgage Fund will invest primarily in a portfolio of fixed-rate first mortgage loans secured by high quality income-producing office, retail, industrial, and multi-family rental properties located in Canadian urban markets.
The fund has been seeded with a diversified portfolio of Canadian commercial mortgages totaling approximately US$200 million at February 28, 2014.
The Sun Life Canadian Real Estate Fund will invest primarily in a portfolio of high quality, income-producing real property located in growing Canadian urban markets. The fund has been seeded with a diversified portfolio of Canadian commercial properties with an aggregate value of approximately US$300 million at February 28, 2014.
